Prime Minister Narendra Modi on Sunday announced that the ‘NextGen GST reforms’, which will be implemented tomorrow, will be India's ‘Bachat Utsav.’
Addressing the nation on recent reforms, PM Modi said that the GST reforms will bring happiness to every family and will accelerate India's growth story.
"When India embarked on GST reform in 2017, it marked the beginning of changing its old history and creating a new one. For decades, our country's people and our country's traders were entangled in a web of various taxes. Octroi, entry tax, sales tax, excise, VAT, service tax—dozens of such taxes existed in our country. To send goods from one city to another, we had to cross countless checkpoints," PM Modi said.
The new Goods and Services Tax (GST) framework is scheduled to be implemented on Monday (September 22).
PM Modi on 'Made in India', tax reforms, and next steps for India | Top quotes
"From the sunrise of the very first day of Navratri, the nation is taking another important and major step towards the Aatmanirbhar Bharat Abhiyan. Tomorrow, on the first day of Navratri, September 22, along with the rising of Suryadev, the Next Generation GST Reforms will come into effect," Modi said.
{{/usCountry}}"From the sunrise of the very first day of Navratri, the nation is taking another important and major step towards the Aatmanirbhar Bharat Abhiyan. Tomorrow, on the first day of Navratri, September 22, along with the rising of Suryadev, the Next Generation GST Reforms will come into effect," Modi said.
{{/usCountry}}Earlier this month, the GST Council introduced GST reforms that slashed the 12 and 28 per cent slabs. Union Finance Minister Nirmala Sitharaman announced the decision on September 3, after she chaired the GST council meeting.
Additionally, there is also a 40 per cent slab for luxury and sin goods, including tobacco and pan Masala, products like cigarettes, bidis, and aerated sugary beverages and on luxury vehicles, high-end motorcycles above 350cc, yachts, and helicopters.