On this Independence Day at the ramparts of Red Fort, Prime Minister Narendra Modi announced the next generation of GST reforms by Diwali. The Prime Minister’s vision of creating a more efficient and citizen-friendly economy was realised as the GST Council on 3rd September approved rates rationalisation with a focus on the common man. The Council has simplified the indirect tax system into a two-tier structure of 5 per cent and 18 per cent from a four-tier structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
These reforms have reduced tax rates in many sectors, easing the lives of citizens. Today, we look at the reforms undertaken for the cosmetics sector. Our correspondent reports that the GST reforms have been carried out with a focus on the common man and will come into effect from the 22nd of this month. The GST on several cosmetic products has been brought down from 18 per cent to 5 per cent, making essential products such as hair oil, shampoo, shaving cream, shaving lotions, toothpaste, talcum powder and face powder cheaper.
The Council has also lowered the rate on tooth powder from 12 per cent to 5 per cent. These changes are expected to make cosmetics more accessible and affordable for people. Talking to Akashvani News, Consumers have welcomed the new GST reforms, saying that the reduction in taxes will provide much-needed relief. The move will also give a strong push to India’s cosmetics sector and provide meaningful relief to households, particularly for lower- and middle-income families.
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