On the occasion of the 79th Independence Day, Prime Minister Shri. Narendra Modi highlighted how the implementation of Goods and Services Tax (GST) in 2017 has been one of the most significant reforms that has benefited the nation. Emphasizing the importance of next-generation GST reforms, he underlined the Government’s commitment to bring relief to the common man, farmers, middle class and MSMEs while driving the vision of an ‘Atmanirbhar Bharat’. The Central Government is now focusing on three key pillars structural reforms, rate rationalisation and ease of living to make GST simpler, fairer and more effective. A proposal on GST rate rationalisation and reforms has already been sent to the Group of Ministers (GoM) for examination.
The upcoming changes aim at rationalising tax rates to benefit all sections of society, especially women, students, farmers and the middle class. Additionally, reforms will address long-standing challenges such as reducing classification disputes, correcting inverted duty structures, ensuring greater rate stability and improving the overall ease of doing business. By strengthening critical sectors and fostering sectoral expansion, these measures are expected to stimulate economic growth and make India’s tax system more robust and inclusive.
Pillar 1: Structural Reforms
Pillar 2: Rate Rationalisation
Pillar 3: Ease of Living
In the true spirit of cooperative federalism, the Centre remains committed to working closely with the States. It will be building a broad-based consensus with the States in the coming weeks, to implement the next generation of reforms as envisioned by Prime Minister Shri. Narendra Modi.
The GST Council, when it meets next, will deliberate on the recommendations of GoM and every effort will be made to facilitate early implementation so that the intended benefits are substantially realised within the current financial year.
