On the eve of Shardiya Navratri, Prime Minister Narendra Modi addressed the nation regarding the next-generation GST reforms, which will be implemented from September 22. Addressing the citizens, he stated, 'Tomorrow marks the start of Navratri, and on this auspicious occasion, I extend my greetings to all. On the first day of Navratri, the nation will take a giant leap towards a self-reliant India. With the sunrise tomorrow, the next-generation GST reforms will be implemented, and the country will embark on the GST Savings Festival.'
He expressed, 'These GST reforms will benefit our country's poor, middle-class, youth, farmers, women, traders, and entrepreneurs. During this festive season, happiness will spread across every family. I congratulate the nation on the GST reforms. These measures will inject new momentum into India's growth story and provide a booster dose to businesses. These new-generation GST reforms will partner every state's development in the race for progress.'
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The Prime Minister highlighted that these reforms will not only alleviate the burden on families but also reinforce India's position as an ideal investment destination, attracting entrepreneurs to invest. He emphasized that the main objective of this reform is to simplify the Goods and Services Tax (GST) structure. Earlier this month, the GST Council had narrowed it down to just two slabs: 5% and 18%. A third, 40% slab exists for health-hazardous goods, such as tobacco products.
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The new GST rates are set to take effect from September 22, the first day of Navratri. Previously, GST had slabs of 5%, 12%, 18%, and 28%. The GST Council has eliminated the 12% and 28% slabs. In his address, PM Modi highlighted that nearly 99% of goods previously under the 12% slab will now fall under the 5% slab, while approximately 90% of goods previously under the 28% slab will now be within the 18% bracket.
