New GST reforms will accelerate India's growth story: Modi
Indian PM Narendra Modi on Sunday addressed the nation when he said the new GST rate cuts will come into effect from Monday, and the measure will help in accelerating India's growth story.
He said: "Tomorrow, on the first day of Navratri, Next-Generation GST reforms will come into effect with sunrise."
"Your savings will increase and you will be able to buy your favourite things," he said.
Modi said the reform will benefit all sections of Indian society.
He said the prices of daily commodities and services will be slashed following the reform.
Modi said: "These reforms will accelerate India's growth story, simplify business, make investment more attractive, and make every state an equal partner in the race for development."
Earlier this month, the GST Council approved a sweeping overhaul of the indirect tax system.
Effective September 22, the Council reduced the four-rate GST structure to two slabs, eliminating the 12% and 28% rates and retaining only the 5% and 18% slabs, a move aimed at easing the burden on the middle class.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
'India was only united under Aurangzeb': Pak Minister Khawaja Asif sparks row with provocative remark
Pakistan’s Defence Minister Khawaja Asif has stirred controversy with a new statement claiming that India “was never truly united” except during the rule of Mughal emperor Aurangzeb.
Scooter explosion in Kanpur market injures 6, forensic probe underway
Six people, including a woman, were injured on Wednesday evening when an explosion rocked a busy market in Kanpur, Uttar Pradesh, media reports said.
Piyush Goyal visits Qatar to reinforce Strategic Economic Partnership
Union Minister of Commerce and Industry Piyush Goyal paid an official visit to Doha, Qatar to co-chair the India–Qatar Joint Commission on Economic and Commercial Cooperation with Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of Commerce and Industry of the State of Qatar.
India-UK Trade Ministers hold bilateral meeting in Mumbai, set out vision for Joint Economic and Trade Committee
Union Minister of Commerce and Industry Piyush Goyal, and Peter Kyle, UK Secretary of State for Business and Trade, held a bilateral meeting in Mumbai on Wednesday to chart a renewed course for the India–UK trade and investment partnership.
Latest News
Ex-IMF chief economist Gita Gopinath evaluates Trump's tariff imposition move, calls overall impact ‘negative’
Italy's ruling party proposes nationwide ban on burqa, face coverings in public
'India was only united under Aurangzeb': Pak Minister Khawaja Asif sparks row with provocative remark
Scooter explosion in Kanpur market injures 6, forensic probe underway