Looking Forward: How Will GST 2.0 Benefit Consumers? PM Modi’s Big Diwali Gift
Prime Minister Narendra Modi used India’s 79th Independence Day address to outline a bold vision for economic growth and reforms, giving citizens reason to expect a “Double Diwali” this year.
Speaking from the historic ramparts of the Red Fort, Modi highlighted recent reforms in the income tax laws and promised sweeping next-generation GST reforms as a Diwali gift to the people of India.Modi began by emphasising the need for a strong and self-reliant India. “The need of the hour is to take a resolve for building a ‘samarth’ Bharat, just like our freedom fighters had envisioned a ‘free India’,” he said.
Drawing attention to economic measures, he announced that after the recent simplification of income tax laws, the next step would be major GST reforms designed to benefit every citizen, especially small businesses and MSMEs.“I am going to give a great gift on Diwali. In the last eight years, we did a big reform in GST, tax was simplified. Now it is the demand of the time to make a review, we did, also talked to states, we are bringing ‘next generation GST reform,’” Modi said.
The government has proposed reforms based on three main areas: structural reforms, rate rationalisation, and ease of living. These proposals have been sent to the Group of Ministers (GoM) under the GST Council for review.
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