Prime Minister's Address on GST
Prime Minister Narendra Modi declared that Goods and Services Tax (GST) reforms will benefit all sections of society as they reduce costs. He explained that GST reforms are now effective across the country and have already started to have a positive effect. In a letter to citizens on Monday, he disclosed that the reforms are the cornerstone of future economic celebrations.
Goal of a Developed India
The Prime Minister emphasized the necessity of GST reforms to achieve the vision of a Developed India by 2047. He noted that the festive season this year makes us even more joyful because the reforms uplift farmers, women, youth, the poor, the middle class, and traders.
Impact on Tax and Savings
He also notified that the income tax has been reduced to zero percent for incomes obtained in a year up to Rs. 12 lakh. GST reforms along with the relief of tax is going to benefit citizens by Rs. 2.5 lakh crore. Modi also went on to mention that shopkeepers are installing price boards for displaying pre-GST and post-GST variations.
GST Since 2017
GST was implemented in 2017. It replaced many taxes and simplified the procedure for the people and businessmen. The Prime Minister also announced that the recent changes will bring forward the vision of creating an 'Aatmanirbhar Bharat' (self-reliant India).
Call to Shopkeepers and Citizens
Modi asked the shopkeepers and businessmen to promote Indian products. He also appealed to the citizens to use the festive season to celebrate the "GST savings festival.".
