| Reduced GST rates to boost purchasing power, demand, employment: CM Yogi | | |  Early Times Report
GORAKHPUR, Sept 22: Chief Minister Yogi Adityanath described the recent GST reforms as a Diwali gift from Prime Minister Narendra Modi to the nation. He said the reduction in GST rates will enhance people's purchasing power, increase demand, and give a strong push to employment generation.
Speaking to the media on Monday after leading a public awareness march on GST reforms and interacting with traders, CM Yogi said that, under the guidance of Prime Minister Modi, these changes have come into effect from the first day of Sharadiya Navratri.
Explaining the economic cycle, the Chief Minister noted that "Lower GST will increase purchasing power, which will drive demand. Rising demand will boost consumption, consumption will fuel production, and higher production will create new job opportunities."
Calling it the most significant GST reform so far, he highlighted that tax rates on many goods and services have been cut to 5% or even zero. Life-saving medicines have been fully exempted, while taxes on other essential medicines have been reduced to 5%. GST on agricultural inputs has been lowered to 5% or zero, and the tax on educational materials has been brought down from 12% to zero.
Emphasizing the wide-ranging impact of the reforms, the Chief Minister said that "GST is one, but its benefits are many. These reforms will strengthen the economy, expand markets, and bring prosperity to every household. With greater purchasing power, people will celebrate festivals with renewed joy and enthusiasm."
He also expressed gratitude to Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for introducing these reforms in the larger public interest. |
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