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Government Proposes Comprehensive Tax System Overhaul with New GST and Income-Tax Reforms

  • Government plans to revamp the tax system with GST reform and Income-Tax Bill
  • Proposal includes a two-tier GST with 5 percent and 18 percent slabs
  • A 40 percent slab is proposed for certain sin goods
  • Reforms aim to reduce the burden on the common man
  • States are expected to benefit from duty cuts and rationalization
  • Structural overhaul of GST and Income-Tax Bill will revamp the tax system
  • GST Council will need at least two meetings to review changes
  • Inclusion of petrol and diesel under GST is deferred due to energy sector uncertainties

Source: business-standard.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.

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