<p>New Delhi: Prime Minister <a href="https://www.deccanherald.com/tags/narendra-modi">Narendra Modi</a> on Sunday said the reduction in goods and services tax (<a href="https://www.deccanherald.com/tags/gst">GST</a>) and income tax relief provided in this year’s budget would result in savings of over Rs 2.5 lakh crore to the common people and help accelerate consumption and economic growth.</p>.<p>He also stressed the need for promoting made-in-India goods, saying “just as the mantra of swadeshi empowered India’s freedom struggle, it will similarly energise the nation’s journey toward prosperity”.</p>.<p>In his address to the nation, hours before the roll out of the second generation of the indirect tax reform, Modi said reduced GST rates and simplified procedures would significantly benefit MSMEs, especially small-scale and cottage enterprises.</p>.Opposition slams PM Modi address on GST, calls reforms mere 'band-aid'.<p>The GST rate cuts and reforms, which were approved by the GST Council on September 3, will come into effect from Monday, the beginning of the Navratri festival.</p>.<p>It will lead to a sharp drop in prices of a hosts of goods, from daily essentials like toilet soaps, shampoo and toothpaste to aspirational goods like cars and air conditioners.</p>.<p>“This reform is not only about reducing prices but also about creating new opportunities,” Modi remarked, terming the exercise as Bachat Utsav (savings festival).</p>.<p>“The savings of our middle class will increase, our youth will benefit, and the entire economy will gain momentum.” </p>.<p>Making a strong pitch for backing made-in-India goods, Modi said: “Many foreign items have unknowingly become part of daily life, and citizens often do not even realise whether the comb in their pocket is foreign or indigenous.” “We should buy Made-in-India items that have been made with the hard work and toil of our people. Take pride in buying Swadeshi products,” he added. Opposition parties criticised Modi for taking full credit for the GST rate cuts.</p>.<p>“We are losing Rs 20,000 crore as revenue, but we are happy about the lowering of GST. But why are you (Modi) claiming credit for it? We had sought a lowered GST. It was our suggestion at the GST Council meeting with the Union Finance Minister,” said West Bengal Chief Minister Mamata Banerjee.</p>.<p>Terming the GST reform a ‘band aid’ Congress Party President Malikarjun Kharge said the government collected over Rs 55 lakh crore in eight years through nine GST slabs.</p>.<p>“Now, by talking about a Rs 2.5 lakh crore savings festival, you are trying to put a small Band-Aid on the deep wounds inflicted on the public,” Kharge wrote on X.</p>.<p>India Inc has welcomed the GST reforms, saying it would help accelerate economic growth.</p>
<p>New Delhi: Prime Minister <a href="https://www.deccanherald.com/tags/narendra-modi">Narendra Modi</a> on Sunday said the reduction in goods and services tax (<a href="https://www.deccanherald.com/tags/gst">GST</a>) and income tax relief provided in this year’s budget would result in savings of over Rs 2.5 lakh crore to the common people and help accelerate consumption and economic growth.</p>.<p>He also stressed the need for promoting made-in-India goods, saying “just as the mantra of swadeshi empowered India’s freedom struggle, it will similarly energise the nation’s journey toward prosperity”.</p>.<p>In his address to the nation, hours before the roll out of the second generation of the indirect tax reform, Modi said reduced GST rates and simplified procedures would significantly benefit MSMEs, especially small-scale and cottage enterprises.</p>.Opposition slams PM Modi address on GST, calls reforms mere 'band-aid'.<p>The GST rate cuts and reforms, which were approved by the GST Council on September 3, will come into effect from Monday, the beginning of the Navratri festival.</p>.<p>It will lead to a sharp drop in prices of a hosts of goods, from daily essentials like toilet soaps, shampoo and toothpaste to aspirational goods like cars and air conditioners.</p>.<p>“This reform is not only about reducing prices but also about creating new opportunities,” Modi remarked, terming the exercise as Bachat Utsav (savings festival).</p>.<p>“The savings of our middle class will increase, our youth will benefit, and the entire economy will gain momentum.” </p>.<p>Making a strong pitch for backing made-in-India goods, Modi said: “Many foreign items have unknowingly become part of daily life, and citizens often do not even realise whether the comb in their pocket is foreign or indigenous.” “We should buy Made-in-India items that have been made with the hard work and toil of our people. Take pride in buying Swadeshi products,” he added. Opposition parties criticised Modi for taking full credit for the GST rate cuts.</p>.<p>“We are losing Rs 20,000 crore as revenue, but we are happy about the lowering of GST. But why are you (Modi) claiming credit for it? We had sought a lowered GST. It was our suggestion at the GST Council meeting with the Union Finance Minister,” said West Bengal Chief Minister Mamata Banerjee.</p>.<p>Terming the GST reform a ‘band aid’ Congress Party President Malikarjun Kharge said the government collected over Rs 55 lakh crore in eight years through nine GST slabs.</p>.<p>“Now, by talking about a Rs 2.5 lakh crore savings festival, you are trying to put a small Band-Aid on the deep wounds inflicted on the public,” Kharge wrote on X.</p>.<p>India Inc has welcomed the GST reforms, saying it would help accelerate economic growth.</p>