GST reforms

The GST (Goods and Services Tax) Council has just announced the most significant tax reform in India since the introduction of GST in 2017. The 56th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, approved a sweeping rationalization of GST rates, abolishing the contentious 12% and 28% slabs and introducing a new, simplified two-tier tax structure. This move is set to directly benefit consumers, small businesses, and key economic sectors, while boosting demand and simplifying India’s indirect taxation system.