Prime Minister Narendra Modi on Sunday addressed the nation, announcing that the next-generation GST reforms will come into effect with the sunrise. During his address, PM Modi talked about the tax slabs.
PM Modi said, “In the new form, there will now be only 5% and 18% tax slabs. This means that most everyday items will become cheaper.”
He further stated, “Food items, medicines, soap, brush, paste, health and life insurance, many such goods and services will either be tax-free or only a 5% tax will have to be paid. Out of the goods which were earlier taxed at 12%, 99% of the items have now come under the slab of 5% tax.”
Prime Minister Narendra Modi said, “To reach the goal of a developed India, we must walk on the path of self-reliance, and a very big responsibility to make India self-reliant also lies on our MSMEs. What is needed by the people of the country, what we can make in our own country, we should make right here in the country.”
He also mentioned, “The reduction in GST rates and the simplification of rules and procedures will greatly benefit our MSMEs, small industries, and cottage industries. Their sales will increase, and they will have to pay less tax, meaning they will also receive a double benefit… Just as the country’s independence gained strength from the mantra of Swadeshi… similarly, the country’s prosperity will also gain strength from the mantra of Swadeshi alone…”
PM Modi also talked about the Atmanirbhar Bharat and said, “Prime Minister Narendra Modi says, “I also urge all state governments to join this campaign of ‘Atmanirbhar Bharat’ and Swadeshi and to create an environment for investment by increasing production in their states…When the nation and states work together, the dream of ‘Atmanirbhar Bharat’ will be fulfilled.”
