Jharkhand holds about 26 per cent of India's iron ore reserves and makes nearly 20 to 25 per cent of its steel
Background
A government factsheet on the effect of the GST rate changes in Jharkhand sets out the state's mineral and industrial weight.
Jharkhand holds about 26 per cent of India's total iron ore reserves.
The state contributes nearly 20 to 25 per cent of India's total steel output.
Over 1 lakh people work in its steel and heavy engineering sector, put at 1,04,309 as of 2022-23 by the Ministry of Statistics and Programme Implementation.
Around one lakh people work in the iron industry.
Under the rate changes, GST on iron came down from 12 per cent to 5 per cent, which the factsheet puts at an estimated 6.25 per cent cost reduction.
GST on commercial goods vehicles and auto components came down from 28 per cent to 18 per cent.
In plain words
GST Goods and Services Tax — The indirect tax levied on the supply of goods and services in India.
MoSPI Ministry of Statistics and Programme Implementation — The central ministry that compiles India's official statistics.