On this Independence Day from the ramparts of Red Fort, Prime Minister Narendra Modi announced the Next Generation of GST reforms by Diwali. The Prime Minister’s vision of creating a more efficient and citizen-friendly economy was realised as the GST Council on 3rd September approved rates rationalisation with a focus on the common man.

The Council has simplified the indirect tax system into a two-tier structure of 5 per cent and 18 per cent from a four-tier structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent. These reforms have reduced tax rates in many sectors, easing the lives of citizens. Today, we look at­ the reforms undertaken for the textile industry. Our correspondent reports that the GST reforms have been carried out with a focus on the common man and will come into effect from the 22nd of this month.