The ruling BJP on Friday hailed Prime Minister Narendra Modi and Finance Minister Arun Jaitley over the reduction in GST rates on a number of products, saying the new tax regime would empower the country’s economy as a “major growth engine”. “For making GST a “people-friendly” tax reform by ever lowering tax rates, would like to compliment PM @narendramodi Ji & FM @arunjaitley.
GST is powering the economy as a major growth engine and bringing smiles to millions of Indians with every decision,” BJP spokesman GVL Narasimha Rao said in a tweet. He said the government has given a huge encouragement to the informal sector, which showcases India’s traditions, by exempting 29 handicraft items from the Goods and Services Tax (GST) regime.
In a major decision, the GST Council on Thursday decided to put these items on zero per cent tax slab. “In a short period, the epoch-making GST reform has emerged as a people-friendly tax regime and that is a stellar achievement,” Mr. Rao said. The GST Council cut tax rates on 29 goods, including second-hand vehicles, confectionery, and bio-diesel. Also, tax rates on 53 categories of services, including certain job works, tailoring services and admission to theme parks have been lowered.