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GST Reforms Incoming! PM Modi Promises ‘Double Diwali,’ ‘Next-Generation’ Tax Regime: Details Here
The Finance Ministry's proposal aims to simplify GST into two slabs, cutting taxes on essential goods to support MSMEs and boost consumption, with collections rising 9.4% in 2024-25.
- Prime Minister Narendra Modi announced next-generation GST reforms featuring a simplified two-slab tax structure during his 79th Independence Day address from the Red Fort.
- The announcement followed eight years of GST implementation since July 2017 and comes amid consultations with states and a proposal submitted to the Group of Ministers for rate rationalisation.
- The reforms focus on correcting inverted duty structures, resolving classification issues, easing the registration process, and reducing tax rates on essential and aspirational goods to benefit MSMEs and small traders.
- Modi announced that the forthcoming reforms, referred to as a "Diwali gift," aim to reduce taxes on everyday essentials, lower the overall tax burden, and stimulate economic growth, with the GST Council set to finalize the details in an upcoming meeting.
- The government aims to build consensus with states and implement these reforms within the current financial year to enhance affordability, consumption, and economic growth.
31 Articles
31 Articles
Finance ministry proposes 2-tier GST structure, special rates on select items
New Delhi: The finance ministry on Friday said it has proposed a two-slab GST rate structure to the Group of Ministers (GoM), along with special rates for select few items, as the government looks to unveil “next generation” GST reforms in the current financial year, which will lower tax burden on daily use items. The Centre has proposed to a panel of state finance ministers that the Goods and Services tax (GST) regime should have just two slabs…
Big GST changes coming: Tax cuts, 2-slab system and more
The next-generation GST overhaul will focus on tax cuts, a simplified two-slab system, and measures to boost ease of living. The reforms aim to make essential goods cheaper, reduce disputes, and strengthen India’s economy under the vision of ‘Atmanirbhar Bharat’.
GST Reforms: Finance Ministry proposes 2-slab rate structure, reduction of taxes after PM Modi's I-Day speech
Prime Minister Narendra Modi, while addressing the nation on the occasion of India's 79th Independence Day, announced that the next generation of GST reforms will be introduced this Diwali.
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