PM Modi promises GST reforms as Diwali gift to ease tax burden on every day use items

Speaking on the 79th Independence Day from the Red Fort, Modi said it was time to reform GST, which has completed eight years since its rollout on July 1, 2017, subsuming multiple indirect taxes and local levies.

“We have discussed with states and will usher in next-generation GST reforms by Diwali, which will be a Diwali gift for citizens. Taxes on items used by the common man will be reduced substantially. Our MSMEs will benefit hugely. Daily-use items will become cheaper, which will also strengthen our economy,” he said.

A Group of Ministers (GoM), including state finance ministers, is already deliberating on rate rationalisation and the pruning of GST slabs.