NEW DELHI — Prime Minister Narendra Modi on Sunday announced the launch of a nationwide ‘GST Utsav’, beginning Monday to mark the commencement of Navratri, calling it a festival of savings for the people of India.
The initiative aligns with the rollout of revised goods and services tax (GST) rates across the country.
Addressing the nation on Sunday, Modi said that starting September 22, citizens will be able to buy a wide range of products at reduced prices under the revised GST framework.
Next-gen GST reforms are being implemented from tomorrow. It is like a GST saving festival. From tomorrow, you will be able to buy your favorite items with ease. This is like a GST saving festival for every Indian
Prime Minister Narendra Modi
“Next-gen GST reforms are being implemented from tomorrow. It is like a GST saving festival,” Modi said. “From tomorrow, you will be able to buy your favorite items with ease. This is like a GST saving festival for every Indian.”
Modi said the reforms will especially benefit the poor and the emerging middle class, offering ‘double advantages’ following the rate cuts. The new phase is expected to support common citizens, farmers, micro, small and medium enterprises (MSMEs), middle-class families, women and youth.
The government had announced the rate reductions on September 3, covering a broad range of goods including automobiles, electronics, daily consumer items and essential commodities.
The updated system, popularly referred to as GST 2.0, introduces a simplified two-slab structure of 5% and 18%, with a 40% rate applied only to super-luxury, sin and demerit goods.
The reforms were approved during the GST Council’s 56th meeting, reflecting a consensus between the Central and State governments. Modi said the changes represent cooperative federalism and aim to make goods more affordable, boost consumption, support industry and strengthen the economy.