People will save on 99% of daily use items: Vaishnaw hails GST reforms

As the Goods and Services Tax (GST) reforms come into effect on Monday, Union Minister Ashwini Vaishnaw expressed gratitude to Prime Minister Narendra Modi and said that the move will lead to savings in households.

Ashwini Vaishnaw met shopkeepers in the national capital and raised awareness regarding the next-generation GST reforms.

Speaking to the media, he said, "I want to wish everyone for Navratri. PM Narendra Modi has taken a historic decision to reduce the tax slabs, which will help every household save. Bachat mahotsav has begun. Shopkeepers and customers both are very happy...People will save money on about 99 per cent of the daily use items. I thank PM Modi for this." 

"We need to make one more resolution to use swadeshi as much as possible in our day-to-day life," he added.

Today onwards, the previous four-slab system has been replaced with a streamlined two-slab regime of 5 per cent and 18 per cent. A separate 40 per cent slab has been retained for luxury and sin goods.

Products like Ultra-High Temperature (UHT) milk, pre-packaged and labelled chena or paneer, and all the Indian Breads will see NIL rates, while the GST on household goods like soaps, shampoos, toothbrushes, toothpaste, tableware, and bicycles now stands at 5 per cent.

Earlier today, Prime Minister Narendra Modi hailed the rationalisation of GST, calling it a "double bonanza" given to the people during the season of festivals. 

"From today, next generation GST reforms have been implemented, and GST Bachat Utsav has started. On the occasion of festivals, the people have gotten a double bonanza," the Prime Minister said while addressing a public event in Itanagar.

While attending a 'GST Bachat Utsav' event in Itanagar, the Prime Minister met with various artisans and industry leaders in the state. He met with entrepreneurs who are selling local goods, from packaged milk to food items, and highlighted the 'swadeshi' products of the country.

He also handed them placards of 'Garv se Kaho Yeh Swadeshi Hai'. The shopkeepers were very happy on receiving them and said that they would place these placards on their shops.