The GST Council has approved a rate rationalisation focused on items for the common person, labour-intensive industries, and farmers. Professor Gaurav Vallabh calls the move a "citizen-centric and people-first reform," stating it is a master stroke. The reform includes drastic price reductions for many products, with GST rates on items like hair oil and shampoos dropping from 18% to 5%, and on butter and ghee from 12% to 5%. Significant rate cuts also apply to white goods such as ACs and fridges. The changes extend to healthcare, with reduced GST on items like glucometers. According to the State Bank of India, this initiative is expected to generate an additional demand of 5 lakh crore per annum. The reform also addresses the technical issue of the ‘inverted duty structure,’ resolving a problem where input GST was higher than output GST. #gstratecut #gstcouncil #taxrelief #itwebvideos #indianeconomy #commonman #pricedrop #gauravvallabh #easeofliving #msme #economicgrowth #gstreforms #indiatoday #businessnews #finance #consumption
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