Key Points

Speaking to IANS, Ramesh Narayan Pagar, a prominent milk and cheese businessman from Nashik, praised the decision and called it a much-needed "gift from the government" ahead of the festive season.

Pagar stated, “This decision will benefit both common citizens and traders. With reduced rates, essential commodities will become more affordable for the poor and middle class, easing their financial burden. The upcoming festivals like Navratri and Diwali will see a surge in business, which will positively impact the overall economy.”

He expressed gratitude to the Central Government for prioritising public welfare and supporting businesses through these reforms.

Similarly, Jayen Mehta, Managing Director of Gujarat Cooperative Milk Marketing Federation, also appreciated the decision.

“On behalf of all dairy traders, I want to thank PM Modi and the Finance Minister. The reduction in tax is good news for both producers and consumers. It will increase consumption and expand the market for producers,” he said.

Mehta added, “India is the world’s largest milk-producing country. This reform is a great step towards 'Aatmanirbhar Bharat' and the overall wellness of the nation. We, the dairy industry, are truly grateful.”

As the GST Council approved historical changes to India's indirect tax structure, several daily-use goods will become cheaper from September 22.

The new tax structure, adopted on Wednesday, has two major slabs now 5 per cent and 18 per cent, and a whopping 40 per cent for luxury and sin goods.

For the common man, this change means more money in hand, which the government hopes will be routed into the economy, giving it a significant boost.

From groceries and fertilisers to footwear and even renewable energy, a broad basket of goods and services is set to become more affordable. Items previously taxed at 12 per cent and 28 per cent will now largely migrate to the other two slabs, making a wide range of products cheaper.

- IANS