Gorakhpur, September 22: Chief Minister Yogi Adityanath, describing the Goods and Service Tax (GST) reforms as a Diwali gift from Prime Minister Narendra Modi to the countrymen, said that reduced GST rates will help in increasing employment.
Chief Minister said that the lower GST will increase the purchasing power of the common consumer. Increased purchasing power will increase demand. Demand will lead to consumption, consumption will lead to production, and increased production will also lead to new job creation.
Chief Minister was speaking to the media here on Monday after a public awareness march on the GST reform and interacting with traders.
Yogi said that under the guidance of the Prime Minister Modi, reduced GST rates have been implemented across the country on the first day of Shardiya Navratri. This is the biggest GST reform so far. Tax rates on many goods and services have been reduced to five percent or zero. He stated that life-saving medicines have been exempted from tax, while the tax rate on other drugs has been reduced to five percent.
He added that the GST for farmers has been reduced to five percent or zero. The tax rate on educational materials has been reduced from twelve percent to zero.
Chief Minister stated that GST is one tax, but its benefits are numerous. GST reforms will give the economy a new impetus. With increased purchasing power, ordinary consumers will celebrate festivals with joy and enthusiasm. Strengthening the market will positively impact employment by increasing consumption and production.
He expressed gratitude to Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for the GST reforms in the larger public interest.