GST Reforms: A Boon for India's Economy

The Bharatiya Janata Party praised GST reforms, predicting a 99% price drop for goods, boosting GDP productivity. By simplifying tax slabs to 5% and 18%, the GST Council aims to enhance consumption and revenue, marking a positive shift for India's economic landscape.

Bharatiya Janata Party National Secretary Anil K Antony commended the recent Goods and Services Tax reforms, highlighting a significant reduction in the prices of nearly 99% of goods across India. This move is expected to benefit the common man, he stated.

The GST reforms, announced after the 56th GST council meeting, have simplified the tax structure to two slabs: 5% for essential goods and services and 18% for standard goods and services. These changes are projected to boost the nation's GDP and increase consumption by as much as 20%, adding potentially 20 lakh crores in revenue and stimulating entrepreneurial activity.

This economic reform seeks to provide essential goods like food, kitchen items, and agricultural equipment at lower tax rates, while maintaining a uniform rate for consumer and professional services. Moreover, luxury and sin goods are taxed at 40%, and certain services related to education and healthcare remain GST-exempt.

(With inputs from agencies.)