GST reforms, Aug. 16 -- In a bid to reduce tax burden across the nation, Prime Minister Narendra Modi declared 'next-generation GST reforms' during his Independence Day speech on Friday. Modi hinted that GST reforms may be implemented by Diwali 2025. People aware of the developments on the GST front, said on the condition of anonymity, that goods falling under the 12% GST slab may come under the 5% GST slab, while goods falling under the 28% GST slab may come under the 18% GST slab. However, they said there would be an additional 40% GST slab for goods falling under the category of sin, which includes tobacco products like cigarettes and beer. Since GST is a consumption-oriented tax, the ultimate beneficiary of the next generation GST ref...