PM Modi: GST 2.0, Income Tax Cuts To Save Citizens’ Rs 2.5 Lakh Crore, Double Bonanza For Poor

PM Modi congratulated people on the GST Bachat Utsav (savings festival) kicking off on September 22 — the first day of Navratri. “GST Bachat Utsav would lead to savings and people will be able to purchase things easily,” he said.

PM Modi said that since 2014, GST has been a top priority, as reforms are continuous and need to adapt to the nation’s evolving needs. Before the rollout of GST 2.0, goods transported across states in India faced multiple hurdles, including a maze of documentation, numerous check posts, and differing tax systems at every location, said the PM in his address. He emphasised that these complexities often slowed business and increased costs.

“The government discussed reforms with all stakeholders and found solutions to the problems. Emphasis on collective decision-making ensured a smooth rollout,” said the PM.

With the implementation of GST 2.0, the PM said, the challenges would be reduced significantly, making it easier to transport goods, thus improving the overall ease of doing business in the country.

Here’s how GST 2.0 will benefit citizens:

GST reforms: GST has been simplified into just two slabs — 5% and 18%, making daily essentials and even hotel rooms cheaper.

Relief for citizens: The poor, women, middle class and neo-middle class will get a double bonanza, with easier to buy homes, vehicles and essentials at lower cost. “Around 25 crore people play an important role as the neo-middle class,” he said. The PM said the government’s ‘GST Bachat Utsav’ will double festive season happiness and bring a double bonanza for the poor and neo-middle class, making it easier to fulfil their dreams.

Massive savings: GST and IT reforms together are expected to save up to Rs 2.5 lakh crore of citizens.

Boost to growth: Reforms will accelerate India’s growth story, make doing business easier. It will attract investments, said the PM.

Push for Atmanirbhar Bharat: Modi made a call to buy Made in India products, saying MSMEs and small industries were at the core of building a self-reliant India. “So many foreign-manufactured things have entered our lives — we need to reduce that.” PM Modi underlined the need for world-class manufacturing standards.

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A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More

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