Independence Day Gift to Taxpayers: Next-Generation GST reforms by Diwali, Says PM Modi
Modi Government to bring next-generation GST reforms by Diwali. They will reduce taxes on daily essentials, benefiting MSMEs, local vendors, and consumers, while simultaneously stimulating economic growth and creating a more efficient, citizen-friendly economy, said Prime Minister Narendra Modi during his address on Red Fort on the 79th Independence Day.
As per News Sources, simplified 2-slab structure has been proposed by the Finance Minister.
“This Diwali, I am going to make it a double Diwali for you…we have undertaken a big reform of GST over the last eight years. We reduced the burden of tax across the country…eight years later, time demands that we review it. We started the review through the formation of a high-powered committee, held discussions with states” said PM in his speech.
Income Tax Reform and Faceless Assessment were introduced by the government making the tax system transparent and efficient.
They also exempted income up to Rs 12 lakh from income tax. This has brought great joy to my middle-class families, who are eager to contribute to nation-building.
“For the world to recognize our strength in manufacturing, we must constantly scale new heights in quality by adhering to Zero Defect, Zero Effect products. Every product of ours should have higher value, but cost less. It is with this spirit that we must move forward” said the Prime Minister.
Amidst global instability, India’s fiscal discipline, the energy of India’s finance, remains a ray of hope, with the entire world expressing confidence in the Indian economy.
