PM to address nation today; GST reforms likely to be announced

NEW DELHI: Prime Minister Narendra Modi will address the nation today at 5 pm. Although the topic has not been officially announced, there are many speculations about this. The Prime Minister is addressing the nation a day ahead of the implementation of GST 2.0 reforms.

Therefore, there is a possibility that this will be an announcement on GST. Reports say that issues like H1B visa restrictions in the US and tariff disputes with Washington are also likely to be included in the Prime Minister's speech.

Since taking office as Prime Minister in 2014, he has often addressed the nation to announce important decisions of the central government. The GST 2.0 reforms come into effect tomorrow. According to the new reforms, the prices of goods will come down on Navratri. This will help increase the sales of consumer goods during the festive season. The prices of many items like ghee, ketchup, coffee, paneer, electronic devices, medicines etc. will become cheaper.

The most beneficial would be the one planning to buy a new car. Many vehicle manufacturers have already reduced prices due to the reduction in tax on cars. Currently, the Goods and Services Tax (GST) is levied in four slabs - 5 per cent, 12 per cent, 18 per cent and 28 per cent.

According to the new reforms, it will be reduced to two slabs - 5 per cent and 18 per cent. Most of the products will be in these two slabs. Meanwhile, luxury items will be charged 40 per cent GST.