New Delhi: Prime Minister Narendra Modi on Friday announced that next-generation reforms in the Goods and Services Tax (GST) will be rolled out by Diwali, offering significant tax relief to the common citizen and boosting small and medium enterprises.
Speaking on the 79th Independence Day, Modi emphasized that it is the right time to reform the GST, eight years after the indirect tax system was launched. GST, which consolidated multiple taxes and local levies, came into effect on July 1, 2017.
“We have consulted with the states and will introduce next-generation GST reforms by Diwali—a Diwali gift for citizens. Taxes on essential items will be reduced substantially, our MSMEs will gain immensely, and daily-use products will become more affordable, strengthening the economy,” Modi said from the Red Fort.
