On Sunday, Prime Minister Narendra Modi referred to the upcoming reform in terms of the Goods and Services Tax (GST) as a next-generation reform that will make a massive boost to the economy of India and offer relief to the middle-class, youths, and consumers in the country. Addressing the country at 5 pm, Modi assured that the new GST rates, which come into effect on Monday, September 22, are not only a tax cut but also a GST Bachat Utsav, which would see to it that the cost of basic goods is lowered and will stimulate consumption-based growth.
This is not the reform that is about the reduction of prices, but about the new possibilities. The middle classes will see greater savings, young people will win, and the general economy will get going, PM Modi said. He noted that increased purchasing power will boost all the sectors, industry, agriculture, and services, and this will enhance the base of self-sufficiency in India. The reform, he added, would go down to every household.
The GST reduction that was previously announced by Finance Minister Nirmala Sitharaman is applicable to a wide spectrum of goods, including automobiles and consumer goods, so it is the biggest indirect tax cut since the enactment of GST in July 2017. Modi emphasized that the GST and income tax cuts would help the citizens to the tune of 2.5 lakh crore together.
Another slogan used by the Prime Minister was Nagrigo devo bhava, which points out that the reforms in the government are about the economic well-being of the citizens. The speech was delivered one day after the US President Donald Trump announced a significant rise in the fees of H-1B visas, which impacted the Indian IT professionals. Although the opposition parties were hoping that Modi would address the issues with the US and the visa problem, he emphasized his speech with the economic advantages of GST and the ways in which the government will continue to grow.
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