GST Reform: GST reform will continue, further reducing the tax burden, PM Modi gave these big signals at the UP Trade Fair..
PM Modi first announced the GST reform from the ramparts of the Red Fort. Subsequently, on September 3rd, the GST Council announced the reform. The reform came into effect on September 22nd. Now, PM Modi has once again spoken about GST reform and further reducing the tax burden on ordinary people. Addressing the gathering at the Uttar Pradesh International Trade Fair, he stated that GST reform will continue in the country and that the tax burden on ordinary people will also decrease over time. Let us explain what he hinted at…
GST Reform to Continue
Prime Minister Narendra Modi said on Thursday that as the country's economy strengthens, the tax burden on the public will decrease. He described GST reform as an ongoing process. Addressing the gathering after inaugurating the UP International Trade Fair (UPITS) at the India Expo Centre and Mart in Greater Noida, the Prime Minister said that recent structural reforms in GST will give a new impetus to India's growth story and increase people's savings. Modi said that his government reformed the indirect tax system by implementing the Goods and Services Tax (GST) in 2017, which was a significant step towards strengthening the economy, followed by further reforms in September this year. The Prime Minister said that we will not stop here… As the economy strengthens, the tax burden will reduce… With the blessings of the countrymen, GST reforms will continue.
Savings of Rs 2.5 lakh crore
Modi mentioned steps taken by his government, such as tax exemption for income up to Rs 12 lakh annually and the GST 2.0 reform. He said that the tax exemption for income up to Rs 12 lakh today and the new GST reform alone will result in savings of Rs 2.5 lakh crore for the people of the country this year. Modi said the country is developing a vibrant defense sector and creating an ecosystem where everything bears the "Made in India" logo. He said that a factory established in Uttar Pradesh with Russian cooperation will soon begin manufacturing AK-203 rifles.
Emphasis on Making the Country Self-reliant
The Prime Minister emphasized India's self-reliance and called for increased investment in research and innovation. Inviting global investment, Modi said that despite geopolitical disruptions and uncertainty, the country's development remains attractive. Modi highlighted the favorable conditions for development in India, saying that India has democratic and political stability... India has a young and skilled labor force and a young consumer base. These qualities are unmatched in any other country in the world.
Disclaimer: This content has been sourced and edited from TV9. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
