GST Bachat Utsav, which was announced by Prime Minister Narendra Modi and commenced on the 22nd of last month, is benefiting all sections of society. Today, our correspondent brings a report on the GST reforms that will boost the economy of Tamil Nadu.
The new GST reforms aim to boost Tamil Nadu’s rich handicrafts and provide various benefits to its strong industrial sectors. Under the next generation GST reforms, the government has reduced tax rates on knitwear apparel, embroidery, zari on renowned Kanchipuram Silk and accessories from 12 percent to 5 per cent. The tax cut will significantly support MSMEs and increase exports in global markets. Similarly, the tax rates on wood crafts, traditional dolls and toys have also been brought down to 5 per cent, ensuring support to artisan families. In order to support small processors and women of the fisherfolk population, the GST on processed fish and seafood has been slashed from 12 per cent to 5 per cent. By easing costs for both households and industries, the reforms will strengthen rural livelihoods while boosting the state’s position as an industrial hub.
