Prime Minister Narendra Modi, in a bold Independence Day declaration, announced the formation of a high-level task force to spearhead next-generation reforms across governance, taxation, and public service delivery.

Addressing the nation from the Red Fort, PM Modi said, “We have decided to form a task force for next-generation reform. Our aim now is to bring about all kinds of reforms.”

In a festive note, the Prime Minister promised a “double Diwali” for citizens this year, hinting at a major economic announcement.

“This Diwali, I am going to celebrate a double Diwali for you. The countrymen are going to get a big gift, there will be a drastic cut on GST on common household items,” he said, signalling sweeping changes in the Goods and Services Tax (GST) regime.

PM Modi emphasised the urgency of reviewing GST rates, calling it the “need of the hour”.

He announced that the government is preparing a new-generation GST reform aimed at reducing the tax burden on common citizens.

“GST rates will be reduced drastically. Tax will be reduced for the common people,” he declared.

The announcement comes as GST marks its eighth anniversary, having evolved into one of India’s most significant post-independence tax reforms. Since its launch in 2017, GST has unified the country’s indirect tax structure and significantly improved the ease of doing business, especially for small and medium enterprises.

PM Modi’s remarks align with recent data showing record GST collections and growing support among businesses for further simplification.

The proposed reforms are expected to streamline rate structures, enhance transparency, and make the system more equitable.

The Prime Minister’s dual message -- of structural reform and festive optimism -- sets the tone for a transformative phase in India’s economic policy.

As the task force begins its work, expectations are high for a GST overhaul that delivers relief to consumers while sustaining revenue growth.

With Diwali approaching, citizens and businesses alike await the “big gift” Modi has promised -- a reimagined tax system that could redefine India’s fiscal area.