GST Overhaul: Modi's Winning Move

Prime Minister Narendra Modi announced a major reform in the Goods and Services Tax (GST) system, aiming to reduce rates and simplify the structure. BJP MP Basavaraj Bommai praised the initiative, highlighting its benefits for traders and consumers. The reform comes as a response to feedback from various stakeholders.

Prime Minister Narendra Modi's recent announcement of reforms in the Goods and Services Tax (GST) system aims to simplify the tax structure and reduce rates. This move has been welcomed by BJP MP Basavaraj Bommai, who praised its potential benefits for both businesses and consumers.

Originally introduced as a uniform tax system with the slogan 'one nation, one tax,' GST faced continued feedback from traders, farmers, and businesses pushing for changes. Responding to this, Modi's administration is set to implement reforms that will place essential commodities under lower tax slabs and reduce the overall number of slabs, according to Bommai.

This initiative, announced before Deepavali, reflects a commitment to bolster the economy by making daily-use items cheaper and supporting MSMEs. Bommai noted that prior discussions with states would facilitate ushering in next-generation GST reforms, promising significant economic benefits.

(With inputs from agencies.)