Weeks after GST reforms, Prime Minister Modi has hinted that more major economic reforms can be announced in the future.
GST reforms: In a significant development weeks after PM Modi announced GST reforms, reducing the GST rates on multiple goods and services, the Prime Minister has hinted that reforms are not over and more major economic reforms can be announced in the future. More importantly, PM Modi expressed hope the tax burden on individuals will decrease as the economy progresses. Here all the details you need to know about the recent announcement made by PM Modi.
What PM Modi said on more GST reforms?
“The country is celebrating the GST savings festival, but we’re not going to stop here. In 2017, we strengthened the country’s economy by introducing GST. In 2025, we’ll bring GST reforms and we’ll once again strengthen the economy. As the country becomes economically stronger, the tax burden will decrease”, PM Modi has said on the GST reforms.
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“Today, India has a strong billing power for reform. We have democratic and political stability. We also have policy protectability. Most importantly, India has a large youth and skilled workforce. These qualities are not found in any other country in the world. India has everything”, PM Modi added.
What PM Modi said on Income tax exemptions?
Prime Minister Modi stated that prior to 2014, only incomes up to ₹2 lakh were tax-exempt, whereas today, incomes up to Rs 12 lakh are completely tax-free. He stated that the new GST system will save citizens Rs 2.5 lakh crore this year. The country is proudly celebrating the “GST Savings Festival” to celebrate this achievement. On this occasion, the Prime Minister also invited foreign companies to invest in Uttar Pradesh.
Notably, PM Modi said these things while he inaugurated the International Trade Show in Greater Noida, Uttar Pradesh.
