Prime Minister Narendra Modi during his Independence Day speech on Friday made a big announcement of bringing next-generation goods and services tax (GST) reforms on Diwali.
“Prime Minister Narendra Modi says, "This Diwali, I am going to make it a double Diwali for you... Over the past eight years, we have undertaken a major reform in GST... We are bringing next-generation GST reforms. This will reduce the tax burden across the country,” he said. Notably, GST was rolled out on July 1, 2017.
PM Modi said that India wants to grow fast and all his government’s policies are for the welfare of the nation.
Talking about economic reforms introduced by his government, PM Modi, said, “Over the past decade, India has been reforming, performing, and transforming. But now, we need to move forward with even greater strength," he stated.
"In recent years, we have implemented several reforms including FDI, insurance sector, or allowing world-class universities to operate in India," the Prime Minister added.
Prime Minister Modi announced that GST will be reduced before Diwali (October 20). This will:
Make everyday goods cheaper,
Provide relief to MSMEs,
Increase consumption.
Direct message to manufacturers
PM Modi told manufacturers:
"More effort at work, greater results" – meaning no compromise on quality and reduced costs.
The government will also work on simplifying procedures, increasing the number of patents, and achieving self-reliance in energy security, semiconductor chips, fighter jets, and critical minerals.
