GST overhaul on the cards: 12% and 28% rates may go
Big changes could be coming to India's GST system!
A government panel wants to scrap the 12% and 28% tax rates, aiming to make taxes simpler for everyone.
The idea is to balance government earnings with economic growth, so things run smoother for both businesses and consumers.
What will be taxed how?
If this goes through, GST on fertilizer acids and bio-pesticides might drop to 5%, giving a boost to agriculture.
On the flip side, coal and similar fuels could see their GST jump from 5% up to 18%.
Good news for clean energy fans—GST on solar cookers may fall to just 5%.
Plus, cheaper textiles like synthetic yarns, carpets, and footwear under ₹2,500 might get a tax cut too.
The final call will be made at the GST Council meeting happening September 2-4 this year.