Trade and Industry bodies of Bihar today welcomed the GST Council's decision to reduce tax on a wide range of mass-use items from 28 per cent to 18 per cent.
With the reduction in tax rate, these items will be consumed more giving impetus to business volume, Bihar Chamber of Commerce and Industries President P K Agrawal said.
PHD Chamber of Commerce and Industry, Bihar, Chairman and industrialist Satyajit Singh termed the decision as a good initiative by the government.
He also expressed hope that the Centre would rationalise the tax percentage, besides simplifying the tax return procedure.
In the biggest GST rejig yet, tax rates on over 200 items, ranging from chewing gum to chocolates, to beauty products, wigs and wrist watches, were today cut to provide relief to consumers and businesses amid economic slowdown.
The decision was taken at the GST council's 23rd meeting at Guwahati.
Bihar Industries Association (BIA) President and industrialist K P S Keshri, too, expressed happiness at the GST Council's decision.
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