India, Aug. 15 -- Prime Minister Narendra Modi on Friday announced that next-generation reforms in the Goods and Services Tax (GST) will be introduced by Diwali, offering 'substantial' tax relief to the common man and boosting small and medium enterprises (MSMEs).

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Speaking on the 79th Independence Day from the Red Fort, Modi said it was time to reform GST, which has completed eight years since its rollout on July 1, 2017, subsuming multiple indirect taxes and local levies.

"We have discussed with states and will usher in next-generation GST reforms by Diwali, which will be a Diwali gift for citizens. Taxes on items used by the common man will be reduced substantially. Our MSMEs will benefit...