His remarks came after the Goods and Services Tax (GST) Council approved a major rate overhaul, reducing taxes on a wide range of daily use items.
Prime Minister Narendra Modi on Wednesday hailed the Next-Generation reforms in the Goods and Services Tax (GST), saying the wide-ranging reforms will improve lives of our citizens and ensure ease of doing business for all, especially small traders and businesses.
“Glad to state that @GST_Council, comprising the Union and the States, has collectively agreed to the proposals submitted by the Union Government on GST rate cuts & reforms, which will benefit the common man, farmers, MSMEs, middle-class, women and youth,” Modi said on X.
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His remarks came after the Goods and Services Tax (GST) Council approved a major rate overhaul, reducing taxes on a wide range of daily use items.
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Addressing a press conference, Finance Minister Nirmala Sitharaman, who chaired the GST Council meeting, said the GST slabs are being reduced to just two – 5 per cent and 18 per cent.
The new GST rates will come into force on September 22, the first day of Navratri.
She said that these reforms have been carried out with a focus on the common man.
“Every tax on the common man’s daily use items has gone through a rigorous review, and in most cases, the rates have come down drastically. Labour-intensive industries have been given good support. Farmers and the agriculture sector, as well as the health sector, will benefit. Key drivers of the economy will be given prominence,” she said.
She stated that in items used by the common man and the middle class, there is a complete reduction in tax rates.
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