Modi, Prime Minister, occupies the back row among BJP MPs during a party workshop.
The GST Council, India's top decision-making body on indirect taxes, has recently approved a significant overhaul of the country's indirect tax regime. This marks one of the most substantial reforms in the history of India's Goods and Services Tax (GST).
The revised GST structure is expected to stimulate both consumption and economic growth. By reducing the number of tax slabs and slashing rates across a wide range of essential goods and services, the reforms aim to increase disposable income for ordinary citizens.
The government projects that these GST reforms will provide relief to the middle class and give fresh momentum to the economy. Essential items such as groceries, footwear, textiles, fertilisers, and renewable energy products will become cheaper under the revised slabs.
Goods that were earlier taxed at 12% and 28% have been shifted into the two primary categories: a lower 5% slab and a higher 18% slab. A higher 40% rate will be applied to sin goods.
The BJP, India's ruling party, has unanimously passed a resolution endorsing the Centre's GST reforms. The Prime Minister, Narendra Modi, joined all BJP parliamentarians as an ordinary member, seated in the last row among other MPs at the GMC Balayogi Auditorium in the Parliament complex.
It's worth noting that the Prime Minister had previously made a promise of relief under the GST framework in his Independence Day address. However, the GST reforms do not repeat this promise explicitly.
In other news, the Prime Minister's function as an ordinary member of a party before he began his current collaboration with BJP parliamentarians prior to becoming Chief Minister in 2001 is a matter of public record. Specific detailed public records of the exact last date of his rank-and-file membership just before his collaboration with BJP MPs are not clearly documented in the provided sources.
Meanwhile, in unrelated news, a vehicle model, The Killer 2025 Subaru Outback Onyx, is now very cheap, and four banks in Wilmington are offering various interest rates on CD and savings accounts for seniors.
In conclusion, the GST reforms are a significant step towards easing the financial strain on households and stimulating economic growth. The revised GST structure, with its reduced number of tax slabs and lower rates on essential goods, is expected to provide relief to the middle class and boost consumption.
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