{"id":31813,"date":"2025-08-15T08:57:50","date_gmt":"2025-08-15T08:57:50","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=31813"},"modified":"2025-08-15T08:57:50","modified_gmt":"2025-08-15T08:57:50","slug":"next-generation-gst-reforms-coming-this-diwali-says-pm-modi-from-red-fort","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/next-generation-gst-reforms-coming-this-diwali-says-pm-modi-from-red-fort\/","title":{"rendered":"Next-generation GST reforms coming this Diwali, says PM Modi from Red Fort"},"content":{"rendered":"

NEW DELHI: Prime Minister Narendra Modi, addressing the nation from the ramparts of the Red Fort on Independence Day, announced that the government is set to bring a major reform in the Goods and Services Tax (GST), which will give a significant relief to the consumers and small businesses.<\/p>\n

Addressing the nation on Independence Day from the Red Fort, PM Modi stated that the revisions in the GST would be rolled out around Diwali, describing them as a \u201cdouble Diwali gift\u201d for the people.<\/p>\n

PM Modi said, \u201cThis Diwali, I am going to give you a \u2018double Diwali\u2019 gift. A major announcement is coming for the people of the country. Over the past eight years, we implemented a major GST reform that significantly reduced the tax burden across the nation. Now, after eight years, the time has come to review it. We have formed a high-powered committee to begin this review process and have held consultations with the states as well. We are now bringing in next-generation GST reforms. This will become a Diwali gift for the nation.\u201d<\/p>\n

\u201cTax rates on essential goods and daily needs will be reduced under a simplified framework. This will bring significant relief and convenience. Our MSMEs and small industries will also benefit greatly from these changes,\u201d he added.<\/p>\n

PM Modi stated that these reforms would directly impact essential goods and daily needs, aiming to ease the tax burden on common citizens.<\/p>\n

The move comes at a time when the government is looking to bolster consumption and improve ease of doing business, especially for micro, small and medium enterprises (MSMEs), which have been seeking relief in compliance and tax-related issues.<\/p>\n

The implementation of GST replaced a maze of indirect taxes with a single, unified system. It made tax compliance easier, reduced costs for businesses, and allowed goods to move freely across states. By improving transparency and efficiency, GST helped lay the foundation for a stronger, more integrated economy.<\/p>\n

On 1 July 2025, the Goods and Services Tax (GST) completed eight years since its rollout on July 1, 2017.<\/p>\n

GST rates in India are determined by the GST Council, which includes representatives from the Union and State or Union Territory governments. The current GST structure consists of four main rate slabs: 5 per cent, 12 per cent, 18 per cent and 28 per cent. These rates apply to most goods and services across the country.<\/p>\n

In addition to the main slabs, there are three special rates: 3 per cent on gold, silver, diamond and jewellery, 1.5 per cent on cut and polished diamonds and 0.25 per cent on rough diamonds. A GST Compensation Cess is also levied on select goods such as tobacco products, aerated drinks and motor vehicles at varying rates. This cess is used to compensate states for any revenue loss resulting from the transition to the GST system.<\/p>\n

A recent report by Deloitte titled GST@8 described the past year as a blockbuster for GST. It credited the government\u2019s timely reforms, clear guidance to taxpayers, and steady upgrades on the GST portal as key reasons behind this success. These measures not only improved ease of doing business but also strengthened the tax base.<\/p>\n

In 2024-25, gross GST collections hit a record Rs 22.08 lakh crore, marking a year-on-year growth of 9.4 per cent. This rise reflects the growing formalisation of the economy and improved tax compliance.<\/p>\n

\"Next-generation
Next-generation GST reforms coming this Diwali, says PM Modi from Red Fort<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI: Prime Minister Narendra Modi, addressing the nation from the ramparts of the Red Fort on Independence Day, announced that the government is set to bring a major reform in the Goods and Services Tax (GST), which will give a significant relief to the consumers and small businesses. Addressing the nation on Independence Day […]<\/p>\n","protected":false},"author":2,"featured_media":31814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[67,89,54],"tags":[],"class_list":["post-31813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-header","category-national","category-political"],"gutentor_comment":0,"yoast_head":"\nNext-generation GST reforms coming this Diwali, says PM Modi<\/title>\n<meta name=\"description\" content=\"Prime Minister Narendra Modi, addressing the nation from the ramparts of the Red Fort on I-Day announced that the government\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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