By Team Yo! Vizag

Copyright yovizag

Union Finance Minister Nirmala Sitharaman has said that reforms have been brought in the GST structure to benefit the common man.

Speaking at the Outreach and Interaction Programme on Next Gen GST Reforms held in Visakhapatnam on 17 September, Nirmala Sitharaman said that tax slabs were reduced from four in the past to two — 18 per cent and 5 per cent. The new GST would be implemented from 22 September.

“About 99 per cent of the items that under the 12 per cent GST slab in the past will now come under 5 per cent slab. Similarly, 90 per cent of the items that come under 28 per cent tax slab will now come under 18 perc ent tax slab. As a result, the expenses of the poor and middle class will come down.”

She said that there would be no GST on medical and health-related equipment and medicines. He said that GST has been reduced on equipment related to farmers, MSMEs and other sectors. It was the responsibility of the government to spend the taxes paid by the people properly, and the revenue generated by the GST was being returned to the people in the form of development and welfare schemes, she observed.

Sitharaman pointed out that the these taxes would be useful for the creation of national highways, airports, ports and other infrastructure. “The main objective of the reforms is to benefit consumers, traders, manufacturers, exporters and the government as well.”

State Finance Minister Payyavula Keshav said that the GST reforms were not a sudden move, but a great decision taken for the people and the country after brainstorming in the presence of all the states in the previous council meeting. He said that the GST reforms were in place to meet the needs of the people and to benefit the people and the government financially.

State Health Minister Y. Satyakumar and others were present.

Also read: Visakhapatnam Port hosts official visit of Netherlands Ambassador

Stay tuned to Yo! Vizag website and Instagram for more city and news updates.