"Common man will contribute towards economic growth": Union Minister Bhupender Yadav on GST reforms implementation

New Delhi [India], September 22 (ANI): Union Environment, Forest and Climate Change Minister Bhupender Yadav on Monday hailed the newly implemented Goods and Services Tax (GST) reductions as a 'Bachat Utsav (savings festival)' for commoners, which he said will allow them to contribute towards the economic growth of the country.
Yadav said that GST relief has lowered the prices of vehicles and electronic products.
"Relief has been provided for food products. Agri-equipment is cheaper; prices of vehicles are now lower, and prices of electronic products used in daily life have been brought down. This GST relief is like a 'Bachat Utsav' in this festive season, where a common man from a poor family, a middle-class family, or a neo-middle-class family will contribute towards the economic growth of the country," Yadav told reporters here.
He further stated that the GST rate cuts will bring relaxation for industries and will prove to be a boost for trade.
"With the commencement of Shardiya Navratri, due to the successful policies of PM Narendra Modi, we are heading toward next-gen GST. Under this, GST reforms have been introduced to provide relaxation to industries, boost trade, simplify tax rates, and provide impetus to the country's economy. Now, GST will have just two slabs - 5 per cent and 18 per cent," Yadav said.
Meanwhile, Union Home Minister Amit Shah said that reforms to GST will come into effect across the country from today and will contribute to the savings of commoners.
Labelling the reductions as "historic," Shah said that the GST rate cuts have been implemented on more than 390 products.
"Modi government's gift of Next Gen GST reform to all the mothers and sisters of the country on the auspicious occasion of Navratri! Modi's promise to the countrymen regarding GST reform has been implemented across the entire country starting today. In this GST, historic reductions have been made in taxes on more than 390 goods," the Union Home Minister posted on X.
He further informed that the GST reductions in the medical and health sector, among others, will increase the savings of people in the country.
Yesterday, Prime Minister Narendra Modi announced the implementation of the next-generation GST reforms starting from today (September 22), marking what he called a major step towards the Aatmanirbhar Bharat Abhiyan.
Addressing the nation, PM Modi said the reforms would usher in a countrywide "GST Bachat Utsav," benefiting the poor, middle-class, farmers, traders, and entrepreneurs alike.
"From the sunrise of the very first day of Navratri, the nation is taking another important and major step towards the Aatmanirbhar Bharat Abhiyan. Tomorrow, on the first day of Navratri, September 22, along with the rising of Suryadev, the Next Generation GST Reforms will come into effect," he said.
The Prime Minister said that with the increased savings and easier purchases, the poor, middle class, farmers, women, traders and entrepreneurs of the country are all set to "benefit greatly." (ANI)