The next-generation GST reforms, which were approved by the 56th GST Council on September 3 and which go into effect from September 22, will mark the start of a ‘GST Savings Festival’, Prime Minister Narendra Modi wrote in a letter addressed to the nation.

The Prime Minister averred that the income tax cuts—which were introduced earlier this year—and the next-generation GST reforms, will add up to savings of nearly ₹2.5 lakh crore for the people. “Your household expenses will reduce and it will be easier to fulfil aspirations such as building a home, purchasing a vehicle, purchasing appliances, eating out or planning a family vacation,” reads PM Modi’s letter, adding that he is heartened to see shopkeepers and traders putting up ‘then and now’ boards to indicate pre-reforms and post-reforms.

The small industries, shopkeepers, traders, entrepreneurs, and MSMEs will also witness a greater Ease of Doing Business and Ease of Compliance after the implementation of the next-generation GST reforms, the PM said. “Lower taxes, lower prices, and simpler rules will mean better sales, less compliance burden and growth of opportunities, especially in the MSME sector,” the PM adds.

Prime Minister Modi also exhorted the people to buy and support Made in India products. He invoked the imagery of the sweat and toil of an Indian involved in the making of swadeshi (indigenous) products—irrespective of the brand or company that makes the products—as the definition of a swadeshi product.

“Every time you buy a product made by our own artisans, workers, and industries, you are helping many families earn their living and creating job opportunities for the youth…I also urge state governments to encourage industry, manufacturing, and improvement of the investment climate,” his letter adds.

The GST reforms, according to PM Modi, will boost savings and directly benefit every section of society, including farmers, women, youth, poor, middle class, traders and MSMEs. “They will encourage greater growth and investments and accelerate the progress of every state and region,” the PM said, adding that in the past few years, 25 crore people have risen above poverty and formed an “aspirational neo-middle class”.