The central government's decision to reduce the Goods and Services Tax (GST) on cement and steel has been hailed as a game-changing move by leaders from the real estate industry.
Extending income tax holidays and waiving import duties on expensive semiconductor equipment will accelerate India's semiconductor manufacturing capabilities, said Eswara Rao Nandam, CEO of Polymatech Electronics, a company engaged in providing chip manufacturing solutions.
He mentioned that the Congress party had been advocating for reforms in GST for a decade. Kharge claimed that the GST introduced under the NDA government included Tax Slabs of 0%, 5%, 12%, 18%, 28% followed by special rates of 0.25%, 1.5%, 3%, and 6%.
The rally returned to Indian equity markets on Thursday as the government's move to rationalize Goods and Services Tax (GST) rates boosted investor sentiment.
The Congress MP said that Union Finance Minister made major announcements following the GST council meeting; however, the decisions were proclaimed by PM Modi during his Independence Day speech.
Congress leader Priyank Kharge on Thursday criticised the Centre's recent GST reforms, and said that the "One Nation, One Tax" had turned into "One Nation, 9 Taxes."
Industrialist Harsh Goenka has called the recent Centre's decision to slash and rationalise Goods and Services Tax (GST) rates under the NextGen GST framework a "big Diwali gift" for every Indian. The government has slashed GST on daily essentials, healthcare, education, and farming input
In a social media post on X, the Union Minister stated that these reforms aim to improve the ease of living for citizens, adding that it will focus on creating a stable, transparent, and growth-oriented tax system that will benefit farmers, the middle class, MSMEs, and businesses.
His remark came following the government's announcement of sweeping reductions in Goods and Services Tax (GST) rates on a wide range of essential items, automobiles, agricultural inputs, and electronic appliances.