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The Goods and Services Tax (GST) Council has approved the most comprehensive restructuring of India’s GST system since its inception in 2017 , cutting taxes on over 90% of goods. The reforms, announced by Union Finance Minister Nirmala Sitharaman after the 56th GST Council meeting , simplify the GST structure into two principal slabs— 5% and 18% , with a special 40% tax rate for luxury and sin goods. The new rates will take effect from September 22, 2025 . Largest Tax Reform Since 2017 The GST overhaul aims to boost domestic consumption at a time when India’s exports are facing global headwinds, especially due to increased tariffs from the United States. Key highlights: Reduction from four slabs (5%, 12%, 18%, 28%) to two slabs (5% and 18%) A special 40% rate for high-end goods and sin products Net revenue implication : ₹48,000 crore based on FY24 consumption data Objective: To stimulate demand, ease compliance, and simplify GST for businesses Centre’s Push for...

FM Sitharaman to Present Historic Seventh Consecutive  Union Budget in Paperless Format Union Finance Minister Nirmala Sitharaman is set to make history by presenting her seventh consecutive Union Budget during the Monsoon Session of Parliament, starting July 22. This milestone will establish her as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai, who presented six budgets from 1959 to 1964. Paperless Budget Presentation Continuing the trend of the past few years, Budget 2024 will be delivered in a paperless format. This move not only signifies a step towards modernization and digital governance but also aligns with environmental sustainability efforts. Stakeholder Consultations In preparation for the budget, the Finance Ministry has engaged in extensive consultations with various stakeholders across the economy. These deliberations, which began on June 20, included representatives from trade unions, the education and health sec...