The GST Bachat Utsav, announced by Prime Minister Narendra Modi and launched on the 22nd of last month, is benefiting people across all sections of society. Today, our correspondent brings a report on the GST reforms that will boost the economy of Jharkhand.
The next-generation GST reforms bring substantial rate reductions across major industries and have a transformative impact on Jharkhand’s economic landscape. Under the new tax structure, the government has reduced the tax rate on iron from 12 per cent to 5 per cent, enhancing price competitiveness and improving profit margins for producers and exporters in the iron industry. Similarly, the tax rates on tendu leaves and bamboo have been brought down to 5 percent, which has provided income security to forest-dependent communities of the state. To give a boost to state’s tourism sector, GST on hotel rooms priced upto 7 thousand and 500 rupees per night has been reduced from 12 percent to 5 percent. These rate cuts have made travel and accommodation more affordable for visitors. These rate reductions strengthen the state’s industrial and mineral base, enhance farm and forest incomes, and make tourism and hospitality more affordable.
