Ranchi (Jharkhand) [India], September 5 (ANI): Jharkhand Mukti Morcha (JMM) MP Mahua Maji on Thursday expressed concerns over the Goods and Services Tax (GST) reforms introduced in the country, stating that Jharkhand was suffering from losses despite being a state rich in minerals.
“What benefits and what losses will the common man get from this, that will only be known after assessment. We will be able to say something only after studying it, but somewhere Jharkhand is being harmed by this, as the Finance Minister said that every year there will be a loss of Rs 2 thousand crores because Jharkhand is very rich in minerals, supplies to the entire country, and since the arrival of GST, Jharkhand has suffered losses of thousands of crores…” Maji told ANI.
She further said the benefits to the common man would only be analysed after some time.
“So why did this happen? How did it happen? What benefits will the common man get from this? We will be able to tell only after studying it…”Maji told ANI.
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. The 5% slab consists of essential goods and services, including food and kitchen item like butter, ghee, cheese, dairy spreads, pre-packaged namkeens, bhujia, mixtures, and utensils; agricultural equipment like drip irrigation systems, sprinklers, bio-pesticides, micronutrients, soil preparation machines, harvesting tools, tractors, and tractor tires; handicrafts and small industries like sewing machines and their parts and health and wellness like medical equipment and diagnostic kits.
While the 18% 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 services, a uniform 18% rate applies to all auto parts.
Additionally, there is also a 40% slab for luxury and sin goods, including tobacco and pan Masala, products like cigarettes, bidis, and aerated sugary beverages and on luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters.
Notably, some essential services and educational items are fully exempt from GST, including individual health, family floater, and life insurance.
Additionally, GST is not applicable to health and life insurance premiums, as well as education and healthcare services, such as certain services related to education and healthcare, which are also GST-exempt. (ANI)
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