Indian PM Narendra Modi on Sunday addressed the nation when he said the new GST rate cuts will come into effect from Monday, and the measure will help in accelerating India's growth story.

He said: "Tomorrow, on the first day of Navratri, Next-Generation GST reforms will come into effect with sunrise."

"Your savings will increase and you will be able to buy your favourite things," he said.

Modi said the reform will benefit all sections of Indian society.

He said the prices of daily commodities and services will be slashed following the reform.

Modi said: "These reforms will accelerate India's growth story, simplify business, make investment more attractive, and make every state an equal partner in the race for development."

Earlier this month, the GST Council approved a sweeping overhaul of the indirect tax system.

Effective September 22, the Council reduced the four-rate GST structure to two slabs, eliminating the 12% and 28% rates and retaining only the 5% and 18% slabs, a move aimed at easing the burden on the middle class.