GST rate cuts bring down prices of daily essentials and big-ticket items
NEW DELHI, Sept 22: Prices of as many as 375 items, including groceries, medicines, electronics, cars, and clothing, have dropped sharply as the new GST rates kicked in from Monday. The move, hailed as a boost for consumption, is aimed at cushioning the economy against tariff headwinds.
Under the new structure, tax rates of 5%, 12%, 18% and 28% have been streamlined into two slabs — 5% and 18%. This has reduced the cost of 99% of daily-use items, offering significant relief to households.
Prime Minister Narendra Modi described the reform as ‘GST Bachat Utsav’, stating that, combined with the Income Tax exemption hike announced in the Budget, households would save around ₹2.5 lakh crore annually.
“Your household expenses will reduce and it will be easier to fulfil aspirations such as building a home, purchasing a vehicle, buying appliances, eating out or planning a family vacation,” Modi said in an open letter.
Finance Minister Nirmala Sitharaman also visited Delhi’s Laxmi Nagar market and interacted with shopkeepers, who confirmed that stationery and essential goods had become cheaper after the rate cut.
As per Government estimates, grocery bills will shrink by 13%, small car buyers will save about ₹70,000, and tractor purchases will be cheaper by nearly ₹40,000. Savings extend across categories — ₹8,000 on bikes/scooters, ₹3,500 on televisions, and nearly ₹2,800 on air conditioners.
Home Minister Amit Shah said the reforms demonstrate the Government’s “steely resolve” to serve the poor, farmers, youth, and women.
However, opposition leaders criticized the move. West Bengal CM Mamata Banerjee alleged that the Centre is taking “undue credit” while states bear the revenue loss. Karnataka CM Siddaramaiah accused the Modi Government of “deceiving Indians” by first increasing GST and then taking credit for reducing it.
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Labels: Economy, GST, Finance
Tags: #GST #NirmalaSitharaman #NarendraModi #AmitShah #MamataBanerjee #Siddaramaiah #IndiaEconomy #TaxReform
Disclaimer: This news report is based on inputs from Press Trust of India (PTI) and verified public sources. Jammu News Portal strives for factual and authentic reporting, though we do not take responsibility for any inadvertent errors. Readers are encouraged to verify official communications for complete details.
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