Kashmir Welcomes GST Reform: A Boost for Business and Community

In a significant development for the economy of Kashmir, traders and locals have lauded Prime Minister Narendra Modi for the recent Goods and Services Tax (GST) reforms. The initiatives, which simplify the tax structure and expedite refund processes, are seen as a major relief for businesses and are expected to invigorate the local economy.

Citizens have expressed strong support for the government's measures, noting the reforms will positively impact day-to-day living. Mohammed Soliha, a local resident, shared his appreciation, emphasizing the relief felt by individuals, especially those in lower-income brackets, due to the more affordable pricing of essential goods such as groceries.

Business associations across Jammu and Kashmir have praised the government's responsiveness to old grievances. Shopkeepers, like Sajjad Ahmad, have welcomed the reforms, citing significant reductions in medicine costs. General Secretary of the Kashmir Traders and Manufacturers Federation, Bashir Kongposh, commended the efforts of Finance Minister Nirmala Sitharaman and Prime Minister Modi, describing the tax reform as historic and beneficial for ordinary citizens.

The GST Council's 56th meeting led to the decision to replace the previous four-rate system with a more streamlined two-slab structure of 5 percent and 18 percent, with a special 40 percent rate for luxury and sin goods, effective from Monday.

(With inputs from agencies.)