Patna (Bihar) [India], September 5 (ANI): Union Minister Nityanand Rai hailed the reforms in the Goods and Services Tax (GST) and said that the poor people, farmers, labourers, and the middle class will benefit from the tax cuts.
Speaking to reporters on Thursday, he said, “Poor, farmers, labourers, and middle class people will benefit greatly from the gift that the Prime Minister has given through GST reforms, and the Prime Minister always cares for the poor.”
Meanwhile, addressing a dialogue program for the Indian industry and start-ups in Gurugram, Haryana Chief Minister Nayab Singh Saini said that the industrialists wanted the tax reforms.
“The decisions were taken to improve the lives of poor people. Industrialists also wanted the tax to be reduced, and rebates were made yesterday. Prime Minister Modi mentioned this on August 15. He is continuously working for the betterment of the common man,” CM Saini said.
Bihar Deputy Chief Minister Vijay Kumar Sinha lauded PM Narendra Modi for the move and said, “Before Navratri, Prime Minister Modi has made GST simpler. This is a boon for the common people. This will strengthen the country’s economy. Now it will be easier for everyone to do business. This will increase our exports and strengthen the economic situation.”
The 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent rates.
Union FM Nirmala Sitharaman announced the decision on September 3, after she chaired the GST council meeting. This has reduced the previous GST slabs from 5 per cent, which consisted of essential goods and services, including food and kitchen items, agricultural equipment, handicrafts and small industries, and also medical equipment and diagnostic kits.
While the 18 per cent slab consists of a standard rate for most goods and services, including automobiles such as small cars and motorcycles (up to 350cc), consumer goods like electronic items, household goods, and some professional services.
Additionally, there is a 40 per cent slab for luxury and sin goods, including tobacco and pan Masala, products such as cigarettes, bidis, and aerated sugary beverages, as well as luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters.
Notably, some essential services and educational items are fully exempt from GST, including individual health, family floater, and life insurance. (ANI)
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