Calling it a festival of savings for the Indian populace, Prime Minister Narendra Modi declared on Sunday that a statewide “GST Utsav” would begin on Monday, the first day of Navratri.
When the new GST rates go into effect on September 22, citizens will be able to purchase their favorite things at reduced prices, the Prime Minister declared in his speech to the country.
“Next Gen GST reforms being implemented from tomorrow, it is like ‘GST saving festival’,” PM Modi stated.
“You will be able to easily purchase your favorite goods starting tomorrow. The Prime Minister went on to say, “This is like a GST saving festival for every Indian.”
According to PM Modi, the GST rate cuts have doubled the advantages for the poor and the emerging middle class.
He claimed that the new phase of GST changes will directly benefit middle-class households, farmers, MSMEs, women, and young people, while also greeting Indians on the occasion of Navratri.
On September 4, the government had already announced reductions in the GST rates for a variety of goods, including everyday consumer goods and vehicles.
Since the implementation of the Goods and Services Tax in July 2017, this is the largest indirect tax overhaul.
With a two-slab structure of 5% and 18%, the new system—often referred to as GST 2.0—introduces a 40 percent charge only for ultra luxury, sin, and demerit products.
At its 56th meeting, the GST Council approved the amendments after reaching an agreement with the state and federal governments.
The Prime Minister’s Office had announced earlier in the day on X that PM Modi would speak to the country at 5:00 p.m.
PM Modi emphasized in his speech that the changes represent the spirit of cooperation between the states and the Center.
The decision to proceed with the new tax structure, according to the prime minister, will lower the cost of goods, boost industry, and fortify the Indian economy.
Read More