New Delhi, Sept. 21 -- Prime Minister Narendra Modi on Sunday addressed the nation and said that a 'GST bachat utsav (savings festival)' will begin from the first day of Navratri and it will be a "double bonanza" for most of the people.

The Prime Minister also made a strong pitch for promoting 'swadeshi' goods amid the US increasing H-1B visa fee and tensions over trade. Modi asserted that the next generation GST reforms will accelerate India's growth story.

The GST Council in its 56th meeting cleared the "next-generation" reforms under the eight-year old indirect tax regime. The council announced a broad two-slab tax structure of 5 per cent and 18 per cent rates with a demerit rate of 40 per cent rate only for some luxury and sin produ...