Uttar Pradesh CM Yogi calls recent GST rate reforms a 'Diwali Gift' from PM Modi

Lucknow (Uttar Pradesh) [India], September 18 (ANI): Uttar Pradesh Chief Minister Yogi Adityanath on Thursday praised the recent Goods and Services Tax (GST) rate reforms announced by the central government, describing them as a “Diwali gift” from Prime Minister Narendra Modi to the nation.

Addressing a press conference in Lucknow, CM Adityanath expressed his gratitude to PM Modi and Union Finance Minister Nirmala Sitharaman for the significant changes in GST rates, terming the reforms a milestone in the ongoing tax reforms campaign.

“I have organised this press conference to convey heartfelt thanks to Prime Minister Modi for the recent GST reforms and to extend gratitude to Finance Minister Nirmala Sitharaman on behalf of the people of Uttar Pradesh. This is a major step in the tax reforms journey and a true Diwali gift from PM Modi to the countrymen,” Adityanath said.

The CM elaborated on the evolution of the tax system in India, stating, “Before GST, there used to be multiple taxes like VAT, excise, sales, etc, now with the introduction of GST, the tax system has been integrated and unified.”

Highlighting the growth in GST collections since its inception, Adityanath announced that the total GST revenue has reached an impressive Rs 22.80 lakh crore. He noted that the first Rs 7 lakh crore was collected in 2017, with the number of taxpayers now increased to 1.52 crore.

“GST collection has reached ₹22.80 lakh crore, while in 2017, the first ₹7 lakh crore collection was recorded. The number of taxpayers has now grown to 1.52 crore,” he said.

On September 3, the 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent rates. The 5 per cent slab consists of essential goods and services, including food and kitchen items like butter, ghee, cheese, dairy spreads, pre-packaged namkeens, bhujia, mixtures, and utensils; agriculture equipment; handicrafts and small industries; and medical equipment and diagnostic kits.

The 18 per cent slab comprises a standard rate for most goods and services, including automobiles (such as small cars and motorcycles up to 350cc), consumer goods (like electronic items), household goods, and certain professional services. A uniform 18 per cent rate applies to all auto parts.

Additionally, there is a 40 per cent slab for luxury and sin goods, including tobacco and pan Masala, products such as cigarettes, bidis, and aerated sugary beverages, as well as luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters.

Moreover, some essential services and educational items are fully exempt from GST, including individual health, family floater, and life insurance. Additionally, certain services related to education and healthcare are also GST-exempt. (ANI)

Source

The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.