Prime Minister Narendra Modi has said that reduced GST rates will result in more savings for households and improved ease of doing business.
Extending his wishes to countrymen in a letter, on the first day of Navratri today, Mr Modi said that Lower GST rates mean more savings for every household and greater ease for businesses.
The Prime Minister said that from today, the Next Generation GST reforms have begun to make their presence felt, marking the start of a ‘GST Bachat Utsav’ or ‘GST Savings Festival’ across the country.
He added that these reforms will boost savings and directly benefit every section of society, including farmers, women, youth, poor, middle class, traders and MSMEs.
The Prime Minister said that they will encourage greater growth and investments and accelerate the progress of every state and region. Mr Modi said that it is greatly heartening to see various shopkeepers and traders putting up ‘then and now’ boards which indicate taxes pre-reforms and post-reforms.
He added that lower taxes, lower prices and simpler rules will mean better sales, less compliance burden and growth of opportunities, especially in the MSME sector. The Prime Minister said that these reforms strengthen the country’s local manufacturing base, paving the way towards Aatmanirbhar Bharat.
