GST Bachat Utsav; Rs 2.5 lakh crore savings for Indians, PM Modi leads 'swadeshi' campaign

NEW DELHI: Prime Minister Narendra Modi assured that the income tax cut and the GST reforms will bring a profit of more than Rs 2.5 lakh crore to Indians. PM Modi announced that the country will start to celebrate the GST Bachat Utsav from Monday.

"The GST reforms are an important step in the Atmanirbhar Bharat campaign. This is a continuation of the reforms initiated with the income tax cut." The Prime Minister was addressing the nation in view of the Navaratri festival that begins today and the Next-Gen GST reforms.

With GST limited to 5% and 18% slabs, the prices of everyday items will be significantly reduced. The poor, middle class, new middle class, youth, farmers, women, shopkeepers, traders and entrepreneurs will benefit. PM Modi also urged Indians to buy more Swadeshi(Indian) products to be free from foreign dependence. Priority should be given to local products in all shops.

• GST on 99% of products in the 12% slab will now be 5%. 90% of products in the 28% slab will be 18 per cent.
• TV, refrigerator, scooter, bike, and car can be bought at a lower price. Travel expenses will be reduced due to the reduction in GST on hotel rooms. The amount spent on house construction will also be reduced.
• GST on luxury items, which were at 28 per cent, was increased to 40 per cent.
• While daily necessities and consumer products will be 5 per cent, electronic products will be reduced to 18 per cent.