Haryana CM Saini Hails GST Reforms as Boost for Economy

In a significant development for India's economic landscape, Haryana Chief Minister Nayab Singh Saini lauded Prime Minister Narendra Modi's recent Goods and Services Tax (GST) reforms on Monday. The reforms, which promise substantial benefits for Indian citizens, were introduced during the festivities of Shardiya Navratri alongside the launch of the GST Savings Festival.

"Prime Minister Modi has presented an invaluable gift to the nation with these GST reforms. The benefits are already reaching the populace," proclaimed CM Saini, who highlighted a notable reduction in the cost of farmers' equipment, a change likely to positively impact Haryana's primarily agrarian society.

The reforms were solidified at the 56th GST Council meeting, transitioning from a four-rate system to a streamlined two-slab regime of 5% and 18%, with a separate 40% rate for luxury and sin goods. The changes aim to reduce consumer prices, facilitate compliance, support industrial growth, and promote inclusive growth by widening the tax base and strengthening MSMEs.

(With inputs from agencies.)