PM Modi’s GST Reforms:

Prime Minister Narendra Modi recently made an exciting announcement regarding GST reforms by promising to bring good news for consumers this Diwali. His statement suggests that essential goods and services might see a significant reduction in prices, offering relief to the general public and boosting small and medium industries.

PM Modi’s GST Reforms:

Currently the GST system in India has four tax slabs: 5%, 12%, 18%, and 28%. The new reforms propose removing the 12% and 28% slabs and adjusting the 5% and 18% slabs. This change is expected to make daily necessities cheaper and simplify the taxation process. The Finance Ministry also released a statement confirming the move, focusing on rationalizing tax rates by easing the refund system and providing structural changes in GST.

Items That May Get Cheaper

According to the announcement, the prices of several common items are expected to decrease. These include:

Packaged milk, butter, paneer, ghee, fruit juices

Dry fruits like almonds, jams, and pickles

Toiletries such as soap, toothpaste, and hair oils

Small appliances like irons, geysers, vacuum cleaners

Cookware made of aluminum and steel

Processed foods, water filters (non-electric), and more.

Additionally, health insurance premiums and the prices of agricultural tools might also see a decline.

Items That May Get Expensive

On the flip side, certain luxury items are likely to become costlier under the new GST regime. These include:

Expensive ready-made garments, watches, and footwear

High-end cars, mobile phones, and computers

Business class flight tickets and hotel room rents.

These GST reforms are expected to bring substantial relief to consumers while also supporting small and medium-sized businesses by lowering their tax burdens.

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