India, Aug. 15 -- Prime Minister Narendra Modi, in his Independence Day address from the Red Fort on Thursday, announced that the government will roll out the next generation of GST reforms by Diwali this year, promising what he called a "bahut bada tohfa" (big gift) for all Indians.

The reforms, he said, will focus on rationalising tax slabs and reducing GST rates on essential and everyday-use items, aiming to provide direct relief to households and boost consumption.

"By this Diwali, you will see a new, simplified GST structure that makes life easier for the common man and strengthens our economy," Modi said, adding that the changes will also enhance compliance and transparency.

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