New GST Reforms: A Diwali Bonus for Businesses and Citizens?

Prime Minister Narendra Modi announced a new wave of GST reforms aimed at simplifying the tax law and revising rates. The proposals are expected to benefit both businesses and individuals. The draft has been circulated among states for feedback, with hopes of implementation before Diwali.

Prime Minister Narendra Modi announced a new series of comprehensive reforms to the Goods and Services Tax (GST) intended to simplify the existing framework and adjust tax rates. This initiative is predicted to benefit the poor and middle classes, in addition to small and large enterprises.

During a public appearance after inaugurating two expressways, Modi expressed the government's commitment to enhance governance through strategic reforms. He underscored, ''Reform for us means the expansion of good governance.''

The GST reform draft has been distributed to state governments for their input, with the central government seeking swift cooperation to initiate changes before the Diwali festival. Modi anticipates that states will assist in these efforts to ensure the reforms contribute to a more prosperous celebration.

(With inputs from agencies.)