PM Modi addresses nation ahead of GST 2.0 rollout, says 'GST Bachat Utsav begins on day 1 of Navaratri tomorrow'
PTC News Desk: On the eve of Navratri, Prime Minister Narendra Modi addressed the nation, heralding what he called a new economic era with the launch of GST 2.0.
Describing it as the start of a “Bachat Utsav” or festival of savings, he said the reform would ease household expenses while strengthening India’s appeal as an investment hub, fostering entrepreneurship, and ensuring that every state advances together in the journey of development.
PM Modi said, "From tomorrow, the festival of Navratri is starting. I extend my best wishes to you. From the first day of Navratri, the country is taking an important step towards Aatmanirbhar Bharat. Tomorrow, on the first day of Navratri, Next-Generation GST reforms will come into effect with sunrise."
"When India embarked on GST reform in 2017, it marked the beginning of changing an old history and creating a new one. For decades, our country's people and our country's traders were entangled in a web of various taxes. Octroi, entry tax, sales tax, excise, VAT, service tax—dozens of such taxes existed in our country. To send goods from one city to another, we had to cross countless checkpoints," he further said.
At the core of GST 2.0 is a major overhaul of the tax structure. Earlier this month, the GST Council approved a simplified two-rate system of 5% and 18%, set to roll out on September 22, the first day of Navratri.
Under the new framework, nearly 99% of items previously taxed at 12% will move into the 5% slab, while about 90% of goods earlier in the 28% bracket will shift to 18%. However, a 40% compensation cess will still apply to luxury and sin goods.
Calling the reform a “double bonanza,” PM Modi said it would not only make essentials more affordable but also leave households with greater savings in hand.
"When income tax relief up to Rs 12 lakh is granted, the lives of the middle class undergo a profound transformation, bringing about so much simplicity and convenience. Now, the poor, the neo-middle class, and the middle class are receiving a double bonanza. With the reduction in GST, it will be easier for the citizens of the country to fulfil their dreams," he said.
- PTC NEWS
