Bihar Election 2025 Live Updates: Bihar is gearing up for the first phase of the Assembly elections, as voting is set to begin tomorrow, November 6. The state has entered the final countdown to a crucial poll that will determine who forms the government for the next five years
GST 2.0 Reforms Set To Create New Diwali Shopping Records: Economists
GST 2.0 Reforms Set To Create New Diwali Shopping Records: Economists
The reduction in GST has put more money in people's hands and when purchasing power increases, inflation automatically decreases.
New Delhi: Economists on Tuesday said the GST 2.0 reforms are set to create new Diwali shopping records in the country as purchasing power has considerably gone up while inflation has come down to a historic low.
The reduction in GST has put more money in people's hands and when purchasing power increases, inflation automatically decreases.
“The reduction in retail prices has had the greatest impact on the lower and middle classes. Those who used to be able to buy one item, say for Rs 100, are now able to buy multiple items,” Harvansh Chawla, Chairman, BRICS Chamber of Commerce and Industry, told IANS.
Add Zee News as a Preferred Source
According to him, this is going to be a “historic Diwali”.
“Sales that will take place this Diwali will be unprecedented and traders will be immensely benefitted,” he added.
According to economist Dr Manoranjan Sharma, India's inflation rate based on the Consumer Price Index (CPI) declined to an over 8-year low of 1.54 per cent in September this year, compared to the same month of the previous year, as prices of food items and fuels turned cheaper during the month.
Moreover, India's annual rate of inflation based on the Wholesale Price Index (WPI) eased to 0.13 per cent in September from 0.52 per cent in August.
September GST collections also hit Rs 1.89 lakh crore, showing 9.1 per cent YoY growth, reflecting recent rate cuts.
“Today, the common man has more money left with him, which we call disposable income which has provided relief to millions of people,” Dr Sharma told IANS.
“This Diwali, you may see a greater increase in shopping owing to GST cuts. The festive atmosphere will be more pleasant than before as people will now be able to shop more, and traders will also benefit in the due course,” he added.
GST reforms have led to lower prices, smoother credit flow, resolution of tax inversion issues and reduced disputes, ultimately cutting costs for producers and consumers alike.
Source: ZeeNews
Related Posts: SC Asks NBEMS For Explanation On NEET PG 2025 Cut-Off Reduction Indian Bank Cuts Lending Rates Following RBI Repo Rate Reduction To 5 Cat Burns celebrates 'start of new life' after breast reduction surgery Kerala Announces 25% Reduction In Class 10 Syllabus To Reduce Net Direct Tax Collection Surges After Reduction Of Corporate Tax Rates People fear RJD-led oppn will put Guns can't be put to people's head Man hands ₹30 crore lottery prize to girlfriend CM Nitish Kumar hands over home department to BJP's Samrat Chaudhary UP woman takes on crocodile with bare hands to save 5-year-old son
Bihar Election 2025 Live Updates: Bihar is gearing up for the first phase of the Assembly elections, as voting is set to begin tomorrow, November 6. The state has entered the final countdown to a crucial poll that will determine who forms the government for the next five years
4 months ago
