PM Modi to Address the Nation at 5 pm Today
As per the reports, PM Narendra Modi will address the nation at 5 pm. However, no official statement regarding the topic of his address in the has been made yet.
PM Narendra Modi to address the nation: Prime Minister Narendra Modi is all set to address the nation today. As per the reports, PM will address the nation at 5 pm. However, no official statement on the topic of his address in the evening has been made yet. As the address is on the eve of Navratri, and coinciding with the implementation of GST rate cuts, so the address is expected to be related to price reduction on a wide range of products.
PM's address on the eve of Navratri
Regarding the topic of the Prime Minister's address, media reports states that he may discuss GST reforms. It is to be mentioned here that GST 2.0 rates will be implemented in the country starting from September 22. Notably, earlier on 79th Independence Day, Prime Minister Modi announced that the GST reforms would be implemented by Diwali.
What PM said after the GST Council meeting?
Ealier in his statement after the changes in the GST rates, PM Modi said, "During my Independence Day speech, I spoke about our intention to introduce next-generation reforms in GST." PM added that the government's aim is to introduce next-generation reforms in GST, which will simplify the lives of ordinary people and strengthen the country's economy. He said that these reforms will benefit farmers, the MSME sector, the middle class, women, and youth. This will make doing business easier for small traders and businesspeople, strengthening the country's economy. These reforms aim to simplify the lives of ordinary people and improve the business environment for small businesses.
Relief for the Common Man and Middle Class
After the GST Council meeting, Finance Minister Nirmala Sitharaman stated that significant exemptions have been provided on goods used by the common man and middle class. The government has reduced the previous GST rate of 12% and 18% to 5%, and the 5% tax rate has been reduced to zero. She stated, "A special rate of 40% has been provided within the GST rate range."
Current GST rates?
Currently, 0% tax is levied on essential food items, 5% on everyday items, 12% on general goods, 18% on electronics and services, and 28% on luxury/perishable goods. The new system will eliminate the 12% and 28% tax rates. In the current GST structure, the largest revenue (65%) comes from the 18% tax slab, while luxury/perishable goods contribute 11%, the 28% slab contributes 5%, and everyday goods contribute 7%.
