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Key Points

Business owners across India have welcomed PM Modi’s announcement of next-generation GST reforms, calling it a much-needed relief for traders. Modi hinted at sweeping changes, including reduced GST rates on household items ahead of Diwali. The move aims to ease the tax burden on citizens and boost domestic trade. The announcement coincides with eight years since GST’s 2017 implementation, marking another milestone in tax simplification.

Key Points: Modi Announces GST Reforms as Traders Welcome Tax Relief Move

  • Traders hail GST reforms as relief from high tax rates
  • Modi hints at major GST rate cuts for household goods
  • Industry leaders say reforms will strengthen domestic trade
  • Announcement marks 8 years since GST’s 2017 rollout
2 min read

Business owners welcome PM Modi's announcement on next-generation GST reforms

Business owners praise PM Modi’s next-gen GST reforms, citing tax relief and trade boost ahead of Diwali.

Business owners welcome PM Modi's announcement on next-generation GST reforms
"“This Diwali, I am going to celebrate a double Diwali for you.” – PM Narendra Modi"

New Delhi, Aug 15

Business owners and traders across the country have welcomed Prime Minister Narendra Modi’s announcement of next-generation GST reforms, calling it a much-needed step to simplify the tax system and boost trade.

Federation of Sadar Bazar Traders Association Vice-President Paramjit Singh Pamma said the reforms will bring significant relief to traders who currently face tax rates ranging from 5 per cent to 28 per cent.

“This has been a long-standing demand of the trading community, and we welcome this announcement by Prime Minister Modi. It will help traders immensely,” Pamma said.

In his Independence Day address from the Red Fort, Prime Minister Modi hinted at sweeping changes to the Goods and Services Tax system.

“This Diwali, I am going to celebrate a double Diwali for you. The countrymen are going to get a big gift — there will be a huge reduction in GST on common household items,” he announced.

Calling the move “the demand of the hour,” the Prime Minister stressed the urgent need to review and rationalise GST rates to reduce the tax burden on ordinary citizens.

On the Prime Minister’s appeal to buy more indigenous goods, Pamma said the GST rate cut will strengthen domestic trade and make local products more competitive against imports.

He also remarked that India’s large market provides ample opportunities for domestic sales, though further reforms in local markets are needed.

The announcement comes as the country marks eight years since GST’s implementation in 2017, a landmark reform that unified India’s indirect tax system and improved the ease of doing business, particularly for small and medium enterprises.

With the upcoming changes, traders and industry bodies hope for a simpler, fairer, and growth-oriented GST structure.

- IANS

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Reader Comments

S
Shreya B
Good step but implementation is key. Last time when GST was introduced, there was so much confusion. Government should conduct proper workshops for traders before rolling out changes. #GSTReforms
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Aman W
As a CA, I welcome this move but request the government to also simplify the filing process. The current portal crashes often during peak filing days. Technology upgrade is equally important!
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Priyanka N
Hope they reduce GST on daily essentials like soap, toothpaste etc. Current rates make basic items expensive for middle class families. PM's Diwali gift should focus on common man's needs 🪔
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Karan T
While the announcement is positive, I'm concerned about frequent policy changes. Businesses need stability to plan long-term. Hope this isn't just pre-election rhetoric but a well-thought reform.
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Nisha Z
Make in India will get a big boost if local products become cheaper than imports! This GST rationalization could be game-changer for small manufacturers. Jai Hind 🇮🇳

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