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

In his address to the nation, the Prime Minister said that from September 22, people will be able to buy their favourite items at lower prices as the new GST rates come into effect.

“Next gen GST reforms being implemented from tomorrow, it is like ‘GST saving festival’, PM Modi said.

"From tomorrow, you will be able to buy your favourite items with ease. This is like a GST saving festival for every Indian," the Prime Minister added.

PM Modi said that the poor and the new middle class are getting double benefits after the GST rate cuts.

Prime Minister Modi greeted citizens on the occasion of Navratri and said that the new phase of GST reforms will directly benefit the common man, farmers, MSMEs, middle-class families, women and youth.

The government had earlier announced GST rate cuts on September 4, covering a wide range of products -- from automobiles to daily consumer items.

This marks the biggest indirect tax reform since the Goods and Services Tax was rolled out in July 2017.

The new system, often called GST 2.0, introduces a two-slab structure of 5 per cent and 18 per cent, with an additional 40 per cent rate only for super luxury, sin and demerit goods.

The reforms were cleared by the GST Council at its 56th meeting, where both the Union and state governments reached a consensus.

Earlier in the day, the Prime Minister’s Office had posted on X that PM Modi would address the nation at 5 PM.

During his speech, PM Modi underlined that the reforms symbolise the cooperative spirit between the Centre and the states.

The Prime Minister said the decision to move forward with the new tax structure will make goods cheaper, encourage industry, and strengthen India’s economy.

(IANS)