Patna, Sep 22 (SocialNews.XYZ) On the auspicious occasion of Navratri, the Union government, on Monday, implemented a major Goods and Services Tax (GST) reform, simplifying the tax structure to just two main slabs -- 5 per cent and 18 per cent.
Bihar Chief Minister Nitish Kumar, on Monday, appreciated the move as a landmark decision and extended his gratitude to Prime Minister Narendra Modi, calling it a step that will accelerate the country's economy and ease the lives of ordinary citizens.
"This new system will benefit the people of Bihar and the entire country," Nitish Kumar said in a statement.
"Implementation of the new GST rates will make everyday items cheaper, reducing the financial burden on lower and middle-class families. On behalf of the people of Bihar, I thank Prime Minister Narendra Modi for the GST rate reform," the Chief Minister added.
He emphasised that the reform is beneficial not only for the common man but also for the country's overall economy, adding that the decision will strengthen India's foundation for long-term growth.
"This reform will lay the foundation for a strong and prosperous India, ensuring the development of all sections of society," he concluded.
According to economic experts, the simplification of GST is expected to increase India's GDP by encouraging consumption and making doing business easier.
The move is likely to boost both small and large enterprises, streamline compliance, and attract more investment.
The new rates came into effect across the country on Monday, with the aim of making the tax system simpler, more transparent, and more beneficial for the common citizen.
The two GST tax slabs of 5 per cent and 18 per cent replace the earlier multi-tier structure.
With this, everyday items are likely to see a price drop, benefiting lower and middle-income families.
With the festive season underway, the Union government hopes the GST reform will bring relief to households and provide a fresh push to the economy.
Bihar Deputy Chief Minister Samrat Choudhary described the rollout of reforms as the start of GST celebrations under PM Modi's leadership.
"The GST celebrations begin today under the leadership of PM Modi. We will meet each shopkeeper to inquire about the reduced GST rates and ensure they are receiving goods at the correct rates," Choudhary said.
Union Minister Nityanand Rai also welcomed the GST reform, saying that the reduced GST rates will bring immediate relief to consumers.
"From today, all daily-use items have become cheaper. There will be price relief for all items used in everyday life," Rai noted.
Source: IANS
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