Mumbai, Sep 4 (PTI) Maharashtra Chief Minister Devendra Fadnavis on Thursday hailed Prime Minister Narendra Modi's farsighted vision for the sweeping GST rate rationalisation and asserted it would bring down the burden on citizens.

The GST Council on Wednesday cleared sweeping changes to the indirect tax regime, approving an overhaul of rates by limiting slabs to 5 per cent and 18 per cent effective from September 22, the first day of Navratri.

"It is due to PM Modi's farsighted vision. Maharashtra is the GST leader and contributes the maximum. These second generation reforms are very important. Some slabs have been removed and the common citizen's tax burden has been brought down," Fadnavis said.

"PM Modi has effected sweeping reforms in indirect taxes. Maharashtra supports GST reforms as demand, production, trade and employment generation will get a boost," he added. PTI MR BNM

GST rate rationalisation streamlines slab structure and aims to lower consumer tax burden following Council approval. The Government has authorised a GST rate rationalisation that consolidates multiple tax slabs into a streamlined two tier structure, removing several prior slabs to create a simpler charging framework intended to reduce the tax burden on consumers and facilitate compliance and administration.