Prime Minister Narendra Modi said on Sunday that reforms to the Goods and Services Tax structure that will be implemented from Monday will “accelerate India’s growth story” and enhance the ease of doing business.
The new GST system will lead to greater investment, and will ensure that each state becomes an equal partner in the country’s development, Modi claimed.
The new GST system, which will entail a primarily two-rate structure of 5% and 18% tax slabs, will take effect on September 22 for most items. The GST Council had cleared the new slab structure on September 3.
With this, daily-use goods such as soaps, shampoos, butter, ghee, utensils and stationery will get cheaper. Additionally, health and life insurance will attract no GST. Rates have also been reduced on vehicles and electronic appliances such as televisions and washing machines.
The GST system took effect in July 2017, replacing several indirect taxes such as the Value Added Tax and the Central Excise Duty.
On Sunday, Modi said that the rollout of the GST led to the dream of “one nation, one tax” being realised. “In 2017, India embarked on a transformative journey by implementing GST reforms, marking the end of an era and the beginning of a new chapter in its economic history,” the prime minister said.
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