GST Effect on GDP: From morning till night, you will benefit from GST reform. How much boost will the country's economy and Made in India get? Understand the calculations

GST Reform: New GST rates will be implemented in the country from September 22nd. Even before the new GST rates come into effect, companies are announcing price cuts. 

Yesterday, Mother Dairy reduced the prices of many of its products, including milk. This change is expected to benefit the daily lives of ordinary people. 

Earlier, Finance Minister Nirmala Sitharaman had also said that GST reform will provide people with savings on all products from the time they wake up in the morning to the time they go to sleep at night. Many ministers and officials of the government are enumerating the benefits of GST reform. 

GST reform will strengthen a self-reliant India. 
 
BJP MP CP Joshi said that GST reform will give the economy a new impetus. Lower taxes will increase people's purchasing power, boosting the economy. 

New GST rates will be implemented across the country starting September 22nd. This gift on the occasion of Navratri and Diwali will not only improve people's quality of life but also give a new impetus to India's economy. 

How GST reform will boost the economy  

In fact, lowering GST will reduce taxes. This reduction in taxes will increase people's purchasing power. As people shop more, market demand will increase, production will rise, and new employment opportunities will be created. 

This reform will also strengthen small and medium-sized businesses. He also said that before 2014, different state tax policies confused businesses, but today a unified tax system is in place across the country. This vision of the Modi government is making India self-reliant and providing relief to every section of society.  

Benefits of changes in GST  

MP Joshi said that the radical changes Prime Minister Modi has implemented in the tax structure will not only be a policy reform but will also become the foundation of India's economic strength and public prosperity. 

Tax reform has been discussed many times since independence, but this is the first time that it has been simplified and practical, delivering direct benefits to the public. 

He explained that previously, there were four tax slabs: 5, 12, 18, and 28 percent, which have now been reduced to just two: 5 and 18 percent. 

This major change will significantly simplify the tax system and benefit both businesses and consumers.  Milk is now cheaper by ₹2, ghee by ₹30, and butter by ₹20... Mother Dairy has reduced the prices of these items, a gift of GST reduction.

Benefit ranging from Rs 50,000 to Rs 1.5 lakh  

He said that household items, food items, medicines, medical oxygen, eyeglasses, and sports equipment are now under the five percent tax bracket. 

The reduction in taxes on goods like automobiles, refrigerators, and air conditioners will directly benefit consumers by between 50,000 and 1.5 lakh rupees. 

These reforms have also brought significant relief to farmers, as tractors, tires, drip irrigation systems, and agricultural equipment are now included in the five percent GST bracket, reducing farming costs and directly benefiting farmers.