CM Yogi terms GST 2.0 reforms as “Diwali gift”, says will boost jobs and economy

Describing the GST reforms as a ‘Diwali gift’ from Prime Minister Narendra Modi to the nation, Uttar Pradesh Chief Minister Yogi Adityanath on Monday said the next-Gen GST reforms will help create opportunities for employment.

Elaborating on how it will contribute to India’s growth story, the Chief Minister said, “The lower GST will increase the purchasing power of the common consumer. Increased purchasing power will increase demand. Demand will lead to consumption, consumption will lead to production, and increased production will also create new jobs.”

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While addressing the mediapersons after a public awareness march on GST reform and interacting with traders, the Chief Minister said, “Under the guidance of PM Modi, reduced GST rates have been implemented across the country on the first day of Sharadiya Navratri.”

He also termed GST 2.0 as the biggest economic reforms so far, and said, “Tax rates on many goods and services have been reduced to five percent or zero. Life-saving medicines have been exempted from tax, while the tax rate on other medicines has been reduced to five percent,” he said. The tax rate on educational materials has been reduced from twelve percent to zero.

The Chief Minister stated that GST is one thing, but its benefits are numerous as it will provide a new impetus to the economy. With Prime MInister Narendra Modi emphasising the importance of promoting Swadeshi (indigenous products) and self-reliance during the festival period, the mantra of Swadeshi is going to receive a new energy during this period.

The chief minister said that reforms would strengthen the markets,enhance purchasing power and enable the consumers to celebrate festivals with joy and enthusiasm.

He expressed gratitude to Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for the GST reforms in the larger public interest.