GST rate cuts will give significant boost to country's economy: BJP's Zafar Islam

Mumbai, Sep 8 (PTI) The Goods and Services Tax (GST) rate cuts announced by the Narendra Modi government will give a significant boost to the nation's economy, create jobs, ease the burden on citizens and benefit traders, BJP national spokesperson Zafar Islam said on Monday.

On September 3, the GST Council approved a complete overhaul of the tangled Goods and Services Tax regime with a two-tier rate structure of 5 per cent and 18 per cent. The new simplified tax rates will come into effect from September 22, the first day of Navratri.

The GST rate cuts will benefit the economy in the long run and will also help in keeping inflation under control, Islam said at press conference at the Maharashtra BJP officer here.

"When Prime Minister Narendra Modi took office in 2014, the economy was reeling under policy paralysis, corruption and rising prices, inherited from the UPA government. The process of tax collection was complicated and non-transparent. From being one of the five most fragile economies, India today is among the top five economies of the world. This is the success of the Modi government," he asserted.

The latest GST reforms keeps the aspirations of the common man and the middle class at the centre, reducing the burden on families, entrepreneurs, traders and businesses of all sizes, Islam added.

The Narendra Modi will continue to pursue "development politics" for the benefit of all sections of society, he said. PTI ND BNM