The PM hinted that further GST reductions are possible. He said that the country is celebrating GST savings today. We are not going to stop here. As economic strength grows, the tax burden will decrease. The process of GST reforms will continue.

GST Reduction: Inaugurating the International Trade Show in Greater Noida, PM Modi stated that as economic strength increases, the tax burden on people will decrease further. The PM also emphasized the need for a self-reliant India.

GST may be reduced further. PM Modi has given this indication today. While inaugurating the International Trade Show in Greater Noida, PM Modi said that with increasing economic strength, the tax burden on the people will reduce further. Along with this, the PM also stressed on making a self-reliant India. He said that dependence on others affects the growth. India does not accept dependence on others anymore. Speaking at this inauguration ceremony, the PM indicated that further reduction in GST is possible. He said that the country is celebrating GST savings festival today. We are not going to stop here. With increasing economic strength, the tax burden will keep reducing. The process of GST reforms will continue in future also.

Addressing the gathering after inaugurating the Uttar Pradesh International Trade Show (UPITS) in Greater Noida, Modi said the recent structural reforms in GST will give a new impetus to India's growth story and open up avenues for people to save more. He said the government reformed the indirect tax system by implementing GST in 2017, which was a significant step towards strengthening the economy, followed by further reforms in September this year. "We will not stop here... as the economy strengthens, the tax burden will reduce... with the blessings of the countrymen, GST reforms will continue," the Prime Minister said.

Highlighting the steps taken by the government like no income tax on individuals with annual income up to Rs 12 lakh and GST 2.0, he said these initiatives will result in more savings in the hands of the people.

It's worth noting that the GST system, which was introduced eight years ago, recently underwent its biggest overhaul. The GST Council decided to cut GST rates on nearly 400 items, which came into effect on September 22, the first day of Navratri. Under the new reform, the government has revised the GST rate system, simplifying it from the previous multi-slab system to two slabs of 5% and 18%.

Many other everyday items like food, medicines, soap, health and life insurance, and many other items will now be either tax-free or fall in the lowest tax slab of 5% . Combined with the latest income tax rate cuts and GST 2.0, Indians are expected to save around ₹2.5 lakh crore this year.

 PC:MoneyControl/OneIndia