Why gst Is Trending Today?

The Indian government, led by Prime Minister Narendra Modi, has announced a GST rate cut as a Diwali gift, aiming to boost the economy. Experts view this move as timely and strategic, with expectations that it will stimulate growth.

Prime Minister Narendra Modi has announced significant changes to the Goods and Services Tax (GST) as a 'Diwali gift' to the citizens. He has proposed a two-slab GST rate reduction, hinting at next-generation GST reforms that will lower taxes on essential items and services. The Finance Ministry has suggested a two-rate GST system, with the aim of boosting the common man and Micro, Small, and Medium Enterprises (MSMEs). The Prime Minister has promised a 'double Diwali' for the citizens, indicating a substantial cut in GST rates on common household items. The next-generation GST reforms are expected to ease the tax burden on everyday use items, with the changes likely to be implemented by Diwali this year.