GST Overhaul: Diwali Gift from Modi Promises Cheaper Goods
Prime Minister Narendra Modi announced a reduction in GST rates by Diwali, instituting reforms to simplify the regime. Proposed changes include a simplified two-slab structure to replace the existing four. The reforms aim to reduce the tax burden, enhance affordability, and bolster the economy by making goods cheaper.
- Country:
- India
In a major announcement ahead of Diwali, Prime Minister Narendra Modi said GST rates will be cut, aiming to provide relief on prices of daily essentials and overhaul the tax regime.
Addressing the nation, Modi emphasized that reforms have been in the works for eight years and the latest move includes simplifying the current four-tier GST structure to two, benefiting the common man and small businesses greatly.
The Finance Ministry outlined a comprehensive GST reform strategy centered around structural reforms and rate rationalization, targeting fiscal stability and inclusive growth for India's economy.
(With inputs from agencies.)
Advertisement
Google News