By PTI

Copyright india

A day before reduced GST rates come into effect Prime Minister Narendra Modi on Sunday made a strong pitch for promoting swadeshi goods and asserted that the next generation GST reforms will accelerate Indias growth story increase ease of doing business and attract more investors.
In his address to the nation Modi said a GST bachat utsav (savings festival) will begin from the first day of Navratri and coupled with the income tax exemption it will be a double bonanza for most of the people.
PM Modi stressed all states will be equal stakeholders in the development race and urged them to give pace to manufacturing with Atmanirbhar Bharat and swadeshi campaigns in mind.
On the first day of Navratri the country is going to take an important and big step for Atmanirbhar Bharat. With the sunrise tomorrow the next generation GST reforms will come into effect. A GST bachat utsav (savings festival) will begin tomorrow.
You will be able to buy things you like more easily. The poor middle class neo middle class youths farmers women traders and shopkeepers will benefit from this he said.
In this season of festivals everyones happiness will increase Modi said.
He congratulated all on the next generation GST reforms. These reforms will accelerate Indias growth story increase ease of doing business and attract more investors Modi said.
When India took a step towards GST reforms in 2017 a new beginning was made to script history he said.
He said GST realised the one nation-one tax dream. Modi highlighted how the web of taxes and tolls had created hardships for businesses and consumers.
Citing income tax exemption on earnings up to Rs 12 lakh and GST reforms he said it is a double bonanza for the poor neo-middle class and middle class.
He also said the GST move would benefit MSMEs big time.
Prime Minister Modi urged the people of the country to take pride in selling and buying indigenous goods.
The way the countrys independence got strengthened by the Swadeshi movement similarly Indias prosperity will be empowered by the mantra of swadeshi he said.
From kitchen staples to electronics from medicines and equipment to automobiles goods and services will be cheaper from Monday as the reduced GST rates on about 375 items come into effect.
In a bonanza to consumers the GST Council comprising the Centre and states had decided to reduce the tax rates on goods and services from September 22 — the first day of the Navaratri.
The GST will now be a two-tier structure wherein the majority of goods and services will attract tax of 5 and 18 per cent. A 40 per cent tax will be levied on ultra luxury items while tobacco and related products will continue to be in the 28 per cent plus cess category.
Till now Goods and Services Tax (GST) was levied in 4 slabs of 5 12 18 and 28 per cent. Besides a compensation cess is levied on luxury items and demerit or sin goods.
Mass consumption items like ghee paneer butter namkeen ketchup jam dry fruits coffee and ice creams and aspirational goods like TV AC and washing machines will become cheaper.
(Only the headline has been reworked by India.com staff. Copy comes from an agency feed)