New Delhi, Aug 15, KNT: Prime Minister Narendra Modi on Friday announced that the next generation reforms in Goods and Services Tax will be unveiled by Diwali, promising substantial tax relief for the common man and major benefits for small and medium enterprises.
In his address to the nation on the 79th Independence Day, Modi said the time has come to reform the indirect tax regime, which has now completed eight years since its rollout. GST, which replaced multiple central and state levies, was implemented on July 1, 2017.
“We have discussed with states and we will usher in next generation GST reforms by Diwali, which will be a Diwali gift for citizens. Tax on items of common man will be reduced substantially. Our MSMEs will benefit hugely. Daily use items will become cheaper, which will also strengthen our economy,” Modi said in his speech from the Red Fort.
A Group of Ministers comprising state finance ministers is already examining rate rationalisation and the possibility of reducing the number of GST slabs. [KNT]
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