New Delhi, Sep 4 (IANS) Union Ministers on Thursday praised the GST reforms as a “game changer”, stating that it will help maintain the spending capacity of the Indian middle class, especially during global economic challenges.
They said that the promise made by Prime Minister Narendra Modi on Independence Day has been fulfilled, as the government has ensured that citizens do not face any issues ahead of the festive season.
Union Education Minister Dharmendra Pradhan said these reforms will benefit ordinary citizens, the middle class, industries, and especially the education sector.
Addressing a press conference, he said: “A major economic reform has been implemented recently. The second phase of GST reforms has been brought before the public. On September 2 and 3, under the leadership of the Finance Minister (Nirmala Sitharaman), the GST Council met. On August 15, Prime Minister Narendra Modi assured the nation that he would bring further GST reforms. PM Modi has always assured that people do not face any issues. Ahead of Diwali, citizens will benefit from these measures, keeping in mind the global economic challenges.”
“To ensure that the spending capacity of the middle-class is maintained, the government has ensured that the four slabs of the GST are reduced to two,” Pradhan added.
Union Commerce and Industry Minister Piyush Goyal called the reforms “game-changing” and said that they will play a “crucial role” in the journey towards Viksit Bharat.
“Every stakeholder and consumer in the country stands to benefit from yesterday’s announcements, which are truly game-changing and will play a crucial role in the months and years ahead on our journey towards Viksit Bharat 2047. I would like to appeal to all of you to resolve that the entire benefit of yesterday’s significant concessions in GST will be passed on to customers,” Goyal said, addressing the Bharat Nutraverse Expo 2025.
He reiterated the Modi government’s call to adopt ‘Swadeshi’ goods, to generate “more domestic demands and investments” so that India “continues to grow as the fastest growing economy”, in turn, providing jobs and opportunities for the youth.
“Support each other so that together we can make India the best country to do business in, so that we can make the lives of every citizen of India comfortable and enjoyable through ease of living,” he added.
The GST Council on Wednesday approved sweeping reforms in India’s indirect tax regime, reducing the number of slabs and cutting rates on a wide range of essential goods and services.
Under the new structure, only two primary slabs will remain — 5 per cent and 18 per cent — along with a higher 40 per cent rate for sin goods. Officials said the revised structure will leave more disposable income in the hands of the common man, which the government expects will cycle back into the economy and spur growth.
Several items, including groceries, footwear, textiles, fertilisers and renewable energy products, will now become cheaper.
Goods earlier taxed at 12 per cent and 28 per cent will largely shift into the two main slabs, easing the burden on households.
–IANS
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