Modi Says Tax Burden To Ease Further As Economy Gains More Strength

Prime Minister Narendra Modi on Thursday said that the tax burden on people will ease further as India’s economy gains more strength. He made the remarks after inaugurating the UP International Trade Show (UPITS) and asserted that the recent structural reforms in GST are set to give new wings to India's growth story and lead to greater savings for the people, PTI reported. 

Modi referred to the implementation of GST in 2017, followed by reforms in September this year as significant steps towards strengthening the economy. 

"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 further stated that no income tax on individuals earning up to Rs 12 lakh annually and the GST 2.0 reforms will result in more savings in the hands of the people. Modi highlighted the development of a vibrant defence sector, creating an ecosystem where each component is Made in India. He declared that the production of the AK-203 rifles will soon begin in a factory set up in Uttar Pradesh, in collaboration with Russia.

The PM called for every product to be made in India and said that India must become self-reliant and called for increasing investment in research and innovation. He also shed light on the fact that despite geopolitical uncertainty, India’s growth remains attractive. 

The trade show, inaugurated by Modi, under the theme "Ultimate Sourcing Begins Here", will be held from September 25 to 29. It will have three core objectives: innovation, integration, and internationalisation.

With PTI inputs