PM Modi Launches “GST Utsav” to Boost Savings for Indians

Prime Minister Narendra Modi announced a nationwide initiative called “GST Utsav,” set to begin on September 22, 2023, coinciding with the first day of Navratri. This initiative is aimed at providing citizens with the opportunity to purchase goods at reduced prices as new Goods and Services Tax (GST) rates come into effect.

In a national address, PM Modi described the GST Utsav as a “festival of savings” that will benefit all Indians. He stated, “Next-generation GST reforms are being implemented from tomorrow. It’s like a GST saving festival.” The Prime Minister emphasized that the changes will particularly assist the poor and the emerging middle class, who will see double the benefits from these reductions.

During his address, PM Modi extended his greetings for Navratri and underscored that this new phase of GST reforms aims to directly support common citizens, farmers, small businesses, women, and youth. He remarked, “The mantra of Swadeshi gave strength to the freedom movement; Swadeshi will also strengthen our quest for prosperity.”

The government previously announced these GST rate cuts on September 4, covering a wide range of products, from automobiles to everyday consumer goods. This reform marks the most significant change to the indirect tax system since GST was introduced in July 2017. Commonly referred to as “GST 2.0,” the updated structure introduces two main tax slabs of 5% and 18%, with an additional 40% rate applicable solely to luxury items, sin goods, and demerit goods.

These reforms were approved during the 56th meeting of the GST Council, where both Union and state governments reached a consensus on the changes. PM Modi highlighted that the new reforms symbolize the spirit of cooperative federalism between the Centre and the states.

Concluding his address, the Prime Minister stated that the new GST structure will make goods more affordable, stimulate industrial growth, and further strengthen India’s economy. The announcement on social media platform X indicated that PM Modi would address the nation at 17:00 hours, generating anticipation for the detailed rollout of these significant reforms.

The GST Utsav represents an important step in making essential goods more accessible to the public, aligning with the government’s broader goals of economic growth and consumer empowerment. As citizens prepare for the festival, the impact of these reforms may reverberate across various sectors, enhancing economic stability and growth in the coming months.