- Prime Minister Narendra Modi announced sweeping GST reforms, receiving praise from industry and business communities.
- The government plans to revisit GST provisions and reform the structure.
- Proposed changes include scrapping the 12 percent and 28 percent GST rates, keeping only 5 percent and 18 percent rates.
- Most items in the 12 percent slab will move to 5 percent, and most in the 28 percent slab will move to 18 percent.
- Industry leaders believe the reforms will benefit consumers and stimulate demand.
- Economists note the need for structural reform based on eight years of GST experience.
- The reforms are expected to benefit small traders, MSMEs, and the retail sector, boosting the economy before the festive season.
Source: a2ztaxcorp.net
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.
