On this Independence Day, from the ramparts of the Red Fort, Prime Minister Narendra Modi announced the next generation of GST reforms. His vision was realized on the 3rd of this month, when the GST Council reduced tax rates in many sectors to ease the lives of citizens. Today, we take a look at some items on which GST has been slashed from 12 percent to 5 percent.
The GST Council on the 3rd of this month announced a series of Next Generation GST reforms, providing big relief to the common man through significant tax reduction in the various sectors. Under the new tax structure, idols crafted from wood, stone, or metals, which earlier attracted a 12 percent GST, will now fall under the 5 percent slab. Similar reduction has been made for glass statues and artware made of iron, aluminium, brass, and copper. Under the next generation reforms, GST on footwear which is not exceed the value of 2500 has been reduced to 5 percent from previously taxed at the 12 percent slab. Ahead of the festive season, these next-gen GST reforms will reduce the tax burden on the common man and boost the nation’s economy.
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