By Martin Shwenk Leade

Copyright indiatimes

Prime Minister Narendra Modi on Sunday hailed the new GST reforms scheduled to rolled out on September 22.In his address to the nation, the prime minister congratulated the nation on the “GST Bachat Utsav”, claiming that the country is taking an important step towards Aatmanirbhar Bharat.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, he said in his speech.”In a way, starting tomorrow, a GST savings festival will commence in the country. During this GST savings festival, your savings will increase, and you’ll be able to purchase your favourite items much more easily. The poor, middle class, neo-middle class, youth, farmers, women, shopkeepers, traders, and entrepreneurs of our country will all greatly benefit from this savings festival. In other words, during this festive season, everyone’s heart will be filled with sweetness.”ALSO READ: What can be made in India should be made within India itself, says PM Modi on ‘Atmanirbhar Bharat’ missionLive EventsIn 2017, India embarked on a transformative journey by implementing GST reforms, marking the end of an era and the beginning of a new chapter in its economic history, he stated.”I remember, in 2014, when the country entrusted me with the responsibility of Prime Minister, an interesting incident was published in a foreign newspaper during that initial period. It described the difficulties of a company. The company said that if it had to send its goods from Bengaluru to Hyderabad, 570 km away, it was so difficult that they considered it and said that they would prefer the company to first send its goods from Bengaluru to Europe and then send the same goods from Europe to Hyderabad. This was the situation at that time due to the complexities of taxes and tolls…At that time, millions of such companies, along with millions of countrymen, faced daily problems due to the maze of various taxes. The increased expenses incurred in transporting goods from one city to another were borne by the poor, and customers like you were charged. It was essential to free the country from this situation.”ALSO READ: ‘Double bonanza’: GST reforms to bring relief to poor & middle class from Sept 22, says Modi; highlights from PM’s addressIn the last eleven years, 25 crore people in the country have defeated poverty, he said. “Having emerged from poverty, a large group of 25 crore people, known as the neo-middle class, is playing a significant role in the country today. This neo-middle class has its own aspirations and dreams. This year, the government presented a gift by making income up to Rs 12 lakh tax-free and naturally, when income tax relief up to Rs 12 lakh is granted, the lives of the middle class undergo a profound transformation, bringing about so much simplicity and convenience…Now, the poor, the neo-middle class, and the middle class are receiving a double bonanza. With the reduction in GST, it will be easier for the citizens of the country to fulfil their dreams.”The government had earlier announced GST rate cuts on September 4, covering a wide range of products — from automobiles to daily consumer items.This marks the biggest indirect tax reform since the Goods and Services Tax was rolled out in July 2017.The new system, often called GST 2.0, introduces a two-slab structure of 5 per cent and 18 per cent, with an additional 40 per cent rate only for super luxury, sin and demerit goods.The reforms were cleared by the GST Council at its 56th meeting, where both the Union and state governments reached a consensus.Earlier in the day, the Prime Minister’s Office had posted on X that PM Modi would address the nation at 5 PM.During his speech, PM Modi underlined that the reforms symbolise the cooperative spirit between the Centre and the states.Add as a Reliable and Trusted News Source Add Now!
The Prime Minister said the decision to move forward with the new tax structure will make goods cheaper, encourage industry, and strengthen India’s economy.(You can now subscribe to our Economic Times WhatsApp channel)

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