GST Reforms: Cheaper Essentials, Welcome Relief for Indian Citizens

In a move praised for benefiting the poor and the middle class, Union Minister Nityanand Rai hailed the newly implemented Goods and Services Tax (GST) rates. Speaking in Patna, Bihar, Rai emphasized Prime Minister Narendra Modi's vision to make essential items more affordable. According to Rai, these tax cuts will significantly aid farmers, laborers, and the middle class.

Highlighting the positive reception, Rai stated, "In PM Modi's vision, reducing the cost of everyday items for the poor and middle class has always been a priority. The availability of cheaper goods will greatly impact people's lives and bring them happiness." The 56th GST Council meeting simplified tax rates to two main slabs: 5% and 18%, doing away with previous rates of 12% and 28%.

Bihar Deputy Chief Minister Samrat Choudhary announced the start of the "GST festival" to educate the public about rate reductions. Choudhary emphasized the government's efforts to ensure benefits reach common people by interacting directly with shopkeepers. Under the new regime, sectors like agriculture, FMCG, and renewable energy stand to gain from lower consumer prices and widened tax bases. Major brands such as Amul and Mother Dairy have already announced substantial price cuts to items like butter and milk, reflecting the tax reduction's full benefit.

(With inputs from agencies.)