On this Independence Day, from the ramparts of the Red Fort, Prime Minister Narendra Modi had announced the next generation of GST reforms. His vision was realized on the 3rd of this month, when the GST Council reduced tax rates in many sectors to ease the lives of citizens. Today, we take a look at some items on which GST has been slashed from 12 percent to 5 percent.

 

 

Under the Next Generation GST reforms, the government has eased the burden on the common man by announcing major tax cuts in several sectors. Notably, the GST on sports goods including gloves, sports kits, equipment for general physical exercise and fishing gear have been reduced from 12 percent to 5 percent. This move will not just make these items more affordable but will also encourage early childhood learning through play. 

 

 

The Council has also brought down the tax rate on Agro based Wood products like bamboo flooring, barrels, vats, and tubs of wood to 5 percent from previous 12 percent further boosting wood manufacturing. 

 

 

Ahead of the festive season, the announcement of the next gen gst reforms will reduce the tax burden on the common man and boost the nation’s economy. New tax rates will come into effect from 22nd of this month.