Chief Minister Yogi Adityanath thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman while welcoming Next Generation GST reform. New tax structure will relieve public relief, trade speed and India’s economy strengthen
Next Generation GST Reform: The Next Generation GST reform declared by Prime Minister Narendra Modi on Independence Day is now taking the form of reality. Chief Minister Yogi Adityanath welcomed this historic step and thanked Prime Minister Modi and Union Finance Minister Nirmala Sitharaman. He said that this reform is not just a change in the tax system, but is a decisive step to make India a leading economy in high growth rate global competition.
Chief Minister Yogi said that these reforms will give new strength to the spirit of indigenous and self -sufficient India. Increased consumption expenditure will increase demand in areas of automobile, construction and durable consumption goods. Along with this, millions of new employment opportunities will also be created.
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Relief to public from two slabs
CM Yogi said that under the new reforms, only two major slabs – 5% and 18% – will be in GST.
- Essential commodities are kept in 5% slab.
- Taxes on medicines, food and education materials will be from zero to five percent.
- Selected items of luxury will be taxed up to 40%.
He said that this will increase the purchasing power of middle and low income group and will provide great relief in domestic expenses.
Support to farmers, youth and small traders
CM Yogi said that this reform will give new strength to farmers, women, youth, MSME sector and small traders. Fast refund, easy registration and transparent tax system will prove to be a boon for startups and entrepreneurs.
Transparent and confident system
The Chief Minister clarified that the solution of the inverted fee structure and the disposal of the classification dispute is an important achievement of this reform. This will increase confidence in businesses and will give new height to Ease of Doing Business.
Control on inflation and strong economy
CM Yogi said that under the guidance of the Prime Minister, it has been possible to bring wholesale inflation below 2% in the last years. New GST reforms will accelerate consumption and demand, which will make the Indian economy and strong and inclusive.
Thanks from the people of Uttar Pradesh
The Chief Minister thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman on behalf of 25 crore people of Uttar Pradesh for this educational decision. He said that this reform will further strengthen the foundation of India’s economic future.
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