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In his Independence Day address to the nation from Red Fort, Prime Minister Narendra Modi on August 15 vowed to bring next-generation goods and services tax (GST) reforms before Diwali this year. In his Independence Day 2025 speech, he hinted at rate rationalisation to now not only lead to rate revisions but also bring down the prices of everyday items, supporting the economy.
"We will bring next-generation GST reforms before Diwali this year," he said during his speech.
He said that the new GST reforms will bring down the tax burden on the country's consumer as well as micro, medium, and small enterprises.
His big message on GST reforms comes at a time when the all-powerful GST Council -- headed by Finance Minister Nirmala Sitharaman -- is scheduled to meet next on September 9.
The GST Council is the top decision-making body for the GST indirect tax system in the country. It recommends GST rates and exemptions, frames rules, resolves disputes, and oversees reforms in the indirect tax regime.
Hopes of GST rate cuts as PM Modi mentions new reforms
Zee Business Managing Editor Anil Singhvi said that the announcement about new GST reforms is set to boost consumption stocks on Dalal Street with a positive reaction in Monday's trade itself.
PM Modi's GST announcements are set to boost the mood on Dalal Street on Monday, said the market guru.
The country's financial markets remained shut on Friday for Independence Day, with trading set to resume on Monday, August 18.
The market wizard also said that there are two ways to build significant wealth in the country over the coming years: One is by growing a business as a businessperson and the other is by investing in quality businesses on Dalal Street.
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