Prime Minister Narendra Modi, while delivering his Independence Day speech on Friday, announced that next-generation GST (Goods and Services Tax) reforms will be implemented by Diwali, aiming to reduce taxes on everyday use items.
“I am going to give a great gift on Diwali. In the last 8 years, we did a big reform in GST, tax was simplified. Now it is the demand of the time to make a review, we did, also talked to states, we are bringing next generation GST reform.”
Taxes paid by citizens will be drastically reduced, benefiting small industries and MSMEs, while daily-use products will become cheaper, he said from the ramparts of Red Fort.
