Changes In GST From Diwali As PM Modi Announces Task Force For Reforms
The reform measures will be carried out under the 'Viksit Bharat 2047' plan of the government.
In a major relief for Indians, Prime Minister Narendra Modi on Friday announced next-generation GST reforms by this Diwali, aimed at reducing taxes on daily-use items.
“The government will bring next-generation GST reforms, which will bring down the tax burden on the common man. It will be a Diwali gift for you,” the PM said in his address to the nation from the Red Fort.
He also announced the formation of a task force for next-generation reforms, which will evaluate all current laws, rules, and procedures related to economic activities.
This task force will work within a set timeline to reduce compliance costs for startups, MSMEs, and entrepreneurs, provide freedom from fear of arbitrary legal actions and ensure laws are streamlined for ease of doing business, as per a government statement.
These reforms are aimed at creating a supportive ecosystem for innovation, entrepreneurship, and economic growth, it said.
These measures will be carried out under the 'Viksit Bharat 2047' plan of the government.
"Over the past decade, India has been reforming, performing, and transforming, but now the time has come to move forward with even greater strength," PM Modi said.
He said that over the past years, the government has undertaken a historic wave of reforms, abolishing over 40,000 unnecessary compliances and repealing more than 1,500 outdated laws. Dozens of other laws were simplified in Parliament.
