GST 2.0: A New Dawn for Indian Economy
Prime Minister Narendra Modi introduces GST 2.0 reforms, emphasizing a two-slab tax system aimed at boosting savings and aiding every societal section. These reforms strive to simplify economic processes and endorse local manufacturing, marking a significant step towards greater national self-reliance and economic unity.
- Country:
- India
In a pivotal move for India's indirect tax system, Prime Minister Narendra Modi unveiled the GST 2.0 reforms today, promising enhanced economic growth and savings for citizens. The reform coincides with Navratri, adding a festive spin to the economically significant overhaul, termed as the 'GST Bachat Utsav'.
Addressing the nation, Modi assured that the new GST structure would benefit diverse societal segments, including farmers, women, and small businesses. The Prime Minister highlighted that the streamlined two-slab tax system of 5% and 18% replaces the earlier four-tier structure, with essential items witnessing reduced taxation.
Modi underscored the collective aspirational journey towards 'Viksit Bharat by 2047', encouraging citizens to support 'Made in India' products, boosting local industries and employment. The GST Council's decision reflects a significant stride towards economic simplification and the realization of 'Aatmanirbhar Bharat'.
(With inputs from agencies.)
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