PM says new GST structure will enhance savings, make it easier for people to purchase their preferred items

Prime Minister Narendra Modi has stated that from 22nd September, the next-generation GST reforms will come into effect, marking the beginning of a GST Bachat Utsav. He emphasized that this festival will enhance savings and make it easier for people to purchase their preferred items. Modi noted that the benefits of this savings festival will reach the poor, middle class, neo middle class, youth, farmers, women, shopkeepers, traders, and entrepreneurs alike. He remarked that in this festive season, every household will experience increased happiness and sweetness.

He emphasized that keeping in view the current requirements and future aspirations of the country, these new GST reforms are being implemented. Modi highlighted that under the new structure, only 5% and 18% tax slabs will primarily remain. This means that most every day-use items will become more affordable. He listed food items, medicines, soap, toothbrushes, toothpaste, health and life insurance among the many goods and services that will either be tax-free or attract only a 5% tax. The Prime Minister further noted that of the items previously taxed at 12%, 99%virtually allhave now been brought under the 5% tax bracket.The PM highlighted that when the income tax relief and GST reductions are combined, the decisions taken over the past year will result in savings exceeding Rs 2.5 lakh crore for the people of India.

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