GST 2.0 rollout a festival of savings, big step towards Atmanirbhar Bharat: Modi

Just hours before the official rollout of the new GST slabs, Prime Minister Narendra Modi, in an address to the nation on Sunday, said from September 22, two festivals were set to begin — the Navratri and GST savings.

In his nearly 20-minute address, Modi said on the first day of the Navratri, the country was taking a big step towards Atmanirbhar Bharat (self-reliant India).

“On September 22, 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 India’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 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.”

The Prime Minister said his government had made the “historic” move to bring in the GST in 2017. “For decades, our people were entangled in a web of different taxes. So, we made the GST a priority in national interests. 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.

Reforms, he said, were 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.

The Prime Minister said the income tax benefits announced earlier this year and the GST reforms now comprised a “double bonanza”. “If we add up the exemption in income tax and savings due to the GST, the decisions made in the past one year will save Rs 2.5 lakh crore of public money,” he said.

Make every home swadeshi symbol

"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." — Narendra Modi, Prime Minister

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PM terms it double bonanza

• 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 September 22
• New cars will become cheaper, and premiums for medical insurance coverage will also come down
• The PM said the income tax benefits announced earlier this year and the GST reforms now comprised a “double bonanza”