New Delhi: Prime Minister Narendra Modi on Sunday announced the launch of a nationwide “GST Utsav” starting from the first day of Navratri, describing it as a festival of savings for the people of India.

Addressing the nation, PM Modi highlighted that from September 22, citizens will be able to purchase their favorite items at lower prices as the new GST rates come into effect.

“Next-generation GST reforms being implemented from tomorrow are like a GST saving festival,” he said, adding that the poor and the emerging middle class will receive double benefits from the rate cuts.

The Prime Minister extended his Navratri greetings and emphasized that the new GST reforms will directly benefit the common man, farmers, MSMEs, middle-class families, women, and youth.

The government had announced the GST rate reductions on September 4, covering a wide range of products, from automobiles to daily consumer items, marking the biggest indirect tax reform since the rollout of GST in July 2017.

The reformed system, often referred to as GST 2.0, introduces a two-slab structure of 5% and 18%, with an additional 40% rate applied only to super-luxury, sin, and demerit goods.

These reforms were approved by the GST Council during its 56th meeting, reflecting a consensus between the Union and state governments.

During his speech, PM Modi underlined that the reforms demonstrate the cooperative spirit between the Centre and the states. He further stated that the decision to implement the new tax structure will make goods more affordable, boost industry, and strengthen India’s economy.