PM Modi Hints At Petrol, Diesel Inclusion In GST, Promises Diwali Relief And Economic Boos

PM Modi on GST: Prime Minister Narendra Modi, while addressing the nation from the ramparts of the Red Fort on the occasion of the 79th Independence Day, announced major changes in GST (Goods and Services Tax). He said that this time Diwali will prove to be a double Diwali for the people, as the government is going to implement the next generation GST reform.

Big change in the last 8 years

In his address, PM Modi said that in the last eight years, the government has made major reforms to make the GST system simple and transparent. By reducing the tax burden and implementing a unified tax system, traders and common people across the country have gotten relief. He said that GST has given a new dimension to the country's economic system, and now it is time to take it to the next level.

Indication of GST on petrol and diesel

The Prime Minister's statement also indicated that the central government is working towards bringing petrol and diesel under the ambit of GST. Talks were going on between the Center and the states on this subject for a long time. If this step is taken, there can be a big drop in fuel prices, and this will provide direct relief to the public.

High Power Committee review

PM Modi said that after eight years, it was necessary to review the current system of GST. For this purpose, the government has formed a high-power review committee, which has started discussions with the states. He said that the upcoming reforms will prove to be a gift for the people before Diwali.

Benefits to the general public

The prime minister clarified that in the new system, taxes on essential commodities of daily use will be reduced. This will provide relief to the common consumers and reduce the cost of living. Along with this, micro, small, and medium enterprises (MSMEs) will also get special benefits. The reduction in tax burden will increase the competitiveness of small industries and will give new energy to the economy.

'Double gift' on Diwali

Modi said that these reforms will not only simplify the tax structure but will also give a new direction to the country's economic growth. He expressed confidence that the new GST structure will be implemented by Diwali, which will give a "double gift" to both consumers and industry—cheaper prices and a strong economy.

The journey of GST

The GST system was implemented in India on 1 July 2017. Its objective was to create a uniform tax structure across the country. Now, after nearly seven years of experience, the government has emphasized the next phase of reforms. The Prime Minister expressed confidence that these changes will make India competitive at the global level and will also strengthen the domestic market.