Sri Vijaya Puram, Sept. 5: Shri. Anil Kumar Tiwari, State President, Bharatiya Janata Party, A & N Islands has hailed the new generation Goods and Services Tax (GST) regime which was announced yesterday by the Modi Government at the Centre. Shri. Tiwari has thanked the Hon’ble Prime Minister of India, Narendra Modi for keeping his promise made during the Independence Day speech from The Red Fort. Similarly, he has also thanked the Union Finance Minister, Smti. Nirmala Seetharaman for her efforts in rationalizing the tax system for public good.
This new tax reform is going to drastically reduce the prices of almost all items used by common man including Household Items, Packed Food Items, Electronic Products, Drugs among other items. This new initiative will also boost the economic growth of our country.
Under the new GST reforms, the current four tier tax structure has been replaced with a two tier one, with standard rate of 18% and 5% and de-merit rate of 40% on goods which are considered as luxury items.
Shri. Anil Kumar Tiwari has further added that, “The New Generation GST reforms announced by the government during the current festival season is going to boost the purchase power of common man and will drive local consumption and also improve affordability and accessibility for many products which were out of reach for poor people”.