The BJP-led NDA administration is still dedicated to carrying out reforms that will improve people's lives, according to Prime Minister Narendra Modi's statement on Monday. Reforms are, in our opinion, a way to make life better for the 140 crore Indians. Household products have significantly decreased in price after the implementation of the GST. The common man and the impoverished have benefited greatly from this. PM Modi wrote on X, referencing the information provided by the Central Board of Indirect Taxes and Customs (CBIC), "We are committed to continuing this journey of reforms to transform people's lives."
The bulk of household goods, including as flour, cosmetics, televisions, refrigerators, and so on, have become less expensive since the introduction of the GST, according to Finance Minister Nirmala Sitharaman, who also emphasized the CBIC data. The Finance Minister spoke on the ways in which the Goods and Services Tax (GST), which was initially suggested by the administration of former Prime Minister Atal Bihari Vajpayee, has benefited the populace by being pro-poor.
The UPA government's political consensus on GST was not reached, and under PM Modi's leadership, the GST Acts were passed in 2016, reducing taxes on essential necessities. Tax rates on common commodities like hair oil and soaps were lowered from 28% to 18%. Electric appliances are now subject to a 12.5% tax, down from a previous 31.5%. There is also a lesser tax on movie tickets. Since 2017, more tax rate rationalization has been carried out. The Finance Minister stated in a lengthy post on X on May 6 that the Rge National Anti-profiteering Authority made sure businesses transmitted the benefits to the people.
Since 2017, the effective weighted average GST rate has continuously decreased, indicating a pro-poor policy. According to Sitharaman, the suggested revenue neutral rate was 15.3%, but in 2017 it was only 14.4%, and in 2019 it dropped to 11.6%.The country's student population applauded the decision made on Saturday at the GST Council meeting, which was presided over by the Finance Minister, to exempt Indian Railways services from GST in addition to the fees associated with student housing outside of schools.
