Next-gen GST reforms to boost savings, benefit all sections: PM Modi

PM Modi said that the reforms will boost savings and directly benefit every section of society

Prime Minister Narendra Modi on Monday shared an open letter on his X account, announcing that next-generation Goods and Services Tax (GST) reforms have begun to take effect, marking the launch of the nationwide ‘GST Bachat Utsav’.

 

Enhance savings

 

PM Modi said the reforms would enhance savings and deliver direct benefits to all sections of society, while also driving growth across the country.

 

 

“These reforms will boost savings and directly benefit every section of society, be it farmers, women, youth, the poor, the middle class, traders or MSMEs. They will encourage greater growth and investments and accelerate progress in every state and region,” he said.

 

Stress on ‘Swadeshi’

 

With Diwali approaching in a month, PM Modi appealed to shopkeepers and consumers to buy and sell products that are ‘Made in India’. He emphasised self-reliance as the path to achieving the goal of a developed India and said the GST reforms would help strengthen the local manufacturing base.

 

“Our collective goal is Viksit Bharat by 2047. To achieve it, walking on the path of self-reliance is imperative. These reforms strengthen our local manufacturing base, paving the way towards Aatmanirbhar Bharat,” Modi said.

 

He added: “This festive season, let us resolve to support products that are Made in India. This means buying swadeshi products that carry the sweat and toil of an Indian in their making, irrespective of the brand or company. I appeal to shopkeepers to sell ‘Made in India’ products. Let us proudly say — what we buy is swadeshi, what we sell is swadeshi.”

 

Poverty reduction

 

PM Modi also highlighted the rise of a neo-middle class, noting that in recent years around 250 million people in the country have moved out of poverty.

 

“In the last few years, 250 million people have risen above poverty and formed an aspirational neo-middle class. Further, we have strengthened the hands of our middle class with massive income tax cuts, which ensure zero tax up to an annual income of ₹12 lakh,” the prime minister said.

 

He added that the combination of income tax cuts and next-generation GST reforms would provide benefits of around ₹2.5 trillion for the people.

 

“If we combine the income tax cuts and the next-generation GST reforms, they add up to savings of nearly ₹2.5 trillion for the people,” he said.