Prime Minister Narendra Modi addressed the nation on Sunday and said that “GST Bachat Utsav (Festival Savings Festival)” will start from the first day of Navratri and it will be “double Bonanza” for most people.
The Prime Minister also created a powerful playground for promoting goods “Swadeshi” in the middle of the US, which increases visa fees and tension H-1B over trade. Modi claimed that GST reforms will speed up the growth story of India.
GST Council at its 56th meeting cleared the reforms of the “new generation” in the eight -year indirect tax regime. The Council announced a wide tax structure in two components 5 % and an 18 % rate of 40 % only for some luxury and sin products.
Key points from PM Modi’s address
– In the last eleven years, 25 people in the country have defeated poverty. After emerging from poverty, a large group of 25 people from Crore, known as the Neo-Middle class, play an important role in the country.
– New GST reforms are implemented, with regard to the current needs and future dreams of the Earth. Reforms will help citizens buy their favorite items from tomorrow.
– GST reforms will bring happiness to each family together with the acceleration of the Indian growth story.
– Decisions to increase the exemption limit from income tax (IT) and bring GST reforms to save people £2.5 lakh crore per year.
-Gst realized the dream of “One Nation-One”, Modi said, emphasizing how tax and toll company created problems for companies and consumers.
– Modi said Gst Move would benefit MSMes a lot of time.
“Reducing GST rates and simplification of rules and procedures will be very beneficial for our MSME, small industries and chat industries. Their sales will increase and have to pay a smaller tax, which means that they will also gain double the advantage.”
-PM Modi emphasized the need for self -confidence and created a strong playground for promoting “swadeshi” goods.
– We should buy products that are produced in India, in which the hard work of the youth of our country is invested. We have to make each house symbol swadeshi, decorate every shop with swadesh
“As the country’s independence has strengthened by the Swadeshi movement, the prosperity of India will be seized by the Swadeshi mantle,” PM Modi said.
– I also call on all state governments to join this campaign “Atmanirbhar Bharat” and Swadeshi and create an environment for investment by increasing production in their countries … When nations and states cooperate, the dream “Atmanirbhar Bharat” will be fulfilled.
(Tagstotranslate) Prime Minister Narendra Modi (T) GST Rates
