What PM Narendra Modi Said On GST, Swadeshi Goods And Savings In His Address Amid Trade Tensions With US - Highlights

(MENAFN- Live Mint) Prime Minister Narendra Modi on Sunday addressed the nation and said that a 'GST bachat utsav (savings festival)' will begin from the first day of Navratri and it will be a "double bonanza" for most of the people.

The Prime Minister also made a strong pitch for promoting 'swadeshi' goods amid the US increasing H-1B visa fee and tensions over trade. Modi asserted that the next generation GST reforms will accelerate India's growth story.

The GST Council in its 56th meeting cleared the“next-generation” reforms under the eight-year old indirect tax regime. The council announced a broad two-slab tax structure of 5 per cent and 18 per cent rates with a demerit rate of 40 per cent rate only for some luxury and sin products.

Key points from PM Modi's address

- In the last eleven years, 25 crore people in the country have defeated poverty. Having emerged from poverty, a large group of 25 crore people, known as the neo-middle class, is playing a significant role in the country today.

- New GST reforms are being implemented, keeping in mind the country's current needs and future dreams. The reforms will help citizens to buy their favorite items with ease from tomorrow onwards.

- The GST reforms will bring happiness to every family, along with accelerating India's growth story.

-The decisions of raising Income Tax (I-T) exemption limit and bringing in GST reforms will save people ₹2.5 lakh crore annually.

-GST realised the 'one nation-one tax' dream, said Modi, highlighting how the web of taxes and tolls had created hardships for businesses and consumers.

Also Read | PM Modi Speech Today LIVE: GST realised 'one nation-one tax' dream

- Modi stated that GST move would benefit MSMEs big time.

“The reduction in GST rates and the simplification of rules and procedures will greatly benefit our MSMEs , small industries, and cottage industries. Their sales will increase, and they will have to pay less tax, meaning they will also receive a double benefit.”

- PM Modi emphasised on the need of self-reliance and made a strong pitch for promoting 'swadeshi' goods.

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- We should buy products that are Made in India , in which the hard work of our country's youth is invested. We need to make every home a symbol of Swadeshi, adorn every shop with Swadesh

“Just how the country's independence got strengthened by the Swadeshi movement, similarly, India's prosperity will be empowered by the mantra of swadeshi," PM Modi noted.

- I also urge all state governments to join this campaign of 'Atmanirbhar Bharat' and Swadeshi and to create an environment for investment by increasing production in their states...When the nation and states work together, the dream of 'Atmanirbhar Bharat' will be fulfilled.

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