"Will be helpful for middle class; economy will be booming": Union Minister Sukanta Majumdar lauds GST reforms

New Delhi [India], September 4 (ANI): Lauding the recently announced Goods and Services Tax (GST) reforms by the Central government, Union Minister Sukanta Majumdar said on Thursday that the rate reduction in the tax rate would bring a boom to India's circular economy, with the middle class seeing the benefits of it in the coming times.
"This will be very helpful for the middle class in the coming times. When there will be savings, they will be able to invest in other places, so in the coming times, this will bring a huge boost to the economy. I thank the Prime Minister," the Union Minister said here.
Minister Majumdar further expressed confidence that consumption and investment in various sectors, such as education, would be increased after people have extra money from the reduced rates.
"When they have more money in the kitty then they will be able to invest in other things such as education, infrastructure. In the coming times, India's circular economy will see a boom, that is what I think," he said.

Launching a sharp attack on the Congress party for claiming to take 'credit' for the idea of changing rates, the Union minister demanded that the opposition show proof of any letters being sent by the ministers of various states asking for rate changes.
"The opposition is suffering from the disease of discontent; there is no cure for them. They are in opposition and they will remain dissatisfied for years. Everyone knows that the finance ministers of each state comes to the GST council, so why don't you show the letters from the Congress' side? If they had been saying to reduce the rates for the last 8 years, then have the Chief Ministers of Congress, have they written a letter to Finance Minister Nirmala Sitharaman, to reduce the rates," Majumdar said.
Finance Ministers of all the states are part of the GST council, which met in New Delhi on September 3 and approved the revised rates of just 5 per cent and 18 per cent, and 40 per cent to the GST slabs.
Earlier, Congress leader Pawan Khera had hit out at the Centre for the revised rates, claiming that it was Leader of Opposition in Lok Sabha Rahul Gandhi's recommendation to change the slabs.
Meanwhile, in Jharkhand, Union Minister of State for Defence Sanjay Seth hailed the elimination of GST from health insurance and other life-saving drugs. The impact of the reforms will be heard
"In the health sector, GST has been reduced to zero on health insurance and life insurance. GST has also been reduced to zero on all life-saving drugs and cancer drugs. Salute to the Prime Minister for this unprecedented reform. Its objective is self-reliance; we should use indigenous things," Minister Seth said.
Earlier on Wednesday, Union Finance Minister Nirmala Sitharaman, after chairing the GST council, announced a sweeping reduction in the tax, aimed at providing relief to households, farmers, businesses and the healthcare sector. The 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 rates. (ANI)