PM Modi addresses the nation on GST reforms
PM Modi Address Live Updates: Prime Minister Narendra Modi, in his address to the nation on Sunday, assured that medicines, insurance and everyday essentials will get cheaper. The GST rollout is set to kick off tomorrow and Modi promised relief to the middle class and youth while terming it a next generation reform.
“Now, there will primarily be only 5 per cent and 18 per cent tax slabs. This means that goods used in everyday life will become more affordable,” PM Modi said. Reiterating on self-reliance, PM Modi said every house and shop should be swadeshi and urged each state to strengthen the manufacturing sector.
Story continues below this ad
GST 2.0: The Goods and Services Tax (GST) Council, in its 56th meeting earlier this month, cleared the next-generation reforms under the eight-year old indirect tax regime. This effectively paves the way for a broad two-slab structure of 5 per cent and 18 per cent with a demerit rate of 40 per cent rate only for super luxury, sin and demerit goods. Prime Minister Narendra Modi, according to a statement from the PMO, expressed happiness that the GST Council, comprising the Union and the States, had collectively agreed to the proposals submitted by the Union Government on GST rate cuts and reforms, which will benefit the common man, farmers, MSMEs, middle-class, women and youth.
Stay updated with the latest – Click here to follow us on Instagram
© IE Online Media Services Pvt Ltd
