PM Modi announces next-generation GST reform with significantly lower rates

During his Independence Day address, Prime Minister Narendra Modi announced a sweeping overhaul of the GST system, promising to unveil a “next-generation” tax regime with substantially lower rates this Diwali, which he hailed as a festive gift from the Centre.

"I am going to give a great gift this Diwali. Over the past eight years, we implemented a major GST reform and simplified taxes. Now, the time has come for a review. We have conducted it, consulted with states, and are set to introduce a ‘next-generation GST reform’," the Prime Minister declared from the Red Fort.