Key Points

Speaking to ANI, Pal said, "Under the leadership of Prime Minister Modi, a decision was taken to provide an exemption in GST. After independence, tax slabs in the country have consistently increased; however, this is the first time that taxes on medicines, life-saving drugs, insurance, and automobiles have been reduced simultaneously. This is a historic decision..."

In Bareilly, Union Minister BL Verma hit back at Congress President Mallikarjun Kharge, who had earlier questioned the government's GST policy and said, "He should certainly tell us about the UPA regime from 2004-14, where the country stood at that time and how much corruption took place."

Further, praising PM Modi's policies, he said, "The Prime Minister came in 2014 as a ray of hope and has worked to take the country out of a dilapidated economy and place it among the top 4 economies. The middle class, the lower class, everyone is benefiting from the new GST rates. Mallikarjun Kharge should first see how much damage the Congress has done to the country."

Meanwhile, BJP's Tarun Chugh also called the GST reforms a "historic work" done by PM Modi, and said that the decision will provide "significant relief" to the middle class.

"Prime Minister Modi has done historic work. Almost 2.5 lakh crore rupees have been reduced in GST. These 2.5 lakh crore rupees will become the strength of MSMEs. This will provide significant relief to the middle class... 99% of things have been reduced to a 5% rate... Voices are coming from everywhere that we will promote indigenous products and boost Indian industries," Chugh told ANI.

The reform in the Goods and Services Tax structure, which was approved during the 56th meeting of the GST Council earlier this month, has come into effect from today. The current four-rate system has been replaced with a streamlined two-slab regime of 5% and 18%. A separate 40 per cent slab has been retained for luxury and sin goods.

This new framework is expected to ease compliance, reduce consumer prices, boost manufacturing, and support a wide range of industries, from agriculture to automobiles and from FMCG to renewable energy. It is intended to lower the cost of living, strengthen MSMEs, widen the tax base, and drive inclusive growth.

- ANI