NEW GST, NEW PRICES: GOVT EYES FESTIVE PUSH

Prime Minister Narendra Modi on Sunday launched sweeping GST reforms, calling them a “savings festival” set to cut prices across sectors as the new two-slab tax regime takes effect from 22 September, the first day of Shardiya Navratri.

- AGENCIES

Prime Minister Narendra Modi on Sunday announced the rollout of sweeping Goods and Services Tax (GST) reforms, describing them as a “savings festival” that would ease the financial burden on households, strengthen small businesses and accelerate India’s growth story.

The new tax structure, approved during the 56th GST Council meeting earlier this month, takes effect nationwide from 22 September, coinciding with the start of Shardiya Navratri.

In a televised address to the nation, Modi urged citizens to embrace Swadeshi and prioritise Made-in-India products, linking the reforms to the government's Aatmanirbhar Bharat Abhiyan. “We need to make every home a symbol of Swadeshi and every shop adorned with Swadeshi products. Just as the freedom movement gained strength from the mantra of Swadeshi, our nation’s prosperity too will derive strength from it,” he declared. He said that the reforms, combined with this year’s income tax exemptions, would create a “double bonanza”, saving citizens more than Rs 2.5 lakh crore annually. He added that 25 crore Indians have risen out of poverty over the last 11 years to form a new “neo-middle class” whose aspirations and purchasing power would be directly boosted by the reforms.