Prime Minister Narendra Modi has announced the launch of a nationwide ‘GST Utsav’ beginning on Monday, coinciding with the start of the Navratri festival.
He describes the initiative as a ‘festival of savings’ intended to bring direct benefits to households and businesses as new tax rates come into effect.
From September 22, the revised Goods and Services Tax allows citizens to purchase a wide range of goods at lower prices.
The reforms, which the Prime Minister calls ‘Next Gen GST’, form the largest shake-up of the indirect tax system since its original rollout in July 2017.
Benefits for Households & Businesses
PM Modi stresses that the restructured tax regime is designed to help ordinary families, farmers, MSMEs, women and young people.
By reducing GST rates, the government claims the poor and the new middle class are already experiencing ‘double benefits’ through lower costs and increased economic activity.
The updated system introduces a simplified two-slab framework of 5 per cent and 18 per cent.
A higher 40 per cent rate applies only to super-luxury, sin and demerit goods. This model, approved at the GST Council’s 56th meeting, reflects consensus between the Union and state governments, according to the Prime Minister.
During his televised address, PM Modi highlights the reforms as an example of the cooperative spirit between the Centre and the states.
He says the new tax structure will not only make goods cheaper but also encourage industry and strengthen India’s economy by creating a more predictable and transparent tax environment.
The Prime Minister’s Office had announced earlier in the day that PM Modi would address the nation at 5 PM. His speech frames GST 2.0 as both a festive offering to citizens and a major step in consolidating India’s indirect tax system.
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