GST Rate Cut: Andhra Pradesh Minister Calls It a “Revolutionary Step” to Boost Economy
The Excise Minister of Andhra Pradesh praised the recent Goods and Services Tax (GST) rate rationalization as a “revolutionary step” by the Central Government, anticipating a significant boost to the economy.
Minister’s Perspective on Economic Impact
- Boost to Consumption: The Minister stated that the tax cuts, which reduced GST rates on numerous essential and consumer durable goods, would directly make products more affordable for the common man. This increase in affordability is expected to spur consumption and trigger economic growth.
- Support for State Economy: The reforms are viewed as providing momentum to Andhra Pradesh’s economy by increasing sales volumes, which, over time, should eventually compensate for any short-term revenue loss resulting from the lower rates.
- Alignment with National Policy: The statement aligns the state government with the national vision behind the GST 2.0 reforms, which is aimed at simplifying the tax structure and ensuring that the benefits of the reduced rates are passed on to the end consumer.
Source :- New Indian Express