Next-Gen GST Reforms: A Historic Leap Towards Economic Prosperity

The new Next-Gen GST reforms, effective today, streamline tax slabs to benefit citizens and businesses, while ensuring state revenue stability. BJP celebrates this as a 'GST Savings Festival', promising lower inflation and accelerated growth. Consumer essentials now face reduced taxes, boosting household affordability and market demand.

The Bharatiya Janata Party (BJP) has hailed the enactment of the Next-Gen GST reforms as a 'historic' move, designed to bring tangible benefits to ordinary citizens, farmers, traders, and small businesses. The reforms streamline the previous four-tier structure into two main categories: 5 per cent and 18 per cent, lowering the tax for items previously at 12 per cent to 5 per cent, and for those at 28 per cent to 18 per cent. Essential commodities now fall under the lowest tax bracket, enhancing household affordability.

During a press conference in Shimla, BJP national spokesperson Gopal Agarwal emphasized the party's commitment to making GST more transparent and accessible. 'GST has been simplified 56 times,' Agarwal stated, assuring that the Next-Gen GST will deliver immediate relief to common people, with streamlined registration processes for new traders and expedited refunds.

Agarwal noted the economic growth potential spurred by these reforms, particularly for states like Himachal Pradesh. With the festive season on the horizon, the BJP regards this as a 'GST Savings Festival' that promises to alleviate inflation and foster a fair tax system without detriment to state revenues, boosting both the economy and consumer demand. (ANI)

(With inputs from agencies.)