‘Next-Gen GST Reforms By Diwali’: PM Modi’s Big I-Day Gift to Common Man, Small Businesses
Prime Minister Narendra Modi on Friday announced a major economic initiative from the ramparts of the Red Fort, promising “next-generation GST reforms” by Diwali this year. In his 12th consecutive Independence Day address, the Prime Minister declared that the government would overhaul the Goods and Services Tax (GST) regime to ease the financial burden on households and small businesses, a move he hailed as a “massive gift” to the nation.
“We are committed to making life easier for the common man. This Diwali, we will bring GST reforms that will lower prices and boost compliance,” Modi said. The proposed reforms are set to rationalize tax slabs and significantly reduce GST rates on a range of essential and daily-use items. The Prime Minister framed the overhaul as a key component of his government’s broader economic agenda, aimed at creating a more transparent and business-friendly tax system.
The changes are also expected to provide substantial relief to the micro, small, and medium enterprises (MSMEs) sector by simplifying compliance processes and reducing operational costs. Since its landmark implementation in 2017, the GST has been a subject of intense debate, with consistent calls from industry bodies and state governments for simplification and rate rationalization.
The Prime Minister’s announcement is expected to kickstart deliberations within the GST Council to finalize the details of the reform package ahead of the festive season. This promise of tax relief adds another significant economic dimension to Modi’s speech, which also focused on infrastructure development, a push for domestic manufacturing, and the overarching goal of transforming India into a developed nation by 2047.
