PM Modi announces GST reforms from Sep 22, promises lower prices, faster growth | Top quotes
On Sunday, Prime Minister Narendra Modi announced that a new set of Goods and Services Tax (GST) reforms will take effect from September 22. He said the initiative aims to reduce the tax burden on households, boost middle-class savings, support the youth, and inject fresh momentum into the economy.
New Delhi: Prime Minister Narendra Modi on Sunday addressed the nation, announcing that a new round of Goods and Services Tax (GST) reforms will come into effect from September 22. He said the measures are designed to ease the tax burden on households, enhance middle-class savings, benefit the youth, and give fresh momentum to the economy.
Here are the top quotes from PM Modi's address to the nation:
"Navratri festivities are commencing. I extend my wishes to all of you. From the first day of Navratri, the country is taking an important step towards a 'Amtanirbhar Bharat' and development. New GST reforms will be implemented since tomorrow's sunrise.”
"GST reforms will bring happiness to every family, will accelerate India's growth story.”
"... When India embarked on GST reform in 2017, it marked the beginning of changing an old history and creating a new one. For decades, our country's people and our country's traders were entangled in a web of various taxes. Octroi, entry tax, sales tax, excise, VAT, service tax—dozens of such taxes existed in our country. To send goods from one city to another, we had to cross countless checkpoints...”
"In the new form, there will now be only 5% and 18% tax slabs. This means that most everyday items will become cheaper. Food items, medicines, soap, brush, paste, health and life insurance, many such goods and services will either be tax-free or only a 5% tax will have to be paid. Out of the goods which were earlier taxed at 12%, 99% of the items have now come under the slab of 5% tax...”
"This reform is not only about reducing prices but about creating new opportunities. The savings of our middle class will increase, our youth will benefit, and the entire economy will gain momentum.
"Decisions of raising I-T exemption limit, GST reforms will save people ₹2.5 lakh crore.”
"Let us buy goods that are made in India… that carry the hard work of our youth… that hold the sweat and effort of our sons and daughters.”
"To achieve the goal of a 'Viksit Bharat' (Developed India), we must follow the path of 'Atmanirbharta' (self-reliance), and a significant responsibility to make India self-reliant lies with our MSMEs. Whatever the people of our country need and whatever we can produce domestically, we should make right here in India