The central government has taken a big decision on GST rates while taking forward the economic reforms. Under this, now there will be only two rates of GST, five and 12 percent. The GST Council has unanimously approved the decision to abolish the slabs of 12 and 28 percent. At the same time, Prime Minister Narendra Modi expressed happiness over the decisions taken by the GST Council.
PM Modi posted on X
PM Modi said that the change in GST rates will directly benefit the common man, farmers, and the middle class. PM Modi posted on X that during my Independence Day speech, I talked about our intention to bring next-generation reforms in GST.
Further, PM Modi said that the central government had prepared a detailed proposal for rationalizing comprehensive GST rates and procedural reforms, which aims to make the life of the common man easier and strengthen the economy.
Common man, farmers, MSMEs will benefit - PM
He also said that it is a pleasure to inform that the GST Council of the Center and the States has collectively agreed on the proposals presented by the Central Government on reduction and reforms in GST rates, which will benefit the common man, farmers, MSMEs, middle class, women, and youth.
Will make the lives of citizens better - PM
The PM said that comprehensive reforms will improve the lives of our citizens and ensure ease of doing business for all, especially small traders and businesses. This decision can prove to be a big relief for the common people struggling with inflation and give a boost to the economy.
GST rate cut welcomed by various sectors
The apex export organization, FIEO, welcomed the decisions of the GST Council and said that the commitment to refund settlement within seven days is a step in the right direction and will reduce the cash pressure on exporters to a great extent.
FIEO said that timely and predictable refunds are important to maintain India's export competitiveness, especially when global demand remains uncertain. The Federation of Indian Export Organisations (FIEO) said that timely and predictable refunds are very important to maintain India's export competitiveness amid uncertainty over global demand.
FIEO Director General Ajay Sahai said, 'We hope to work with the government to implement these measures smoothly at the ground level. Allowing GST refund of less than Rs 1000 will be especially beneficial for e-commerce exporters.'
On the other hand, pharma industry experts say that the GST reforms made in the 56th meeting of the GST Council will promote the affordable availability of life-saving medicines.
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