How is Hazaribagh Responding to GST 2.0 Announcement?

Hazaribagh, Sep 4 (NationPress) The residents of Hazaribagh, Jharkhand, expressed their heartfelt gratitude on Thursday as they embraced the Central Government’s announcement of GST 2.0. This move is hailed as a historic and timely decision that offers essential relief from inflation.

From the Hazaribagh Chamber of Commerce to local traders and citizens, appreciation has poured in for Prime Minister Narendra Modi for this courageous economic strategy.

With the festive seasons of Dussehra and Diwali approaching, the GST Council's decision to lower tax rates is perceived as a remarkable gift to the nation. This announcement is anticipated to reduce the costs of essential items, thereby enhancing consumer spending and invigorating the economy.

Rakesh Thakur, Secretary of the Hazaribagh Chamber of Commerce and Industry, remarked to IANS, “We are grateful to Prime Minister Narendra Modi for this visionary initiative. This decision will bring new energy to the market. With lower prices, consumer spending will increase, reinforcing the economy from its foundation.”

Local residents believe that the GST reduction will directly affect the costs of essential goods such as soap, shampoo, motorcycles, small cars, and insurance. Additionally, life-saving medications have become more affordable, alleviating the financial strain on families.

The government's choice is perceived as particularly advantageous for middle-class families, small merchants, and everyday consumers. By streamlining the tax framework and lowering the GST load, GST 2.0 aims to stimulate economic activity while tackling the urgent issue of inflation.

Labbu Gupta, a local citizen, stated, “The GST reduction will greatly assist people. It will boost purchasing power and ultimately aid in the country’s economic progress. For business owners, it’s a significant relief ahead of the festive season.”

Suman Kumar Babuna, a local entrepreneur, added, “This is an excellent initiative. The GST reforms will benefit both consumers and business proprietors. The average person will finally experience some relief.”

Abhinav Kumar, another businessman from Hazaribagh, expressed optimism, stating, “As a businessman, I can affirm that this decision will genuinely benefit us. People can now purchase goods at significantly reduced prices. This will revive retail demand and support small enterprises. I sincerely thank PM Modi for this.”

Rajesh Thakur from the Chamber of Commerce described the decision as “historic,” stressing that it would not only diminish inflation but also generate a wave of positive sentiment within the market.

As the GST Council sanctioned monumental amendments to India’s indirect tax framework, many everyday goods are set to become more affordable starting September 22.

The newly adopted tax structure, introduced on Wednesday, now features two primary slabs of 5% and 18%, along with a substantial 40% for luxury and sin goods.

This transformation means more disposable income for the common citizen, which the government hopes will be reinvested into the economy, providing a significant uplift.

A wide array of goods and services, from groceries to fertilizers, footwear, textiles, and even renewable energy, are poised to become more budget-friendly. Items previously taxed at 12% and 28% will largely transition to the lower slabs, making numerous products more affordable.