Tax burden will ease further as India’s economy becomes stronger: PM Modi

Prime Minister Narendra Modi on Thursday (September 25) said the tax burden on people will ease further as India's economy gains more strength, and asserted that reforms in GST are an ongoing process.

Addressing the gathering after inaugurating the UP International Trade Show (UPITS) in Greater Noida, Modi said that recent structural reforms in GST are set to give new wings to India's growth story and lead to greater savings for the people.

He stated that the government introduced reforms in the indirect tax regime by implementing GST in 2017, a significant step towards strengthening the economy, followed by further reforms in September of this year.

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‘GST reforms will continue’

"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.

He highlighted the measures taken by the government, including no income tax on individuals earning up to Rs 12 lakh annually and the GST 2.0 reforms, and stated that these initiatives will result in more savings in the hands of the people.

Comparing the present situation with taxes under the UPA government, Modi said, "Before 2014, there were so many taxes that neither businesses nor families could balance their budgets. In 2014, a Rs 1,000 shirt carried a tax of Rs 117. After the implementation of GST in 2017, that tax came down to Rs 50. Now, after the nextgen GST reform, only Rs 35 will have to be paid on a Rs 1,000 shirt."

Also Read: PM Modi pitches for ‘swadeshi’ goods, hails GST reforms as 'savings festival'

‘Vibrant defence sector’

Modi further said the country is developing a vibrant defence sector, creating an ecosystem where every component bears the mark of 'Made in India.' Production of the AK-203 rifles will soon begin in a factory set up in Uttar Pradesh, in collaboration with Russia, he said.

Modi emphasised that India must become self-reliant and called for increasing investment in research and innovation. Every product that can be made in India should be made in India, said the Prime Minister.

Inviting global investments, Modi said that despite geopolitical disruptions and uncertainty, India's growth remains attractive.

(With inputs from agencies)