- India plans to simplify GST and lower taxes on common goods by Diwali
- Prime Minister Narendra Modi announced reforms in GST to support small and medium enterprises
- Changes include reducing GST slabs and lowering tax rates on commonly used goods
- Current GST rates are 5, 12, 18, and 28 percent, excluding gold and silver
- Extra taxes apply to certain products like cigarettes and high-end automobiles
- Modi stated that these reforms will be a Diwali gift for citizens and benefit MSMEs
- Daily use items will become cheaper, strengthening the economy
Source: regfollower.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
