The BJP on Friday hailed Prime Minister Narendra Modi and Finance Minister Arun Jaitley over the reduction in GST rates on a number of products and said the new tax regime has emerged as people-friendly in a short span of time.

In a statement, party spokesperson GVL Narasimha Rao said the government has given a huge encouragement to an informal sector, which showcases India’s traditions, by exempting 29 handicraft items from the Goods and Services Tax (GST) regime.

These items have been put on zero per cent tax slab.

“In a short period, the epoch-making GST reform has emerged as a people-friendly tax regime and that is a stellar achievement,” he said, adding that Modi and Jaitley deserve kudos for further reducing GST rates on a wide array of products and 53 services.

The all-powerful GST Council on Friday cut tax rates on 29 goods, including second-hand vehicles, confectionery and bio- diesel.

Also, tax rates on 54 categories of services, including certain job works, tailoring services and admission to theme parks, have been lowered.