In his address to the nation on Sunday evening, PM Modi said that "GST Utsav" would begin on the first day of Navratri, offering a "double bonanza" for citizens when paired with recent income tax exemptions
In his address to the nation on Sunday, PM Modi announced a "GST Utsav". Pic/PTI
A day before the revised Goods and Services Tax (GST) rates come into effect, Prime Minister Narendra Modi on Sunday made a strong appeal for promoting ‘swadeshi’ (indigenous) goods and said the next-generation GST reforms would accelerate India’s economic growth, improve ease of doing business, and attract greater investment, reported the PTI.
In his address to the nation on Sunday evening, PM Modi said that "GST Utsav" would begin on the first day of Navratri, offering a "double bonanza" for citizens when paired with recent income tax exemptions.
“From the first day of Navratri, the country will take a significant step towards Atmanirbhar Bharat. With the dawn of tomorrow, the next-generation GST reforms will take effect. The GST savings festival will begin,” PM Modi said.
He added that the poor, middle class, neo-middle class, youth, women, traders, farmers, and shopkeepers would all benefit from the reforms. “Everyone’s happiness will increase this festive season,” he said.
The Prime Minister emphasised that all states are equal stakeholders in the country's development journey and urged them to prioritise local manufacturing in line with ‘Atmanirbhar Bharat’ and Swadeshi movements.
He also noted that the GST reform would particularly benefit micro, small, and medium enterprises (MSMEs), while also making a wide range of goods and services more affordable -- from kitchen essentials and electronics to medicines, appliances, and vehicles, according to the PTI.
Highlighting the past tax structure, PM Modi said the earlier web of multiple levies had caused hardships for both businesses and consumers. He hailed GST for realising the vision of “One Nation, One Tax”, a landmark achieved since its introduction in 2017.
Referring to the recently announced income tax exemption for earnings up to Rs 12 lakh, he described the current moment as a “double bonanza” for the country’s working and middle classes.
From Monday, September 22, over 375 items will attract reduced GST rates, following the decision by the GST Council, which includes both central and state governments.
New GST structure-
- Two main slabs: 5 per cent and 18 per cent
- 40 per cent tax on ultra-luxury items
- Tobacco and sin goods remain in the 28 per cent + cess category
- Previous system: 4 slabs -- 5 per cent, 12 per cent, 18 per cent, and 28 per cent
Some of the goods set to become cheaper-
Daily items: ghee, butter, paneer, namkeen, dry fruits, jam, ketchup, coffee, ice cream
Appliances: TVs, air conditioners, washing machines
Others: medicines, basic electronics, equipment
(with PTI inputs)
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