Srinagar, Sep 04: Sheikh Ashiq, Committee of Administration member of the Carpet Export Promotion Council and former President of the Kashmir Chamber of Commerce, has welcomed the GST Council’s recent announcements, appreciating Finance Minister Nirmala Sitharaman for the steps taken.
According to a statement issued here, the reforms aim to simplify the tax structure, ease compliance, and boost consumption.
Key highlights of GST reforms include, Simplified Tax Structure: A new two-slab system with 5% and 18% rates for most goods and services, replacing the previous four-slab structure.
Relief for Essentials: Daily essentials like hair oil, soaps, toothpaste, and bicycles will see GST rates reduced to 5%. Handicraft Relief*: Handicrafts, marble, granite blocks, and leather goods will attract a 5% GST rate.
-Export Sector Benefits: Quick and time-bound refunds will ease liquidity constraints for exporters. Healthcare and Insurance: Health and life insurance premiums will be exempt from GST.
Sheikh Ashiq’s appreciation for the GST Council’s decisions reflects the potential benefits for the business community, particularly in the handicraft and export sectors. The reforms are expected to drive economic growth, increase consumption, and make India’s tax system simpler and more transparent.
