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
Introduction Since its introduction on 1 July 2017, India’s Goods and Services Tax (GST) has transformed indirect taxation by unifying multiple levies under a single framework. While GST is divided into multiple slabs—0%, 5%, 12%, 18%, and 28%—the 18% GST slab stands out as the country’s “standard rate.” This category covers a vast range of
Introduction India’s Goods and Services Tax (GST), rolled out on 1 July 2017, replaced a patchwork of indirect taxes with a unified, multi-rate structure. Designed to categorize goods and services based on necessity, value addition, and affordability, GST features slabs ranging from 0% for essentials to 28% for luxury items. Nestled in the middle, the
New Delhi: When India rolled out the Goods and Services Tax (GST) on July 1, 2017, it replaced a patchwork of indirect taxes with a single nationwide system. To accommodate different economic priorities, the GST Council introduced multiple tax slabs. Among these, the 5% GST slab has emerged as a key category — designed to
Introduced on July 1, 2017, the Goods and Services Tax (GST) transformed India’s indirect tax framework by merging multiple state and central levies into a single, unified system. As a destination-based tax, GST is collected where goods or services are consumed, not where they originate. One defining feature of GST is its tiered tax structure,
