- The Indian government plans to simplify the GST system by reducing the number of tax slabs to two: 5% and 18%. Healthcare will benefit significantly, with all medicines moving to the 5% bracket and over 30 cancer drugs becoming tax-free. Essential items like washing machines, air conditioners, and agricultural products will see reduced taxes, boosting consumption. Textiles, handicrafts, and educational supplies will also become cheaper. The reforms aim to counter external economic challenges, such as US tariffs, by stimulating domestic demand.
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.
Latest Posts in "India"
- India Launches GST Appellate Tribunal for Uniform Dispute Resolution Across States
- GSTN Advisory 624: New Changes in Invoice Management System Effective October 2025
- CBIC Monitors Retailers to Ensure GST Rate Cut Benefits Reach Consumers
- CBIC Monitors GST Benefit Transfer to Consumers Amid Rate Cuts
- India Introduces GST 2.0 with Simplified Two-Slab Tax Structure
