GST Overhaul: A New Dawn for Indian Markets

Union Minister Chirag Paswan lauded Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for implementing significant GST reforms. Based on feedback from the business community, the revised GST rates are seen as a substantial relief for both consumers and industries, particularly benefiting the state of Bihar.

Since assuming the role of Food Processing Minister, Paswan noted that revising the Goods and Services Tax was a chief demand from industry leaders. The recent GST Council's decision to transition from a four-rate to a two-slab system aims to provide an economic boost. Notably, a separate category at 40% targets luxury and sin goods.

This reform is expected to enhance compliance, reduce consumer costs, and bolster industries from agriculture to renewable energy. During the DISHA meeting in Hajipur, Paswan emphasized prioritizing public interests over political agendas. He urged the district administration to address issues expeditiously, underscoring a collaborative approach among public representatives.

(With inputs from agencies.)