&imwidth=800&imheight=600&format=webp&quality=medium "'Tax burden will keep going down', says Indian PM Modi at trade show")
Indian Prime Minister Narendra Modi once again hailed the new GST cut and spoke about how the decision taken by the Bharatiya Janata Party (BJP) government at the Centre has reduced the tax burden on the poor and middle class. Speaking after the inauguration of the UP International Trade Show (UPITS) in Noida, the PM said that the new GST reform is an ongoing process and that it will strengthen the Indian economy further, and lead to greater savings for the people.
He also gave an example of how much a shirt used to cost before the BJP cam to power in 2014, when the Congress government was at the helm.
“Before 2014, there were so many taxes that neither businesses nor families could balance their budgets. In 2014, a ₹1,000 shirt carried a tax of ₹117. After the implementation of GST in 2017, that tax came down to ₹50. Now, after the NextGen GST reform, only ₹35 will have to be paid on a ₹1,000 shirt".
He further stated that reforms are an ongoing process and were introduced in the indirect tax regime by implementing GST in 2017, followed by further reforms in September of this year.
“We are not going to stop here… As the economy strengthens further, the tax burden will keep going down… With countrymen’s blessings, reforms in GST will continue,” the Prime Minister said at the trade show.
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He also highlighted how his government took the step of removing those earning up to Rs 12 lakh annually from the income tax, under the GST 2.0 reforms.
Modi also pointed to the efforts being taken to develop a vibrant defence sector and create an ecosystem where every component is indigenously made.
