GST Reforms Spark Joy and Savings in India
Union Minister Ashwini Vaishnaw, praising Prime Minister Narendra Modi, highlighted household savings due to the new GST reforms. With a shift to two key tax slabs and promotion of swadeshi products, the reforms promise economic relief during festival season, benefiting both consumers and local businesses.
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As pivotal Goods and Services Tax (GST) reforms take center stage in India, Union Minister Ashwini Vaishnaw has expressed gratitude to Prime Minister Narendra Modi, emphasizing the significant savings households can anticipate. Vaishnaw engaged with shopkeepers in the capital, raising awareness about these transformative GST reforms.
Speaking with media outlets, Vaishnaw said, "I wish everyone a prosperous Navratri. The historic reduction in tax slabs introduced by PM Modi will notably benefit households financially. Our 'Bachat Mahotsav' has commenced with enthusiasm from both shopkeepers and consumers. Approximately 99% of essential items will now incur reduced taxes," he explained, advocating for increased usage of swadeshi products in daily life.
The newly implemented system replaces the previous four-tier structure with a simplified two-slab regime at 5% and 18%, retaining a distinct 40% category for luxury goods. Essential items such as UHT milk and Indian bread now enjoy NIL tariffs, while essential household products like soaps and toothbrushes are set at a modest 5% GST rate.
Prime Minister Modi characterized the GST reform as a "double bonanza" during the festive season. He inaugurated the 'GST Bachat Utsav' in Itanagar by meeting artisans and industry stakeholders, celebrating local businesses and swadeshi products with symbolic gestures that were warmly received.
(With inputs from agencies.)
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