- Prime Minister Modi outlined a vision for India’s development by 2047 focusing on self-reliance and innovation.
- A key part of this vision is a next-generation GST reform aimed at reducing taxes on everyday products and supporting SMEs.
- The reform promises benefits for SMEs, local vendors, and consumers, while boosting economic growth.
- The GST Council will meet in September to discuss key measures for the reform.
- Proposed changes include reducing the number of GST rates and lowering taxes on essentials.
- The 12% GST rate is to be removed, with goods redistributed to 5% and 18% rates.
- If implemented, India will have four GST rates: 0%, 5%, 18%, and 28%.
- New GST measures are expected to take effect by Diwali on October 20, 2025.
Source: vatabout.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.
