- Upcoming GST Reforms Announcement: India’s Ministry of Finance is set to implement significant GST reforms by Diwali 2025, as announced by Prime Minister Narendra Modi on Independence Day, August 15, 2025.
- Rationalization of GST Rates: The proposed reforms aim to simplify the current four-rate GST structure (5%, 12%, 18%, and 28%) into a more streamlined two-rate system, with plans to eliminate the 12% and 28% rates.
- Impact on Tax Structure: Most items will be transitioned to the new rates of 5% and 18%, with only a few select items retaining special rates, enhancing efficiency and clarity in the GST framework.
Source Orbitax
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