Patna, Sep 22 (NationPress) On this auspicious occasion of Navratri, the Union government has initiated a significant reform in the Goods and Services Tax (GST), reducing the tax structure to just two primary slabs: 5 percent and 18 percent.

Bihar Chief Minister Nitish Kumar praised this initiative as a historic decision and expressed his gratitude to Prime Minister Narendra Modi, describing it as a transformative step that will boost the nation’s economy while making life easier for the common citizen.

“This new framework will greatly benefit the citizens of Bihar and the country at large,” Nitish Kumar stated.

“The new GST rates will result in lower prices for essential goods, alleviating the financial strain on lower and middle-income families. On behalf of the people of Bihar, I extend my thanks to Prime Minister Modi for this GST reform,” added the Chief Minister.

He highlighted that this reform is advantageous for not just the general populace but also for the nation’s economic landscape, asserting that it will fortify India’s foundation for sustainable growth.

“This reform will pave the way for a robust and thriving India, ensuring development across all sectors of society,” he concluded.

Economic analysts predict that the simplification of GST is likely to enhance India's GDP by fostering consumption and facilitating business operations.

This initiative is expected to invigorate both small and large enterprises, ease compliance burdens, and attract increased investments.

The new tax rates, effective nationwide from Monday, aim to make the tax system more straightforward, transparent, and beneficial for the average citizen.

The two GST slabs of 5 percent and 18 percent replace the previous multi-tiered structure.

As a result, daily essentials are anticipated to become more affordable, directly benefiting lower and middle-income households.

With the festive season in full swing, the Union government hopes this GST reform will alleviate household costs and provide a much-needed boost to the economy.

Bihar Deputy Chief Minister Samrat Choudhary characterized the implementation of these reforms as the commencement of GST celebrations under PM Modi’s guidance.

“The GST festivities begin today under PM Modi’s leadership. We will engage with shopkeepers to ensure they are aware of the reduced GST rates and are receiving goods at the correct prices,” Choudhary remarked.

Union Minister Nityanand Rai also welcomed the GST changes, asserting that the decreased rates will offer immediate relief to consumers.

“From today, all daily necessities have become cheaper. There will be price relief for all items utilized in daily life,” Rai emphasized.