On this Independence Day, from the ramparts of the Red Fort, Prime Minister Narendra Modi announced the next generation of GST reforms. His vision was realised on the 3rd of this month, when the GST Council reduced tax rates in many sectors to ease the lives of citizens. The new rates will come into effect from the 22nd of this month, benefiting the public. Today, we take a look at the bicycle industry.

 

 

Under the Next-Generation GST reforms, the government has extended significant relief to the bicycle industry aiming to make eco-friendly transport accessible and affordable for the common man. GST on bicycles has been reduced from 12 per cent to 5 per cent to promote affordability, accessibility, and sustainable mobility solutions.

Similarly, the GST rates on bicycle parts have also been slashed to 5 per cent from the previously taxed 12 per cent. The move is set to be implemented from the 22nd of this month. Talking to the Media, a bicycle trader, Punit Mehta, has welcomed the move and said that this step will boost youth engagement in cycling and support a healthier lifestyle.