Hours after the Centre introduced the GST revamp, Prime Minister Narendra Modi on Thursday said the new reforms are a “double dose” of support and growth for the country — helping the common man save money while simultaneously strengthening the economy.
He added that GST was one of the biggest economic reforms of independent India.
He said, “When GST was implemented eight years ago, the dream of many decades came true. This discussion did not start after Modi became the Prime Minister. These discussions used to happen before as well, but no work was ever done.”PM Modi stated that without timely changes, one cannot give their country its rightful place in today’s global situation.
He further stated that he had said from the Red Fort on 15 August, it is crucial now to undertake next-generation reforms to make India self-reliant.
“I had also promised the countrymen that there would be a double blast of happiness before this Diwali and Chhath Puja,” he added.
Attributing the GST reforms to ‘Matrishakti‘, he added, “Now GST has become even simpler. On 22 September, which is the first day of Navratri, the next-gen reform will be implemented.”
PM Modi said that the reforms would add five gems to the Indian economy, adding, “First, the tax stream will be simpler. The quality of life of the citizens of India will increase, consumption and growth will increase, the ease of doing business will boost investment and employment, and cooperative federalism will become stronger for a developed India.”
PM Modi stated that another benefit for the youth is going to be in the fitness sector as the tax has been reduced on services like gym, salon, yoga, which means our youth will be fit as well as hit.
Criticizing Congress, the Prime Minister said that no one can forget how the Congress government had increased your monthly budget.
He claimed that they used to levy a 21% tax even on toffees for children. “If Modi had done this, they would have pulled my hair out,” he stated.
The GST Council’s decision is expected to boost consumer spending and stimulate economic growth, with several essential items becoming cheaper. However, sin goods and luxury items will attract a higher tax rate of 40 per cent.