GST Simplification: New Rates Coming Soon!
The Indian government is set to simplify the Goods and Services Tax (GST) by introducing two main rates: 5% and 18%. Most items currently taxed at 28% will shift to the 18% slab, with everyday products enjoying a reduced rate of 5%. Tobacco will face a steep 40% tax. This reform, announced by Prime Minister Modi, aims to ease the tax burden on small industries and boost consumption by Diwali. The GST Council is expected to finalize these changes soon, benefiting various sectors like agriculture and textiles while keeping petroleum products outside the GST framework.
