Bhopal (Madhya Pradesh): Madhya Pradesh CM Mohan Yadav hailed the new Goods and Servics Tax structure-- consisting of only two tax slabs of 5% and 18% instead of the earlier four, as a historic decision.
Speaking to media, CM Yadav said the restructured GST slabs will empower all sections of the society and economy, especially MSMEs and Small and Cottage industries. He further praised PM Narendra Modi for fulfiling his promise and giving tax relief to the public despite global challenges and geographical uncertainties.
"Only PM Modi can possess the boldness and ability to give tax cuts to the public while striving to strengthen economic progress amid the global concerns."
CM Yadav shared a video on X, hailing the Prime Minister and the Union Finance Minister for the tax relief, with a caption:
"Under the guidance of the Honourable Prime Minister Narendra Modi ji, the decision to reduce GST rates in the GST Council meeting is like a bouquet for all sections of the country, covering all sectors. Along with industries, all sections of the country will benefit from it. Congratulations to the illustrious Prime Minister Ji and the Honourable Union Finance Minister Nirmala Sitharaman Ji for this historic decision. #NextGenGST."
New GST Slabs
Notably, the GST Council met on Wednesday and approved the new tax structure. It retained the two tax slabs-- 5% and 18% – and dumped the remaining two-- 12% and 28%.
As a result, several items of basic necessities and daily use will get cheaper.
Daily-use kitchen staples like-- vegetable oil, pasta, cornflakes, biscuits, Namkeens, and bhujia will now be taxed at 5% instead of the earlier 12%, directly passing the benefit to consumers.
