Next Generation GST Reforms to Light Up Diwali

Prime Minister Narendra Modi announced upcoming GST reforms set to be unveiled by Diwali. These changes aim to provide tax relief to the common man and benefit small and medium enterprises. The reforms coincide with the 8-year mark of GST, subsuming various taxes and levies since July 1, 2017. A Group of Ministers is working on rate rationalization.

Prime Minister Narendra Modi has signaled a new chapter in India's indirect tax regime by stating that next-generation reforms in the Goods and Services Tax (GST) will be announced by Diwali. This development is anticipated to deliver significant tax relief to the public and bolster small and medium-sized enterprises (SMEs).

In his address from the Red Fort on the occasion of India's 79th Independence Day, Modi emphasized the need for these reforms as the GST system marks its eighth year of implementation. Introduced on July 1, 2017, GST aimed to unify and streamline varied forms of taxation across the country.

Ahead of the proposed reforms, a Group of Ministers (GoM) made up of state finance ministers is deeply involved in discussions surrounding the rationalization of tax rates and the possible reduction of existing tax slabs. Modi assured citizens that the forthcoming changes would bring down taxes on everyday items, thus alleviating financial pressure on the common people and fortifying the nation's economy.

(With inputs from agencies.)