New Delhi [India], September 14 (ANI): Following the Goods and Services Tax (GST) overhaul and reducing the Services Tax slabs to two, Bharatiya Janata Party (BJP) National General Secretary Tarun Chugh lauded Prime Minister Narendra Modi and said that the Delhi BJP passed a vote of thanks and trade organisations in Delhi would conduct a thanksgiving ceremony in 70 locations from next week.
Speaking to reporters, Tarun Chugh said, “Today, a meeting of the Delhi BJP was held. Prime Minister Modi has given the people a Diwali gift before Diwali; today, a vote of thanks was passed for that. This is a year in which earlier income tax will be exempted upto 12 lakh income per annum. This was a historic decision made by Prime Minister Modi. In all the assemblies in Delhi, trader organisations are holding big conferences. There is enthusiasm for this across the entire country. Under the leadership of Prime Minister Modi, India is continuously moving forward.”
He further said that under the leadership of PM Modi India has become the fourth largest economy in the world.
“In Delhi, from next week, trade organisations will conduct a thanksgiving ceremony in 70 locations,” he added.
Reduction and rationalisation of Goods and Services Tax slabs – reducing them to two, and exempting certain items, including premiums for health and life insurance – were 18 months in the making, Union Finance Minister Nirmala Sitharaman said at a summit on September 9.
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 item like butter, ghee, cheese, dairy spreads, pre-packaged namkeens, bhujia, mixtures, and utensils; agriculture equipment; handicrafts and small industries; also medical equipment and diagnostic kits.
The 18 per cent slab consists of 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 some 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 exempted from GST, including individual health, family floater and life insurance; also, certain services related to education and healthcare are GST-exempt. (ANI)
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