Union Minister G Kishan Reddy lauds tax reduction on coal

Union Minister for Coal and Mines G Kishan Reddy lauded the reforms in the Goods and Services Tax GST and said that the tax on coal has been reducedSpeaking to reporters on Thursday Reddy said that the public will benefit from the revolutionary reformsHe said There were four slabs in GST but now it has been reduced to two This has been done keeping in mind the ease of living and ease of doing business People will greatly benefit from the revolutionary reforms which have also led to a reduction in the tax on coalThe GST on coal has been raised from 5 per cent to 18 per cent However according to the Ministry of Finance coal previously attracted a 5 per cent GST along with a Compensation Cess of Rs 400ton prior to the rate rationalisation The Council has now recommended ending Compensation CessFurther the Union Minister added that India is expected to become the thirdlargest economy in the futureToday if there is any rapidly growing economy in the world it is India We are moving forward towards a developed India India is a country with a stable economic position and in the coming days India will become the thirdlargest economy he saidUnion Minister of Textiles Giriraj Singh expressed gratitude towards Prime Minister Narendra Modi for removing the inverted duty in the sector and giving a tax relief to the middle classHe told ANI On behalf of the textile department and every other sector I thank PM Modi for forgoing tax of Rs 50000 crore for the middle classPM Modi has brought roti kapda and makaan food clothes and shelter under two slabs I congratulate everyone for this ahead of Diwali and Durga PujaThe GST Council had announced a correction of longpending inverted duty structure for the manmade textile sector by reducing GST rate on manmade fibre from 18 per cent to 5 per cent and manmade yarn from 12 per cent to 5per centMeanwhile BJP leader V Muraleedharan called the GST reforms an Onam gift for the people of KeralaMuraleedharan said The new tax slabs of the GST which were announced by the Finance Minister yesterday is a great Onam gift to the people of Kerala It has come on the eve of the greatest festival of the Keralites It is going to benefit the poor middle class and various other sections of society Zero GST will be applicable on health insuranceFurther he slammed Kerala Finance Minister KN Balagopal for criticising the decisionGST Council has decided to enhance the GST for big corporates Tax revenues will not come down I do not understand why the Kerala Finance Minister did not raise any objections during the GST Council meeting but after the meeting he interacted with the Malayali media and said that it would create problems for Kerala he saidThe 56th GST council meeting decided to rationalise GST rates to two slabs of 5 per cent and 18 per cent by merging the 12 per cent and 28 per cent ratesUnion FM Nirmala Sitharaman announced the decision on September 3 after she chaired the GST council meeting This has reduced the previous GST slabs from 5 per cent which consisted of essential goods and services including food and kitchen items agricultural equipment handicrafts and small industries and also medical equipment and diagnostic kitsWhile the 18 per cent slab consists of a standard rate for most goods and services including automobiles such as small cars and motorcycles up to 350cc consumer goods like electronic items household goods and some professional servicesAdditionally there is a 40 per cent slab for luxury and sin goods including tobacco and pan Masala products such as cigarettes bidis and aerated sugary beverages as well as luxury vehicles highend motorcycles above 350cc yachts and helicoptersNotably some essential services and educational items are fully exempt from GST including individual health family floater and life insuranceThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever