A day before GST 2.0 kicks start in the country, the Prime Minister addressed the nation at 5 pm. In his speech, the PM said that from tomorrow, a new chapter of GST reforms would be implemented. “This will be the beginning of the savings festival, which will benefit everyone in the country. We have achieved One Nation, One Tax”.
Talking about the complex tax structure, he said that “Prior to 2014, the country faced several complex taxes which affected everyone. That’s why we adopted GST, which has simplified the lives of people. This reform will ensure further growth of this country. It will attract investments and ensure that every state grows.
PM said that the GST reforms have simplified the taxes further, and now there would be only two tax slabs- 5% and 12% GST rates. He said that almost 99% of things that are in everyday life will attract 5% GST rate slab.
Talking about the Income Tax rebate, he said that both the GST and IT reforms have ensured that more than 25 crore people have moved above the poverty level, and they are known as the new middle class. They are playing an important role. They have their own aspirations.
“It’s a double bonanza for the new middle class,” the PM said.
The shopkeepers have benefited from GST 2.0, and they will be passing the relief to the consumers as well. He said that the MSMEs have a huge role to play in making India ‘Atmanirbhar’. “I have huge expectations from the MSME sector. We should buy only ‘Made in India’ things. We should buy products made in India. We should take pride in our country.
