New Delhi, Dec 25 || 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has undertaken a historic wave of reforms, abolishing over 40,000 unnecessary compliances and repealing more than 1,500 outdated laws, thus creating a modern, efficient, and citizen-friendly ecosystem. The GST rate rationalisation, which came into effect from September 22 this year, was one such ‘Big Bang reform’ towards building a 'Viksit Bharat'.
On the 79th Independence Day, Prime Minister Narendra Modi addressed the nation and announced the introduction of next-generation GST reforms by 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,” he said, ensuring that these reforms directly benefit citizens and stimulate economic activity.
According to the Finance Ministry, the rollout of GST 2.0 has started showing a positive impact on India’s economy, with stronger consumption trends, higher sales across key sectors like automobiles, and improved consumer sentiment.