New Delhi: Prime Minister Narendra Modi took to social media platform X to talk about the transformative power of the Goods and Services Tax (GST) which was rolled out 7 years ago. For the NDA government, reforms mean improving the lives of 140 crore India, he said in the social media post.
Citing a news report, the Prime Minister said that GST has helped to reduce the cost of goods for households, driving significant savings for the poor and the common citizen. PM Modi said that his government was committed to continuing this journey of reforms with the aim of transforming the lives of people in India.
How GST made household goods cheaper
According to an analysis by the Business Standard, flour curd and buttermilk cut rates to 0 per cent after GST was implemented.
The effect on cosmetics and detergent was 18 per cent tax compared to 28 per cent earlier on both goods.
Zero per cent tax is charged on hiney compared to 6 per cent earlier
Tax on mobile phones has nearly halved to 18.1 per cent from 31.3 per cent earlier. A similar change was seen in the tax on electric appliances, fans water coolers, and furniture.
Daily essentials such as hair oil, toothpaste, and LPG stoves are taxed at a lower rate of 18 per cent compared to 27 per cent earlier, the BS reported, citing CBIC data.
How GST changed indirect taxation in 7 years
GST was rolled out on July 1, 2017, in a manner that merged 17 different taxes under a single tax regime with differential slabs based on the nature of goods and services offered. Finance minister Nirmala Sitharman also stated during the press conference to announce the decisions of the 53rd GST Council meeting on Saturday that the government’s intent was to “make GST assessees’ life easier.”
7 years year of GST: PM Modi shared on social media how GST made goods, ranging from soaps to LPG, more affordable for households in the 7 years since it was implemented by his government. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
