GST reforms will add up to ₹2.5 trn in savings for people

Oppn-ruled states demand compensation for loss of revenue

- ARCHIS MOHAN

Prime Minister Narendra Modi visits an exhibition at Indira Gandhi Park in Itanagar on Monday

(PHOTO: PTI)

In an open letter to citizens that he posted on social media on Monday evening, Prime Minister Narendra Modi reiterated that the income tax cuts and the “next generation GST reforms” will add up to savings of nearly ₹2.5 trillion for the people, and asked citizens to celebrate the “GST Savings Festival”, which coincides with the festival season, by buying and selling swadeshi products, which he said will help many families earn their living and create job opportunities for the youth.

The PM urged “state governments to encourage industry, manufacturing and improvement of investment climate.” He emphasised that the next generation GST reforms will “boost savings”, “directly benefit every section of the society”, “encourage greater growth and investments and accelerate the progress of every state and region”.

The PM said the reforms will strengthen India’s local manufacturing base to pave the way towards Aatmanirbhar Bharat.

“Our small industries, shopkeepers, traders, entrepreneurs and MSMEs will also see greater ‘Ease of Doing Business’ and ‘Ease of Compliance’. Lower taxes, lower prices and simpler rules will mean better sales, less compliance burden and growth of opportunities, especially in the MSME sector,” he said.