PM Modi's 'Double Diwali Gift': Major GST Reforms Announced

Prime Minister Narendra Modi, in a landmark Independence Day address from the Red Fort, unveiled plans for significant reforms in the Goods and Services Tax (GST), promising a 'double Diwali gift' for consumers and small businesses. This reform package aims to ease tax burdens, particularly benefiting essential goods and micro, small, and medium enterprises (MSMEs).

Highlighting the success of past GST reforms, PM Modi noted the upcoming changes will enhance the current system. A high-powered committee, after consulting with various states, is set to introduce next-generation reforms that simplify the tax structure, making compliance easier and reducing tax rates on necessities.

Since its introduction in 2017, GST has streamlined indirect taxation in India, fostering economic integration and transparency. Celebrating GST's eight-year milestone, the Prime Minister emphasized continued efforts to improve the business environment and boost economic growth. Recent achievements, such as record GST collections, underscore these ongoing improvements.

(With inputs from agencies.)