New GST Reforms Simplify Tax Slabs, Boost Demand and Economy

The next-generation GST reforms have brought relief to both consumers and traders. Under the new structure, the earlier four-tier tax slabs of 5 percent, 12 percent, 18 percent, 28 percent have been streamlined into a two tier structure of 5 percent and 18 percent.

Mr. Ulhas Joshi, Managing Director of Otter Controle India from Pune district in Maharashtra, said, reducing GST on industrial as well as domestic products substantially increases demand, which in turn gives a boost to the economy.