Prime Minister Narendra Modi is scheduled to address the nation at 5pm today. His address comes on the eve of the implementation of the revised GST rates, which coincides with Navratri celebrations in the country.
The new goods and services tax (GST) rates will result in substantial reduction in prices of everyday items and also boost the economy. In his Independence Day speech, PM Modi announced "next generation GST reforms" aimed at simplifying the tax structure and easing financial burden on citizens. He called it an early Diwali gift for the citizens.
What to expect from PM Modi's speech?
- GST 2.0
With the revised GST coming into effect starting September 22, the Prime Minister is expected to speak on the revised and simplified tax regime and how it will benefit the common man, improve their lives and boost businesses. However, there is no official confirmation yet on the subject of his address.
"The government will bring next-generation GST reforms, which will bring down the tax burden on the common man. It will be a Diwali gift for you," PM Modi he said addressing the nation from the ramparts of the Red Fort on August 15.
As per the revamped structure, there will be only two slabs - 5% and 18% with the Centre doing away with 12% and 28% categories. The tax revamp moves 99% of the goods in 12% GST slab to 5% and 90% of the items in the 28% slab to 18%. However, sin goods including tobacco products and cigarettes will continue to attract 28%.
2. H-1B visa
PM Modi's address comes a day after the Trump administration increased the annual fee for fresh H-1B visa applications to $ 100,000, resulting in panic among Indians. The Trump administration's sudden move will significantly impact skilled Indian professionals in the US. According to the US Citizenship and Immigration Services (USCIS), Indians make up an estimated 71% of all approved H-1B applications in recent years.
Soon after Trump signed the proclamation on Saturday, the Indian government said this measure is likely to have humanitarian consequences by way of disruption for families.
While it is not certain whether the Prime Minister will address the H-1B visa fee hike issue, he made an indirect reference to it on Saturday and laid strong emphasis on self-reliant India (Atmanirbhar Bharat). India's biggest adversary was its dependence on other countries, he noted.
"We have no great enemy in the world. In truth, our only enemy is our dependence on other countries. That is our greatest adversary. Together, we must overcome this enemy of dependence. We must always remind ourselves — greater foreign dependence means greater national failure. For peace, stability, and prosperity in the world, the country with the largest population must become self-reliant. If we remain dependent on others, our self-respect will be wounded. We cannot leave the future of 140 crore Indians at the mercy of others. We cannot allow the nation’s development goals to rest on dependence on others. We cannot risk the future of our coming generations," PM Modi said.
Mahalaya greetings
Earlier today, the Prime Minister extended Mahalaya greetings to the nations. "Wishing you all Shubho Mahalaya! As the sacred days of Durga Puja draw near, may our lives be filled with light and purpose. May the divine blessings of Maa Durga bring unwavering strength, lasting joy and wonderful health," PM Modi wrote on X.
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