India's Prime Minister Narendra Modi on Friday announced that the nation will implement reforms to the Goods and Services Tax (GST) in the coming months. In his Independence Day address, Modi promised that the changes would provide substantial tax relief on everyday goods, raising hopes of a major cut in GST rates ahead of the festive season. The announcement has fueled expectations of a significant overhaul of the current multi-slab GST structure, in place since 2017. The present system - with rates of 0%, 5%, 12%, 18%, and 28% - has often been criticized for its complexity and compliance burden. "I am going to give a great gift on Diwali. In the last eight years, we carried out a major reform in GST; the tax was simplified… We are now bringing the 'next generation GST reform.' It will be a Diwali gift. Tax on common, individual services will be reduced significantly... MSMEs will benefit, and it will also help the economy," PM Modi said, as reported by India Today.