PM Narendra Modi Chairs High-Level Meeting With Top Ministers, Secretaries And Economists

Prime Minister Narendra Modi has chaired a high level meeting with top ministers, secretaries and economists to discuss the roadmap for next generation reforms. PM Narendra Modi had had announced especially in the economic domain during Independence day speech. 

Important announcements made by PM Modi regarding the next-generation reforms during the Independence Day speech

In his speech on the 79th Independence Day, PM Modi has announced the formation of a Task Force for Next-Generation Reforms. These reforms will evaluate all current laws, rules, and procedures related to economic activities. Within a set timeline, the task force will work to:

• Reduce compliance costs for startups, MSMEs (Ministry of Micro, Small And Medium Enterprises), and entrepreneurs
• Provide freedom from fear of arbitrary legal actions
• Ensure that the laws are streamlined for ease of doing business

These reforms will be aimed at creating a supportive ecosystem for innovation, entrepreneurship, and economic growth.

‘Next-generation reforms will be introduced under the GST framework’

In his speech on the 79th Independence Day, from the ramparts of the Red Fort, PM Modi had said that as part of this vision, next-generation reforms will be introduced under the GST framework. He further said that this Diwali, these GST reforms will bring a double bonus to the people and enhance their celebrations. PM Modi further said that the Centre has sent the draft proposal of the GST reform to the states. 

What will be the new GST rates? 

The centre has proposed to simplify the five slab GST rate structure to just two primary rates according to a proposal prepared by the GST fitment committee. Currently, GST rates fall under five main slabs: 0%, 5%, 12%, 18%, and 28%. In this structure, the compensation cess is applied on certain goods. As per the proposal prepared by the GST fitment committee, this will be simplified to only two main rates, 5% and 18%. 

Also read: PM Modi Reveals Game-Changing GST Reforms During Highway Inauguration: What’s The Double Diwali Gift?