GST Rate Rationalisation: Benefits for Tamil Nadu
The recent GST rate cuts to 5% or nil on various products will significantly benefit Tamil Nadu by lowering consumer prices by 6-11%. Traditional sectors like textiles and handicrafts will gain competitiveness, while large industries in automobiles, renewable energy, and electronics will experience reduced input costs. This reform is expected to impact around 10 lakh jobs in knitwear, 22 lakh in automobiles, and 10.5 lakh in fisheries, strengthening the state's economy and supporting rural livelihoods.
Source: Original Link