PM Modi Promises "Double Diwali" And "Next-Generation" Tax Gift This Year

Prime Minister Narendra Modi has promised a Diwali gift for the citizens of the country in his speech on the occasion of the 79th Independence Day. Speaking from the ramparts of the Red Fort, he said that the next generation Goods and Services Tax (GST) reforms will be a Diwali gift for the country.

"This Diwali, I am going to make it a double Diwali for you. The citizens will receive a big gift on this Diwali...We are bringing next-generation GST reforms. This will reduce the tax burden across the country. This will be a gift ahead of Diwali," he said in his address to the nation.

PM Modi said the government had undertaken major reforms eight years ago, referring to the GST regime that subsumed numerous taxes and local levies. The government reduced the tax burden across the country and simplified the tax process, he said.

GST was rolled out on July 1, 2017. After the completion of eight years of the indirect tax regime, the time had come to review these changes, he said. A high-powered committee was formed for the review, and the states were consulted too, following which the government has readied new GST reforms. 

"This will substantially reduce the taxes on items for the common man. Our MSMEs will benefit hugely. Daily-use items will become cheaper, which will also strengthen our economy," said PM Modi.

The Prime Minister also praised the Unified Payments Interface (UPI) platform used in the country for instant digital payments.

"The world sees the UPI platform as a wonder today. We are able to do 50% of real-time transactions in India alone today through UPI. Be it the creative world or social media, I challenge the youth (to ask) why everything shouldn't be ours? Why should we be dependent on others? Why should our wealth go out of the country? I have faith in your capabilities," he said.