New Delhi, Sept. 22 -- A new era of taxation began today with the rollout of next-generation GST reforms, designed to bring direct savings for the poor, middle class and the rising neo-middle class.
Described as a 'GST Bachat Utsav (savings festival)', the reforms slash tax rates on essential goods, healthcare, vehicles, housing and farming tools, while simplifying the entire system into a citizen-friendly 'Simple Tax', a two-rate structure with a standard rate of 18 per cent and a merit rate of 5pc; a special de-merit rate of 40 pc for a select few goods and services.
For the poor, the relief is visible in daily food and household items. Ultra-High Temperature (UHT) milk, paneer and all Indian breads; chapati, paratha, parotta, now carry...