New Delhi: Prime Minister Narendra Modi on Sunday announced the launch of the ‘GST Savings Festival’, set to begin at midnight on September 22, following the implementation of GST 2.0. Reported by The Indian Express
In his address to the nation, PM Modi said the reforms would benefit a wide spectrum of Indians — from the middle class to the youth — as lower tax rates translate into reduced prices.
Ahead of the rollout, companies have gone on a promotional blitz, offering steep discounts, extra grammage, shopping vouchers, and other deals to lure consumers.
Several firms have already announced price cuts on everyday products after the sweeping rate reduction for over 375 common-use goods, approved during the 56th Goods and Services Tax (GST) Council meeting on September 3. Others are expected to follow from Monday onwards, signaling that lower prices are here to stay.
The government has urged corporates to pass on the full benefit of tax cuts to end-consumers, with the Finance Ministry set to monitor monthly price changes through GST field officers.
While smaller enterprises and auto dealers have flagged transitional concerns — particularly over unused input tax credits — early signs suggest that much of the benefit is indeed reaching consumers.
The FMCG sector has seen the biggest announcements, especially for food items now exempted or moved into the 5% GST slab.
With the festive season approaching, the reforms are expected to provide a significant boost to household budgets.