Union Minister of Power and Housing & Urban Affairs, Sh. Manohar Lal, said that the recent GST reforms are set to provide relief to farmers, industries, MSMEs, entrepreneurs, traders, and consumers alike. He described the reforms as the beginning of a “new economic revolution,” noting that Prime Minister, Sh. Narendra Modi has reduced taxes on as many items as possible to directly benefit the common people.
Notably, under the new GST slabs, 90 percent of goods have seen rates reduced from 28 percent to 18 percent , while 99 percent of goods have been brought down from 18 percent to 5 percent.Addressing a press conference in Panipat, Sh. Manohar Lal said the reduced tax rates would boost purchasing power, create new employment opportunities, provide savings for employees and small farmers, and attract greater investment. Education Minister, Sh. Mahipal Dhanda was also present on the occasion.
Sh. Manohar Lal added that the new GST slabs would accelerate industrial growth, enhance production capacity, increase demand for products, and create more employment opportunities for citizens. He said that thanks to the government’s prudent financial management,
India has become the world’s fourth-largest economy. To strengthen the domestic economy and provide relief across all sections of society, the government has raised the income tax exemption limit to Rs. 12 lakh per year and reduced GST rates to 5 percent and 18 percent to further benefit the common people.
Sh. Manohar Lal also recalled that Prime Minister, Sh. Narendra Modi had promised tax reforms to the public on Independence Day, August 15, 2025, and assured that the government is actively shaping policies in investment, inclusion, and innovation to make India self-reliant in industry.