On this Independence Day from the ramparts of Red Fort, Prime Minister Narendra Modi announced the Next Generation of GST reforms by Diwali. His vision was realised as the GST Council on 3rd September approved rates rationalisation, reducing tax rates in many sectors, while easing the lives of citizens.
The government has announced the Next-Generation GST reforms to provide relief to the common man by reducing the taxes on several food items. Under GST 2.0, the tax rate on pizza bread, khakhra and chapati has been completely made tax-free, which earlier attracted a 5 percent tax rate. Similarly, the taxes on paratha and parotta, which were previously part of the 18 percent tax slab, have also been exempted from the GST.
The significant tax cut aims to lower out-of-pocket expenses and reduce the financial strain on the common man. Along with this, the government has brought down the tax rates on sauces and condiments such as curry paste, mayonnaise and mixed condiments to 5 percent from 12 percent. This rationalisation aims to improve the affordability of food, ensure daily nutrition, encourage consumption and provide economic relief to families. Talking to Akashvani News, Riya, a resident of Lucknow, has welcomed the government’s decision, saying that the rollout of new reforms has been a major relief to the middle-class and lower-middle-class families.
Prime Minister Narendra Modi, on the 21st of this month, has also urged the citizens to buy swadeshi products, supporting domestic industries, small manufacturers, local artisans and MSMEs.
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