New Delhi, Sep 5 (IANS) Union Minister of Commerce and Industry Piyush Goyal on Friday hailed the latest reforms in the Goods and Services Tax (GST) structure as “the biggest economic reform since Independence,” crediting Prime Minister Narendra Modi for fulfilling a long-awaited vision to simplify India’s tax system. Addressing a press conference at the BJP headquarters in New Delhi, Goyal said the revised GST rates — set to come into effect from September 22, the first day of Navratri — mark a transformative moment for the country.

“India’s economy is reaching new heights with these changes. Perhaps for the first time since 1947, such comprehensive reforms have been made in the country’s tax structure. This is a huge relief for consumers and a gift to our youth, women, farmers, shopkeepers, MSMEs and big businesses,” he said. The Union Minister underlined that the reform reflects PM Modi’s “vision and courage” to implement what former Prime Minister Atal Bihari Vajpayee had once envisaged — merging 30 to 35 taxes and levies into a single tax system.

“From 2017 onwards, the Prime Minister has consistently reduced rates whenever possible. Every state, including those ruled by opposition parties, came together to decide on slabs and implement the reform,” he added. Listing the benefits, Goyal noted that the prices of essential and widely used items — including scooters, motorcycles, clothes, shoes, glasses, food products, farm produce, health insurance, medical devices, medicines, televisions, refrigerators and air-conditioners — would come down.

He stressed that lower taxes would boost investment, encourage consumption and create employment. Taking aim at the previous UPA government, Goyal said India’s financial condition in 2014 was “very bad” after 10 years of Congress rule, marked by corruption and lack of reform. “They promised much but delivered nothing. The burden of paperwork and taxes before 2014 has been continuously decreasing since the introduction of GST in 2017,” he asserted. Calling the move a “Navratri gift” to the nation, Goyal said the reform not only strengthens the ease of doing business but also restores trust between the Centre and states. “This is the promise and vision of Prime Minister Modi, who took this bold step to ensure every section of society benefits,” he added.