Ministry of Finance: On 79th Independence Day, PM Narendra Modi emphasized GST as a major reform - Proposed structural changes, rate rationalization, and ease of living to lower tax burdens, simplify compliance, and boost economic growth [Press Release attached].
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15-Aug-2025 22:56:39
Date: 15 Aug 2025
Below is the summary of the press release:
On 79th Independence Day, PM Narendra Modi emphasized GST (implemented in 2017) as a major reform benefiting the nation and supporting Atmanirbhar Bharat.
Three Pillars of Proposed Reforms –
Structural Reforms – Correct inverted duty structures, resolve classification disputes, ensure stability and predictability in GST policy.
Rate Rationalisation – Reduce taxes on essential and aspirational goods, move towards 2-slab GST, leverage fiscal space from end of compensation cess.
Ease of Living – Simplify registration, introduce pre-filled returns, enable faster automated refunds.
The objectives is to lower tax burden for common man, women, students, middle class, farmers, and MSMEs; boost consumption; enhance ease of doing business; promote sectoral growth.
Proposals sent to Group of Ministers (GoM) for deliberation; Centre aims for cooperative federalism, consensus with States, and implementation within the current financial year.
Commitment – Evolve GST into a simple, stable, and transparent system for inclusive growth and formal economy strengthening.
