Stressing that negotiations are underway with the United States over 50 per cent tariff on Indian goods, Union Minister of Commerce and Industry Piyush Goyal said that there is no need to "panic" as India and US will come to an equitable, balanced and fair agreement.
Union Minister Nityanand Rai hailed the reforms in the Goods and Services Tax (GST) and said that the poor people, farmers, labourers, and the middle class will benefit from the tax cuts.
According to the Ministry of Finance, coal previously attracted a 5 per cent GST, along with a Compensation Cess of Rs 400/ton, prior to the rate rationalisation.
Union Minister of State (MoS) for Finance, Pankaj Chaudhary, took a jibe at the Opposition and said that the move to rationalise GST rates to two slabs of 5 per cent and 18 per cent has not been brought for the Bihar Assembly polls.
According to an official release, the FICCI MP says that these reforms will strengthen the foundation of a Viksit Bharat while also creating new opportunities for states like Madhya Pradesh.
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.
On behalf of the people of Gujarat, Chief Minister Bhupendra Patel thanked Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for significantly reducing GST rates on essential goods and services of daily use.
"This will be very helpful for the middle class in the coming times. When there will be savings, they will be able to invest in other places, so in the coming times, this will bring a huge boost to the economy. I thank the Prime Minister," the Union Minister said here, thanking Prime Ministe