New Delhi: Prime Minister Narendra Modi, in his Independence Day address from the Red Fort, announced a major overhaul of the Goods and Services Tax (GST) aimed at providing relief to consumers and small businesses.
Calling it a “double Diwali gift,” PM Modi revealed that the new GST reforms will be rolled out around Diwali this year. “Tax rates on essential goods and daily needs will be reduced under a simplified framework. MSMEs and small industries will also benefit greatly,” he said.
The reforms follow eight years since GST’s launch in July 2017, replacing multiple indirect taxes with a unified system. The revised structure is expected to ease the tax burden, boost consumption, and improve ease of doing business, particularly for micro, small, and medium enterprises.
The move comes as GST collections in 2024-25 hit a record Rs 22.08 lakh crore, reflecting higher compliance and a growing formal economy.
