India, Sept. 22 -- The new GST rates come into effect from Monday, a move that Prime Minister Narendra Modi said, along with earlier income tax changes, will help Indians save nearly Rs.2.5 lakh crore.

Describing the relief measures as a "savings festival," Modi said the income tax cuts have largely benefitted the middle class, while the GST revisions extend benefits to the poor and the neo middle class as well.

"With these reforms, people will be able to save more and spend on what they wish. From youth, farmers and women to shopkeepers, traders and entrepreneurs-everyone will gain from this Bachat Utsav. This festive season, every family will have something to celebrate," he said in an address to the nation on Sunday evening.

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