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| Festival Of Savings | | | Prime Minister Narendra Modi has termed the launch of a nationwide “GST Utsav” on the first day of Navratra as a festival of savings for the people of India.
In his address to the nation, the Prime Minister said that now people will be able to buy their favourite items at lower prices as the new Goods and Services Tax (GST) rates come into effect.
In the new GST regime the poor and the new middle class will get double benefits after the GST rate cuts. The new phase of GST reforms will directly benefit the common man, farmers, MSMEs, middle-class families, women and youth.
The GST introduced in 2017, was envisioned as a unifying reform simplifying India’s complex indirect taxation system, removing cascading taxes, and fostering a common national market.
Over the years, however, periodic refinements have been necessary to address evolving challenges, particularly in ensuring that the poor and middle class derive tangible benefits.
The recent round of GST rate cuts extends to a wide range of products from automobiles and consumer durables to everyday essentials. This breadth of coverage ensures that the relief trickles down across socio-economic segments.
The significance of this reform lies not just in reduced prices but in the democratic reach of its benefits. Farmers, who form the backbone of the Indian economy, stand to gain as agricultural inputs and equipment become cheaper, lowering costs of production. Micro, Small, and Medium Enterprises (MSMEs)—the engines of employment—will find their competitiveness enhanced in both domestic and global markets.
Middle-class families will experience greater disposable income, women will have access to affordable household items, and the youth will see reduced costs on consumer goods and technology, which are vital for education and entrepreneurship.
The new GST regime strengthens trust in governance. For too long, taxation was seen as a burden imposed by the state. By making GST synonymous with relief and affordability, the government is reshaping that perception turning taxation into a tool for empowerment rather than mere revenue collection.
This change of narrative is crucial for building a stronger bond between citizens and the state.
Beyond economics, the symbolic framing of GST reforms as a festival is a smart move. Festivals in India are not merely occasions of joy but also catalysts of economic activity.
By associating tax relief with festivity, the government has tapped into the cultural fabric of the nation, spreading optimism and encouraging spending. |
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