GST Bachat Utsav, announced by Prime Minister Narendra Modi, which commenced on the 22nd of this month, is benefiting all sections of society.
The next-generation GST reforms represent a significant step towards simplifying India’s indirect tax system. The reforms are bringing substantial relief to citizens by reducing the tax rate on various goods and services.
Under the next generation GST reforms, the government announced a major reduction in the tax on sports goods, slashing the tax rate from 12 percent to 5 percent.
This move is intended to make sports equipment more affordable, boost domestic manufacturing, and encourage greater participation in sports across the country. The decision is expected to benefit consumers directly while also promoting fitness and a healthier lifestyle.
Under GST 2.0, tax rate on bicycles has also been reduced from 12 percent to 5 percent. This step is aimed at promoting affordability, accessibility, and sustainable mobility. To further support this initiative, the tax rate on bicycle parts has been brought down from 12 percent to 5 percent. This rationalization under the next generation of GST reforms is seen as a significant measure to encourage cheaper mobility options and increase the use of bicycles among students, fitness enthusiasts, and young professionals.
On the 21st of this month, Prime Minister Narendra Modi, in his address to the nation, urged citizens to buy swadeshi products, to support domestic industries, small manufacturers, local artisans, and MSMEs.