Quick Summary
Prime Minister Shri Narendra Modi addresses the nation From 22nd September, the next-generation GST reforms will come into effect, marking the beginning of a GST Bachat Utsav: PM A new wave of GST benefits is coming to every citizen: PMGST reforms will accelerate India's growth story: PM New GST reforms are being implemented, Only 5% and 18% tax slabs will now remain: PMWith lower GST, it will be easier for citizens to fulfill their dreams: PM The essence of serving citizens is reflected cle
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FAQ :
The GST Savings Festival, along with the next-generation GST reforms, begins on September 22nd.
The reforms will primarily leave only the 5% and 18% tax slabs, making most everyday items more affordable. Many items previously taxed at 12% will now fall under the 5% bracket.
The benefits are expected to reach the poor, middle class, neo middle class, youth, farmers, women, shopkeepers, traders, and entrepreneurs.
The aim is to boost self-reliance by encouraging the production and purchase of goods manufactured within India, thereby strengthening the country's economy and MSMEs.
When combined with income tax relief, the decisions taken over the past year are expected to result in savings exceeding ₹2.5 lakh crore for the people of India.
Previously, citizens and traders faced a complex web of multiple taxes like Octroi, Entry Tax, Sales Tax, Excise, VAT, and Service Tax, leading to difficulties in transporting goods and increased costs.
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