LIVE This Morning: New GST Reforms To Kick In From September 22
India has lowered GST rates on numerous consumer products, from soaps to compact cars, to boost demand in the world’s fourth-largest economy amid challenging U.S. tariffs. The GST Council, led by Finance Minister Nirmala Sitharaman, streamlined the indirect tax framework from four tiers (5%, 12%, 18%, and 28%) to a simplified two-tier system of 5% and 18%. A new 40% tax slab was introduced for luxury goods and so-called sin products. These changes will take effect on September 22, coinciding with the start of Navratri.“This overhaul goes beyond just adjusting rates; it focuses on structural improvements and enhancing the ease of living, enabling businesses to operate more seamlessly under the GST framework,” Sitharaman announced during a press briefing on Wednesday evening.“The council has consolidated the tax slabs into two, and we are also addressing the matter of the compensation cess,” she added.
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