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PM Modi announces major GST reforms: What to expect
Prime Minister Narendra Modi just announced a big update to India's GST system, rolling out by Diwali this year.
Expect lower GST rates on essential items and simpler tax slabs.
Modi called it a "bahut bada tohfa" (big gift), saying the changes are meant to make things easier for everyone and boost the economy.
GST replaced 17 different taxes in 2017
GST is the tax that replaced 17 different taxes back in 2017, making shopping and business smoother across India.
With these new reforms, essentials could get cheaper, and the simplified GST structure aims to make things easier for small businesses.
Plus, GST collections have nearly tripled since launch—from ₹7 lakh crore in 2017-18 to ₹22.08 lakh crore in 2024-25—showing how much more people are part of the formal economy now.