New Delhi, Sept. 4 -- Prime Minister Narendra Modi on Wednesday welcomed the introduction of next-generation reforms in the Goods and Services Tax (GST), describing them as steps that would ease the lives of citizens and make business simpler, particularly for small traders and enterprises.

"During my Independence Day Speech, I had spoken about our intention to bring the Next-Generation reforms in GST. The Union Government had prepared a detailed proposal for broad-based GST rate rationalisation and process reforms, aimed at ease of living for the common man and strengthening the economy," Modi said.

Finance minister Nirmala Sitharaman announced sweeping rate cuts after the GST Council approved a new two-slab structure of 5% and 18%.

T...