New Delhi, Sept. 8 -- Food-processing sector has been a major beneficiary in rationalisation of tax, with most products witnessing a decline to 5pc GST slab, an official statement said today.
The statement said, "Benefits of GST rate rationalisation will lead to simplified tax structures, support for manufacturing, better revenue generation and resolving clarification issues.""Changes in GST Tax rates will provide relief to individuals, common man and the aspirational middle class," the document added.
The simplified structure is expected to bring uniformity across food items, reduce compliance costs, and create a stable tax environment that will encourage long-term investment and economic growth.
Consumers shall witness overall reduced ...