Lucknow (Uttar Pradesh) [India], Sepetember 7 (ANI): Samajwadi Party (SP) president Akhilesh Yadav on Sunday alleged that inflation will not be 'reduced' by reducing slabs and the US tariffs will 'harm' our economy and 'Make in India' is being 'ruined'

'When GST was implemented, it was said that trade would increase, with this law coming into effect, traders and businessmen would be able to pay their taxes... Perhaps this is the first law in which so many amendments have been made, but even after so many amendments, the government had to amend it again and had to accept that to bring change in the lives of the poor, the law needed to be amended...'

'The question is, since GST was implemented, who has the government allowed to make profits? Who were these people who were unnecessarily making profits? Reducing slabs will not reduce inflation... America has imposed tariffs. This is ending all exports, which will harm our economy. Make in India is being ruined, the slogan of Swadeshi is only on the tongue, not in the heart...,' Yadav told reporters here.

On Wednesday, 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 per cent 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; agriculture equipment; handicrafts and small industries; also medical equipment and diagnostic kits.

The 18 per cent 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 per cent rate applies to all auto parts.

Additionally, there is a 40 per cent slab for luxury and sin goods, including tobacco and pan Masala, products such as cigarettes, bidis, and aerated sugary beverages, as well as luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters.

Moreover, some essential services and educational items are fully exempted from GST, including individual health, family floater and life insurance; also, certain services related to education and healthcare are GST-exempt. (ANI)