Hazaribagh, Sep 4 : In a wave of appreciation, the people of Jharkhand's Hazaribagh on Thursday have welcomed the Central Government's announcement of GST 2.0, calling it a timely and historic decision that brings much-needed relief from inflation.

From the Hazaribagh Chamber of Commerce to local traders and citizens, everyone has extended their gratitude to Prime Minister Narendra Modi for this bold economic move.

Ahead of the festive season of Dussehra and Diwali, the GST Council's decision to reduce tax rates has been seen as a significant gift to the nation. The announcement is expected to not only lower the prices of essential goods but also boost consumer spending and energise the economy.

Speaking to IANS, Rakesh Thakur, Secretary of the Hazaribagh Chamber of Commerce and Industry, said, 'We thank Prime Minister Narendra Modi for this visionary step. This move will inject fresh momentum into the market. With reduced prices, people will start spending again, which will strengthen the economy from the grassroots.'

According to local residents, the GST cut will have a direct impact on the prices of essential items like soap, shampoo, motorcycles, small cars, and insurance. Life-saving medicines have also become more affordable, further easing the financial burden on households.

The government's decision has been seen as particularly beneficial for the middle class, small traders, and everyday consumers. By simplifying the tax structure and reducing the GST burden, GST 2.0 aims to promote economic activity while addressing the pressing issue of inflation.

Labbu Gupta, a local resident, said, 'The GST reduction will help people tremendously. It will enhance purchasing power and ultimately contribute to the country's economic growth. For businessmen, it's a huge relief ahead of the festive season.'

Suman Kumar Babuna, a local businessman, added, 'This is a great initiative. GST reforms will benefit both consumers and business owners. The common man will finally feel some relief.'

Abhinav Kumar, another businessman from Hazaribagh, expressed optimism, stating, 'As a businessman, I can say this move will really help us. People can now buy products at much lower prices. This will revive retail demand and support small businesses. I wholeheartedly thank PM Modi for this.'

Rajesh Thakur of the Chamber of Commerce called the decision 'historic,' emphasising that it would not only reduce inflation but also bring a wave of positive sentiment in the market.

As the GST Council approved historical changes to India's indirect tax structure, several daily-use goods will become cheaper from September 22.

The new tax structure, adopted on Wednesday, has two major slabs now 5 per cent and 18 per cent, and a whopping 40 per cent for luxury and sin goods.

For the common man, this change means more money in hand, which the government hopes will be routed into the economy, giving it a significant boost.

From groceries and fertilisers to footwear, textiles, and even renewable energy, a broad basket of goods and services is set to become more affordable. Items previously taxed at 12 per cent and 28 per cent will now largely migrate to the other two slabs, making a wide range of products cheaper.

/IANS