New Delhi/ The announcement made by Prime Minister Shri Narendra Modi from the Red Fort on 15th August has now been implemented through the 56th meeting of the GST Council. After the meeting, GST Council Chairperson and Union Finance Minister Smt. Nirmala Sitharaman officially declared that the country will now follow only two GST slabs. The 28 percent and 12 percent slabs have been abolished. A special relief has been provided to common consumers by moving many essential daily-use items from higher slabs to lower ones—specifically from 28 to 18 percent and from 12 to 5 percent.

The Federation of Rajasthan Trade and Industry (FORTI) has welcomed the GST Council’s decision. Praveen Suthar, Chairman of FORTI Rajasthan Branches, stated that the GST Council meeting held after eight months has brought a major relief package for common consumers, which FORTI wholeheartedly appreciates. With GST rates being reduced, more traders are likely to come under the tax net and register formally, thereby increasing government revenue while simultaneously providing relief from inflation to consumers.

In Udaipur, GST 2.0 is expected to directly benefit the tourism, hotel-restaurant, wedding industry, and local guide services. Handicrafts, gems and jewelry, and artisan products will become more affordable and competitive. A reduction in GST on cement and construction materials will make real estate and infrastructure projects less expensive, thereby boosting employment and investment opportunities. Ahead of Diwali, Prime Minister Modi has given the nation a festive gift, preparing India’s domestic market to better withstand global challenges, including tariff pressures.

 

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