The upcoming next-generation Goods and Services Tax (GST) reforms will further simplify tax processes and reduce compliance burdens, particularly for small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.

The Finance Minister was speaking at the 120th Foundation Day Celebrations of City Union Bank in Chennai.

"The Prime Minister has recently announced the creation of a task force for next-generation reforms with a clear mandate to simplify regulations, lower compliance costs, and build a more enabling ecosystem for startups, MSMEs, and entrepreneurs. Complementing this is the planned rollout of the next generation of GST reforms with a council meeting tomorrow and the day after," Sitharaman said, adding that in the coming months, there will be further reduction in compliance burden, making it easier for small businesses to thrive.