Rama Krishna Sangem
Prime Minister Narendra Modi on September 22, Monday reached out to people of India through an open letter on how he had brought in GST 2.0 reforms. Government of Bharat, as the Centre is referring to Government of India, has launched a massive outreach mission to explain people the impact of recent economic reforms.
All the major newspaper in the country on Monday carried first page advertisements on GST 2.0 Savings Utsqav that kicks in the upcoming festive season – from Dasara to Deepavali. The PM in his open letter to citizens and hailed the “GST Bachat Utsav” initiative. PM Modi said that the lower GST rates mean more savings for every household and greater ease for businesses.
As the nation celebrates the beginning of Navaratri, I extend heartfelt wishes to you and your families. May this festival bring good health, happiness and prosperity to everyone. This year, the festive season brings an added reason to rejoice. From September 22nd, the Next Generation GST reforms have begun to make their presence felt, marking the start of a ‘GST Bachat Utsav’ or ‘GST Savings Festival’ across the country,” PM Modi wrote.
” These reforms will boost savings and directly benefit every section of society, be it farmers, women, youth, poor, middle class, traders or MSMEs. They will encourage greater growth and investments and accelerate the progress of every state and region,” he added.
This letter came as the next-generation GST reforms come into effect on Monday, marking the launch of what PM Modi called ‘GST Bachat Utsav’.
The GST 2.0 overhaul aims to simplify taxation and reduce the financial burden on households, businesses, and farmers, bringing relief just in time for the festive season.
PM Modi said that the most important feature in the Next Gen GST reforms is that there will mainly be two slabs of 5% and 18%, bringing the daily essentials such as food, medicines, soap, toothpaste, insurance and many more items will now either be tax-free or fall in the lowest 5% tax slab. Goods that were earlier taxed at 12% have almost entirely shifted to 5%..