GST 2.0: A Boon for Consumers and Economy
Union Law Minister Arjun Ram Meghwal praises PM Modi for swift GST 2.0 reforms that cut taxes on various goods. The revised GST structure aims to boost economic growth and consumer accessibility. Key changes include reduced rates on daily-use products, benefiting both consumers and the Make in India initiative.
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Union Law and Justice Minister Arjun Ram Meghwal applauded Prime Minister Narendra Modi on Saturday for the rapid implementation of the Goods and Services Tax (GST) reforms, which have reduced the tax slab to five per cent on numerous goods.
The Finance Ministry highlighted that these reforms, known as GST 2.0, are expected to stimulate consumption growth and rationalise the GST structure, which now includes a standard rate of 18 per cent, a merit rate of 5 per cent, and a de-merit rate of 40 per cent for select goods and services.
Union Finance Minister Nirmala Sitharaman also stated that the reforms address basic necessities and the aspirations of the middle class, with changes such as moving essential goods to a zero-tax bracket, thereby boosting affordability and aiding the 'Make in India' campaign.
(With inputs from agencies.)
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