President Droupadi Murmu.
Credit: PTI Photo
New Delhi: President Droupadi Murmu on Wednesday said the government is moving on the path of 'Reforms Express', benefitting the poor and middle class, and the historic next-gen GST reform rolled out last year has ensured savings of Rs 1 lakh crore for citizens.
In her address to both Houses of Parliament, Murmu also said the government has revamped the Income Tax law and taken a "historic decision" to exempt income of up to Rs 12 lakh from taxation.
"These reforms are providing unprecedented benefits to poor and middle-class families. It has also given a new impetus to the country's economy," Murmu said.
The new and simplified Income Tax Act 2025 has been enacted and will be implemented from April 1, 2026.
In the 2025-26 Budget presented on February 1, last year, the government had increased the income tax exemption threshold to Rs 12 lakh from Rs 7 lakh earlier.
"Today, my government is moving forward on the path of 'Reforms Express'. Old rules and provisions are being updated continuously according to future needs," Murmu said.
Talking about the GST 2.0 reform, under which tax rates of about 375 goods were slashed effective September 22, 2025, Murmu said the historic next-generation reform filled the citizens with enthusiasm.
"This reform ensured savings of one lakh crore rupees for citizens. Following the reduction in GST, in 2025, registrations of two-wheelers have crossed the mark of two crore, which is a new record in itself," Murmu said.
Effective September 22, 2025, Goods and Services Tax (GST) has adopted a two-tier structure, with the majority of goods and services attracting a 5 per cent tax and 18 per cent tax. A 40 per cent tax is levied on ultra-luxury items and tobacco and related products.
At the time of its launch on July 1, 2017, GST was a 4-slab structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent. Besides, a compensation cess was levied on luxury items and demerit or sin goods.
About 99 per cent of goods under the 12 per cent GST slab have been moved to the 5 per cent slab. The rejig also resulted in 90 per cent of items under the 28 per cent tax slab being brought down to the 18 per cent bracket post the GST 2.0 reform.
Day not far when India will witness complete eradication of Maoist terror: Prez Murmu
Maoist terror will be completely eradicated from India soon, as only three districts in the country remain most-affected by Naxal violence now, President Drupadi Murmu said on Wednesday.
Addressing the joint sitting of Parliament, marking the beginning of the Budget session, she said security forces have acted decisively against Maoist terror in line with the Union government's policy.
For years, an atmosphere of insecurity, fear and distrust prevailed in 126 districts, and Maoist ideology pushed the future of many generations into darkness, Murmu said.
"Our youth, tribals and Dalit brothers and sisters were among the most affected. Today, the challenge of Maoist terror has been reduced to just eight from 126 districts. Out of these, only three districts remain most-affected," she said.
The President told Parliament that during the last one year, nearly 2,000 individuals associated with Maoism have surrendered, bringing peace to the lives of lakhs of citizens.
The whole country is witnessing a transformation in areas affected by Maoism, she said and referred to an incident when a bus reached a village of Bijapur after 25 years, and the locals celebrated it.
Murmu said youths are participating enthusiastically in the Bastar Olympics, a rural sports extravaganza, while those who have laid down arms are now serving in the Pandum Cafe at Jagdalpur.
"My government is ensuring a normal and dignified life for those who have joined the mainstream of society after laying down arms. The day is not far when the country will witness the complete eradication of Maoist terror," she said.
Union Home Minister Amit Shah has set a deadline of March 31, 2026, to end Maoist violence in the country, with the security forces intensifying their operations against the red ultras.