New Delhi, Sep 4 (PTI) GST 2.0 is a double dose of support and growth for the nation and the next-generation reforms have been done to support India's progress in the 21st century, Prime Minister Narendra Modi said on Thursday.

His comments came a day after the GST Council approved a complete overhaul of the tangled Goods and Services Tax (GST) regime.

In an interaction with National Teacher awardees, Modi noted that five new gems (panch ratna) have been added to India's vibrant economy through the GST reforms.

He said GST has become even simpler and new rates of 5 per cent and 18 per cent will become effective from first day of Navratri.

"GST 2.0 is a double dose of support and growth for the nation. Next generation reforms in GST has been done to support India's progress in 21st century. Five new gems (panch ratna) have been added to India's vibrant economy through GST reforms," he said.

"Without timely changes, we cannot give our country its rightful place in today's global situation. I had said from the Red Fort on 15 August this time that it is crucial to undertake next-generation reforms to make India self-reliant. I had also promised the countrymen that there would be a double blast of happiness before this Diwali and Chhath Puja," he added.

The prime minister said that during Congress regime basic household items used to be "heavily taxed" and the BJP government has tried to address those issues for ease of common man. PTI SKU GJS BJ ZMN

GST rate revision simplifies structure, new lower and standard rates to take effect at start of Navratri. Revisions to the Goods and Services Tax introduce a simplified rate framework with two principal rate points and procedural reforms to simplify compliance and reduce taxation on basic household items; the package, described as GST 2.0, is to be operationalised from the start of Navratri.