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Prime Minister Narendra Modi, on Sunday, ahead of the implementation of GST reforms tomorrow, announced that the “NextGen GST Reforms” will mark India’s “Bachat Utsav”. "Next gen GST reforms are being implemented from tomorrow, it is like 'GST saving festival,” PM Modi said in his address to the nation.

Addressing the nation, PM Modi said that the GST reforms will benefit all sections of society and will accelerate India’s growth story.

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The 56th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, on September 3, announced major tax cuts across multiple sectors, significantly bringing down the price of essential commodities. The GST Council introduced GST 2.0, which slashed the 12 and 28 per cent tax slabs.

The Council also introduced a 40 per cent slab for luxury and sin goods, including tobacco and pan Masala, products like cigarettes, bidis, aerated sugary beverages and on luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters. The new Goods and Services Tax (GST) is scheduled to come into effect on Monday, September 22.

Here Are Top Quotes From PM Modi’s Address

- “From tomorrow in the nation, 'GST Bachat Utsav' will commence. Your savings will increase and you will be able to buy your favourite things...' GST Bachat Utsav' will benefit all sections of the society..."

- “I extend my heartfelt congratulations and best wishes to millions of families across the country for the Next Generation GST reforms and 'Bachat Utsav'. 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..."

 
 
 
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- “I remember, in 2014, when the country entrusted me with the responsibility of Prime Minister, an interesting incident was published in a foreign newspaper during that initial period. It described the difficulties of a company. The company said that if it had to send its goods from Bengaluru to Hyderabad, 570 km away, it was so difficult that they considered it and said that they would prefer the company to first send its goods from Bengaluru to Europe and then send the same goods from Europe to Hyderabad. Friends, this was the situation at that time due to the complexities of taxes and tolls...At that time, millions of such companies, along with millions of countrymen, faced daily problems due to the maze of various taxes. The increased expenses incurred in transporting goods from one city to another were borne by the poor, and customers like you were charged. It was essential to free the country from this situation.”

- “This year, the government presented a gift by making income up to Rs 12 lakh tax-free and naturally, when income tax relief up to Rs 12 lakh is granted, the lives of the middle class undergo a profound transformation, bringing about so much simplicity and convenience...Now, the poor, the neo-middle class, and the middle class are receiving a double bonanza. With the reduction in GST, it will be easier for the citizens of the country to fulfil their dreams..."

- “In the new form, there will now be only 5% and 18% tax slabs. This means that most everyday items will become cheaper. Food items, medicines, soap, brush, paste, health and life insurance, many such goods and services will either be tax-free or only a 5% tax will have to be paid. Out of the goods which were earlier taxed at 12%, 99% of the items have now come under the slab of 5% tax..."

- "We are moving forward by following the mantra of 'Nagrik Devo Bhava' and we can see its reflection in the next generation's GST reforms. If we combine the income tax exemption and the GST exemption, the decisions made in one year will save the people of the country more than Rs 2.5 lakh crore and that's why I say, this is a savings festival."

- “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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