India Boosts Incomes and Savings with Rs 12 Lakh Tax-Free Limit, GST Reforms
India's tax landscape has seen significant changes, with the government announcing a substantial increase in the tax-free income limit to Rs 12 lakh. This move, along with other GST reforms, aims to boost incomes and savings, particularly for the middle class and poor. The government has also pledged to continue these reforms, with PM Narendra Modi stating that they will save citizens Rs 2.5 lakh crore by 2025.
The tax-free income limit has been raised to Rs 12 lakh, benefiting a larger section of taxpayers. This change, coupled with the reduction in overall taxes and curbing of inflation, is expected to boost incomes and savings. The government has also removed over 40,000 compliances and decriminalised hundreds of minor business offences, further easing the burden on citizens.
PM Modi has encouraged traders and entrepreneurs to adopt a 'swadeshi first' approach, promoting indigenous products. This shift is part of the ongoing GST reforms, which began in 2017 and are set to continue until 2025. The government is celebrating a 'GST Bachat Utsav' to mark these reforms and their positive impact on the economy.
The government's tax reforms and GST changes are expected to significantly benefit citizens, with savings estimated at Rs 2.5 lakh crore by 2025. These moves, along with the encouragement of 'swadeshi first' products, reflect the government's commitment to boosting incomes, savings, and indigenous industries.
