In a major overhaul of India’s indirect tax system, the GST Council has approved the government’s proposal to reduce the number of tax slabs to just two — 5% and 18%. At the same time, the Council has also introduced a 40% “special GST” for harmful and luxury goods. Finance Minister Nirmala Sitharaman, addressing the […]
In a major announcement ahead of Diwali, Finance Minister Nirmala Sitharaman unveiled sweeping GST reforms after the GST Council meeting, aimed at easing the tax burden on households, farmers, and businesses. Highlighting the government’s focus on simplification, Sitharaman said Prime Minister Narendra Modi had set the direction for next-generation reforms in his Independence Day address,
New Delhi : In a major move aimed at simplifying India’s Goods and Services Tax (GST) system, the Centre has proposed cutting down the number of tax slabs, retaining only the 5% and 18% rates. According to official sources, almost all goods in the 12% and 28% categories will be shifted to lower brackets, marking
Prime Minister Narendra Modi, in his Independence Day address on Friday, announced that next-generation Goods and Services Tax (GST) reforms will be rolled out by Diwali, promising a reduction in taxes on everyday-use items. “I am going to give a great gift on Diwali. In the last eight years, we undertook a major GST reform
New Delhi: When the Goods and Services Tax (GST) came into effect on 1 July 2017, it replaced a maze of central and state indirect taxes with a single, streamlined system. Under the GST framework, goods and services fall into five main slabs—0%, 5%, 12%, 18%, and 28%. The 28% slab stands at the very
