New Delhi, Aug 15 — Prime Minister Narendra Modi, during his Independence Day address, unveiled major Goods and Services Tax (GST) reforms aimed at reducing the cost of essential and commonly used items.

Calling it a “double Diwali gift” for citizens, PM Modi stated that the GST Council had reviewed tax rates on regular goods and daily essentials, deciding on a significant cut. The move, he said, would not only make everyday products cheaper but also provide relief to small businesses, including Micro, Small and Medium Enterprises (MSMEs).

“These changes will directly benefit households and improve affordability for millions. Lower GST on essential goods will also support small traders and manufacturers,” the Prime Minister said.

The announcement is part of what the government describes as the “next generation” of GST reforms, intended to ease the tax burden and stimulate economic activity. The revised rates are expected to be implemented before the upcoming festive season, offering price relief across multiple categories of consumer goods.