PM Modi Hints at Further Tax Relief; GST Rate Cuts Possible
Prime Minister Narendra Modi has signaled the possibility of further tax relief, including additional cuts in GST rates. Speaking recently, Modi emphasized that as India becomes economically stronger, the tax burden on citizens will continue to reduce.
One of the biggest changes in the GST structure since its introduction eight years ago was recently implemented. The GST Council had decided to cut rates on about 400 items, a change that came into effect on September 22, coinciding with the first day of Navratri.
Modi stated, “The recent changes in GST are structural reforms that will give new wings to India's growth story. As the economy strengthens, tax burdens will decrease accordingly.”
India Celebrating GST as a Festival, But Reforms Will Continue
Inaugurating the UP International Trade Show in Greater Noida, PM Modi remarked, “Today, the country is celebrating GST as a festival. But we’re not going to stop here. In 2017, the introduction of GST was a major economic milestone. And this year, the next step has been taken to further that strength.”
He added that the journey of GST reforms will continue with the support of the people of India.
India Invites Global Companies, Showcases Digital Ecosystem
Calling on global companies to invest in India, the Prime Minister said that India has created open digital platforms that are inclusive and accessible to all. Examples include UPI, Aadhaar, DigiLocker, and ONDC.
“Their motto is ‘Platforms for All, Progress for All.’ Despite global disruptions and uncertainties, India’s growth remains attractive,” Modi noted.
Focus on Self-Reliance and Make in India
Emphasizing self-reliance, PM Modi declared, “India must become self-reliant. Every product that can be made in India should be made in India. We are developing a vibrant defense sector where every component bears the ‘Made in India’ stamp.”
“We are building an ecosystem where India’s manufacturing, especially in the defense sector, will thrive and compete globally,” he added.