Key Points

Sharing an X post on Wednesday, Vaishnaw wrote, "Historic Next-Gen GST Reforms. PM Narendra Modi Ji's gift for the coming festival season - cutting costs, easing lives, and powering Aatmanirbhar Bharat (self-reliant India)."

Union Health Minister JP Nadda said that the reduced tax rates will enhance ease of living and help families manage costs.

"Under the visionary leadership of Hon'ble PM Narendra Modi ji, the Union Government has announced the Next-Gen GST reforms to support ongoing growth and development. Reduced tax rates on several essential products will enhance ease of living, help families manage costs, and bring relief to different sectors," Nadda wrote on X.

JP Nadda thanked PM Modi and Finance Minister Nirmala Sitharaman for the GST rationalisation.

He added, "At the same time, this reform will strengthen the ease of doing business and empower small businesses across the country. My heartfelt gratitude to Hon. PM Shri Narendra Modi ji and Finance Minister Nirmala Sitharaman ji for this forward-looking decision that will benefit our citizens, especially middle-class families."

Earlier, Union Minister Piyush Goyal lauded PM Modi and FM Sitharaman for the GST reforms, calling it a decision that will reinforce the vision of Viksit Bharat.

Goyal stated that the GST Council's decision is aimed at promoting ease of living and supporting farmers, MSMEs, the middle class, women, and youth.

"PM Narendra Modi ji's historic Diwali gift for all! Heartiest congratulations to PM Modi ji and FM Nirmala Sitharaman ji on the introduction of the Next Gen GST reforms, duly supported by the GST Council in line with the Union Government's proposals on GST rate cuts and reforms," he wrote on X.

"These broad-based GST rate rationalisation and process reforms are aimed at enhancing ease of living for citizens, supporting farmers, MSMEs, the middle-class, women, and youth, while fostering growth across key sectors of the economy," the X post added.

Goyal hailed the tax reforms for strengthening the ease of doing business.

"The GST reforms will benefit consumers, strengthen ease of doing business, and create new opportunities for small traders, enterprises, and industry, reinforcing the vision of Viksit Bharat and advancing India's journey towards sustainable and inclusive growth," he wrote.

In a major reform aimed at providing relief to households, farmers, businesses and the healthcare sector, Nirmala Sitharaman announced a sweeping reduction in GST rates on a wide range of essential items, automobiles, agriculture inputs, and electronic appliances.

The 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent rates.

- ANI