Prime Minister Narendra Modi and his top lieutenants have run out against the dawn of GST2.0 across the country, in an effort to disclose the tax cuts and ensure that businesses give consumers’s benefits. Finance Minister Modi, Nirmala Sitharaman, and Health Minister JP Nadda involved traders and individuals on Monday, as businesses have rolled out profits from the tax cuts to millions of consumers across the country. Modi calls it a GST savings festival and wrote on social media that lower tax rates mean more savings for each household and a greater ease for businesses, a day after he said the tax cuts would accelerate the growth of India. The outreach campaign is coming because the Consumer Affairs Ministry is preparing to share information about consumer complaints about corporate profitability at the Central Council of Indirect Taxes and Customs (CBIC) and other authorities for timely action. The active involvement of the political executive and the messages to enterprises and consumers that the government wants the tax cut benefits to be communicated to consumers without delay, has urged thousands of businesses to make public announcements about reducing prices. GST 2.0 -boost for growth -head -economic adviser V. Anantha offspring at a network18 event in the capital said that the country’s economy is likely to grow closer to the top of the government’s projected series, aided by GST reforms. The economic survey predicted the economy of India to expand between 6.3% and 6.8% in FY26. Modi, who was in Arunachal Pradesh, died with local traders and retailers in Itanagar who showcased their products and emphasized the impact of GST reduction on prices. Modi told them that he had become a brand ambassador for their products while urging them to display banners requested to make ‘Swadeshi’ movement in purchases. Finance Minister Nirmala Sitharaman visited Laxmi Nagar in the capital and died with shop owners and consumers, who marked the implementation of GST reforms and encouraged everyone to buy and sell in India products. Nadda, national president of BJP and Minister of Health, visited Lajpat Nagar in the capital and discussed GST reforms with the shop owners and traders. However, the Opposition Congress Party sounded skeptical and criticized the government for what it described as “a delayed GST reform” and that he “made everything in an event”. Party leader Jairam Ramesh claimed that the Indian economy did not come out of the shock of demonetization and the launch of GST eight years ago, two events close to each other. India’s largest car manufacturer, the largest car manufacturer in India, said the reaction to the price cut has not seen over the past 35 years. ‘On the very first day, we recorded 80,000 inquiries and have already delivered more than 25,000 cars, with deliveries expected to soon affect 30,000. Since September 18, when our additional price reduction announced (in addition to GST), we have received 75,000 reservations, with nearly 15,000 bookings that are 50% higher every day than usual, ‘says Paro Banerjee, senior executive officer (marketing). “The demand for small cars was particularly strong, with discussions with almost 50%. Inquiries remain very high, and we can even be in stock for certain variants. Traders stay open late at night to deliver cars to customers. Compared to last year, the overall response was exceptionally strong,” Bannerjee said. Air conditioners and TV set sales rose when buyers rushed to grab cheaper transactions offered by retailers, Pti reports. Home devices that were earlier taxed at 28% are now taxed at 18%. “Primary regular sales trends are encouraging. Until 17:00 in the evening, our traders reported almost double sales, compared to any other Monday,” Haier India President NS Satish told Pti. B. Thiagarajan, managing director of Blue Star, said: “I think the vote is optimal.” “Rough estimate is that growth will be about 20%compared to September last year. The big sale of e-commerce players will start today and prices will be watched by many consumers before deciding to buy,” he told Pti. ITC LTD chairman and managing director Sanjiv Puri called the launch of the next generation GST reforms as a ‘historic moment’ that would make products more affordable, increase consumption and promote small and medium businesses. In a LinkedIn post, Puri welcomes the prime minister’s announcement of the Reformation on the Eva of Navratri, who calls it “accompanying and paths that it is a delay, and it would mention a distant and paths that it is a delay, and it mentions that it was” accompanied by a “vicit Bharat”. The 18% GST benefit on individual life and health insurance premium is completely communicated to clients, says Amit Chhabra, chief enterprise officer, general insurance, policybazaar. “The discount has also led to a significant survey of the policy on our website. I feel that the government’s decision to release the premium of individual life and health insurance policy of GST has not just made products cheaper for customers, but it has also helped to raise awareness of insurance products that will help raise the intrusion in the country,” GST 2.0 brought cost -rationalization for energy transition, as the tax rate on renewable energy components, including solar cells, biogas plants and windmill equipment, was reduced to 5% from 12%, industry representatives said. They said that the price reduction was implemented and that the invoice was taken into account in new prices from Monday. Amit Paithar, CEO and director of all the time, where Energies Ltd, said: “Reducing GST on renewable energy devices and equipment to a uniform 5% will lower the project costs and the addition of capacity needed to achieve the clean energy target of India. This development will help. The case for the adoption of solar energy. ”Paithankar said although the new rate could temporarily increase the issue of reverse tax, the government’s focus on faster repayments (ITC) (ITC) should help address it. Cost -Relief Pinaki Bhattacharya, founder, managing director and CEO, Ampin Energy Transition, said: “While the focus on domestic manufacturing has contributed to rising energy costs, recent GST rationalization offers the greater adoption of renewable energy, green hydrogen and energy storage solutions.” According to ICRA, ICRA estimates are expected to reduce the rate rationalization for solar PV modules and wind turbine crushers by 5%capital costs for solar and wind power projects. The cost of arousing for solar projects by 10 Paise per unit and for wind power projects will reduce 15-17 paise per unit, which in turn can reflect in the power prices for consumers in emerging projects. Renewable Energy is a focus area of government, given its ambitious target of achieving by 2030 500 GW non-fossil capacity and net zero carbon release by 2070. Estimates by the Union Ministery of New and Renewable Energy show that the reduction in GST is expected to reduce the equal renewable rates that can expect the financial burden of electricity. nationwide annual savings of £ 2,000,000-3,000,000 CR. Acquisition costs. Union Minister for New and Renewable Energy Pralhad Joshi said developers and investors in the energy transition space are likely to save £ 1-1.5 billion as a result of the GST cut, as India’s eyes will say to about 248 GW of non-fossil power generation at 2030. “We passed on the entire GST reduction of 12% to 5% to our clients, making our equipment more affordable and accessible. The initial response was encouraging, and we expect the full impact to be more visible in the coming days as the implementation of the rate begins. Said Narinder Mittal, president and managing director, CNH India. International Tractors Ltd, manufacturer of the Sonalika brand of tractors, has also reduced prices. Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance, said the industry body representing 23 leading research-driven companies is fully committed to ensuring that the GST benefits reach the citizens quickly and transparently and promote its mission of affordable and accessible health care to all. “Most medicines, which were earlier taxed at 12%, will now only attract 5% GST. In addition, 36 critical life-saving medicines for cancer, genetic and rare diseases, and cardiovascular conditions are fully released. Sumant Sinha, founder, chairman and CEO of Renew Energy Global PLC, said the company is proud to transfer the full benefit to our customers. “We believe that this move will catalyze the adoption on segments, from large -scale developers to roof consumers and farmers.” The company said the GST reduction would lead to direct savings of up to £ 10 lakh per megawatt (MW) for modules produced with imported components in the country and up to £ 15 lakh per MW for locally manufactured modules for utility scale projects. (Dhirendra Kumar, Vijay C Roy, Rhik Kundu, Priyanka Sharma and Subhash Narayan contributed to this story)
Prime Minister, colleagues on an effort to make sure GST rate cuts reach households amid opposition criticism
