US EditionPM Modi's FIRST Comment as GST Council Approves Two-Tier Tax Structure: ‘Reforms Will Improve Lives of Our Citizens…’
GST Council reduced tax slabs from four to two, cutting rates on items like soaps and bicycles to 5%, aiming to ease compliance and boost economic activity.
- On September 22 the GST Council unanimously approved cutting GST slabs from four to two, setting 5 per cent and 18 per cent as new rates and scrapping 12 per cent and 28 per cent slabs.
- The Union Government said it prepared broad-based GST reforms to simplify compliance and ease tax burdens, benefiting farmers, MSMEs, the middle class, women, and youth as announced in the Independence Day speech.
- He stated the Next-Gen GST reforms will bring ease of living, strengthen ease of doing business, empower small businesses, and boost India's self-reliance under Aatmanirbhar Bharat.
- Several states including Karnataka, Punjab, and West Bengal raised concerns about revenue loss, yet the GST Council's Union and state members collectively agreed despite 'minor' concerns and said reforms will boost ease of doing business.
- With a simplified two‑rate system, the government expects the revamp to benefit the common man, farmers, small traders, and labour‑intensive industries, marking a new era for GST starting September 22.
52 Articles
52 Articles
New GST slabs simplified system, Congress levied high taxes on essentials: PM Modi
Prime Minister Narendra Modi on Thursday said that the new Goods and Services Tax structure has eased the tax system, and alleged that the Congress-led regime before 2014 levied high tax rates even on essential items.At an interaction in New Delhi with educators who received the National Teachers Awards, Modi said that the new GST structure will boost consumption and growth, and will improve the ease of doing business.On Wednesday, the GST Counc…
GST Council slashes tax rates: Know what becomes cheaper
New Delhi: Common use items from roti/paratha to hair oil, ice creams and TVs will cost less, while tax incidence on personal health and life insurance will be brought down to nil after the all-powerful GST Council on Wednesday approved a complete overhaul of the tangled Goods and Services Tax (GST) regime. The GST Council approved limiting slabs to 5 per cent and 18 per cent effective from September 22, the first day of Navaratri. Almost all pe…
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