The GST Council has approved a significant rate rationalization, described by one panelist as a "citizen centric and people first reform." The changes involve a drastic reduction in GST rates on numerous items for daily use, including food products, personal care items, and consumer durables like ACs and fridges. The reform simplifies the tax structure, effectively creating two main slabs of 5% and 18%, and resolves the long-standing issue of the inverted duty structure. GST on individual life and health insurance premiums has been removed, and rates on construction materials like cement have been lowered. While the move is projected to boost consumption and aid MSMEs, it has also sparked a debate, with concerns raised about potential revenue losses for states and the timeline for compensation from the central government. #gstmegareform #gstratecut #gstcouncil #itwebvideos #taxrelief #indianeconomy #commonman #easeofdoingbusiness #msme #healthinsurance #taxreform #gst #consumptionboost #middleclass #economicnews #statefinances
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