Hours ahead of the rollout of GST 2.0 reforms, Prime Minister Narendra Modi addressed the nation this evening and said two festivals are set to begin tomorrow — Navratri and a GST savings festival.
The Prime Minister began his much-awaited address to the nation by extending Navratri greetings to the country. “Tomorrow, the festival to worship Shakti, Navratri, is starting. My greetings to all of you. On the first day of Navratri, the country is taking a big step towards Atmanirbhar Bharat,” he said.
“Tomorrow, next-generation GST reforms will be rolled out. A GST savings festival is going to begin. Your savings will go up and you can buy your favourite items easily,” he said, adding that the poor, the middle class, youngsters, women and traders would benefit immensely from the GST reforms.
“I congratulate crores of Indians over these reforms. These reforms will accelerate Bharat’s growth story, enhance ease of doing business, attract greater investment, and ensure that every state becomes an equal partner in the nation’s development,” the Prime Minister said.
The Prime Minister said that his government had made the “historic” move to bring in GST in 2017. “For decades, our people were entangled in a web of different taxes. So, we made GST a priority in the national interest. We spoke to every stakeholder and addressed concerns of the states. With the support of all states, this massive tax reform could be implemented,” he said.
Reform, he said, is an ongoing process. “When the time changes, the country’s needs change and next-generation reforms are required. Keeping the country’s current reforms in mind, new reforms are being implemented,” the Prime Minister said.
GST 2.0 removes the tax slabs of 12 per cent and 28 per cent, retaining only 5 per cent and 18 per cent. These two slabs now cover all items and services, barring luxury products or “sin goods”.
Daily essentials such as coffee, ghee, biscuits and oil are set to become cheaper from tomorrow. New cars will become cheaper, and premiums for medical insurance coverage will also come down. The move is expected to boost public consumption during the festive season.
The Prime Minister said the income tax benefits announced earlier this year and the GST reforms now comprise a “double bonanza”. “If we add up the exemption in Income Tax and savings due to GST, the decisions made in the past one year will save Rs 2.5 lakh crores of public money,” he said.
In a big push for Make in India, the Prime Minister said, “We have to make every home a Swadeshi symbol, decorate every shop with Swadeshi products. Proudly say, ‘I buy Swadeshi, I sell Swadeshi’. This should be every Indian’s mood.”
