Yogi Adityanath Hails New GST Reforms as Festival Gift to the Nation

Uttar Pradesh Chief Minister Yogi Adityanath praised the new Goods and Services Tax (GST) reforms, describing them as a festive gift to the nation. "Today is the first day of Sharadiya Navratri... and on this occasion, PM Narendra Modi gave the entire country a gift by making the biggest reforms in GST... Life-saving medicines have been made free from GST. GST on all other medicines has been cut to 5%... For farmers, the GST has been cut to 5% or 0%. It has been cut to 0% on students' stationery. This will bring a new pace to the Indian economy, and the common consumers will celebrate the festivals with great fervour," CM Yogi said.

Prime Minister Narendra Modi also lauded these reforms, calling them a "double bonanza" for citizens during festival time. He announced this while speaking at a public event in Itanagar. The Prime Minister highlighted that these changes mark the beginning of GST Bachat Utsav, offering significant benefits to people.

Impact on Economy and Consumers

The revised GST structure aims to invigorate economic growth by boosting consumption and production. As consumption rises, production will follow suit, leading to job creation. CM Yogi emphasised that awareness campaigns have been conducted among consumers and businesses, resulting in widespread appreciation for PM Modi's government.

The GST Council approved these reforms during its 56th meeting earlier this month. The previous four-slab system was replaced with two slabs of 5% and 18%, while retaining a separate 40% slab for luxury and sin goods. This change is expected to simplify compliance and reduce consumer prices.

Development Projects Announced

During his address in Itanagar, PM Modi inaugurated several developmental projects worth Rs 5,100 crore. These include laying foundation stones for hydroelectric projects in Arunachal Pradesh's Siyom sub-basin and a state-of-the-art Convention Centre at Tawang. Additionally, infrastructure projects worth over Rs 1,290 crore were announced across various sectors.

The new GST framework is designed to support diverse industries such as agriculture, automobiles, FMCG, and renewable energy. By lowering living costs and strengthening MSMEs, it aims to widen the tax base and promote inclusive growth.

As India embraces these next-generation GST reforms, both farmers and shopkeepers are reacting positively to the new tax structure. The reduction in taxes on essential items like medicines and stationery is expected to benefit common consumers significantly.

This reform is anticipated to ease compliance burdens for businesses while fostering manufacturing growth across sectors. With reduced consumer prices, it is set to enhance affordability for everyday goods.