Modi's address to nation on GST 2.0 reforms
Prime Minister Narendra Modi addressed the nation on Sunday, discussing the upcoming GST 2.0 reforms set to take effect on September 22, 2025. Following points were highlight
- GST Reforms: The new system simplifies the tax structure into two main slabs: 5% and 18%, with a 40% rate reserved for luxury goods. This will reduce taxes on approximately 375 goods and services.
- Savings: The combined effect of income tax exemptions and GST rate cuts is expected to save citizens over ₹2.5 lakh crore in a year.
- Atmanirbhar Bharat: PM Modi emphasized the importance of self-reliance and urged citizens to buy "Made in India" products, promoting domestic manufacturing and industries.
- GST Bachat Utsav: The Prime Minister announced a "GST Bachat Utsav" (GST Savings Festival) starting from September 22, which coincides with Navratri celebrations. This initiative aims to boost consumer spending and economic growth.
- Benefits: The reforms will make daily essentials cheaper, benefiting the poor, neo-middle class, and middle class. The reduced GST rates will apply to various products, including food items, medicines, and electronics.
NN
- GST Reforms: The new system simplifies the tax structure into two main slabs: 5% and 18%, with a 40% rate reserved for luxury goods. This will reduce taxes on approximately 375 goods and services.
- Savings: The combined effect of income tax exemptions and GST rate cuts is expected to save citizens over ₹2.5 lakh crore in a year.
- Atmanirbhar Bharat: PM Modi emphasized the importance of self-reliance and urged citizens to buy "Made in India" products, promoting domestic manufacturing and industries.
- GST Bachat Utsav: The Prime Minister announced a "GST Bachat Utsav" (GST Savings Festival) starting from September 22, which coincides with Navratri celebrations. This initiative aims to boost consumer spending and economic growth.
- Benefits: The reforms will make daily essentials cheaper, benefiting the poor, neo-middle class, and middle class. The reduced GST rates will apply to various products, including food items, medicines, and electronics.
NN