Tax Pressure Burden Will Be Reduced as Economy Grows: PM Modi
While speaking at the inauguration of the UP International Trade Show (UPITS), Prime Minister Narendra Modi on Thursday said that as India’s economy continues to grow stronger, the tax burden on citizens will further reduce. He highlighted that reforms in the Goods and Services Tax (GST) are not yet complete and will continue as part of an ongoing process to make the tax system more taxpayer-friendly.
Modi highlighted that the GST reforms will contribute to India’s growth story and help the people save more. Talking about the introduction of GST in 2017, he mentioned how this step helped the economy to grow, followed by the further reforms that are applicable from September 2025.
He also appreciated the steps taken by the government that have helped boost savings. These measures include the increased threshold for paying Income Tax and the reduced GST rates under the GST 2.0.
“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.
While talking about the Government’s vision of ‘Made in India‘, he also mentioned that the country is working on developing a vibrant defence sector to make an ecosystem where every component will have the ‘Made in India‘ mark.
He also informed us that the AK-207 rifles will soon be manufactured in a factory in Uttar Pradesh in partnership with Russia. He also urged the nation to boost investment in research and innovation, stating that every product that can be made in India should be made in India. He stated that under the vision of Atmanirbhar Bharat, the country will produce everything from chips to ships.
