WHILE delivering his address during India’s Independence Day on August 15, Prime Minister Narendra Modi announced that the government of India would bring Next-Generation reforms of the Goods and Services Tax (GST), which will bring down the tax burden on the common man.
Keeping on that promise, the GST Council approved Next-Gen GST reforms on September 3, bringing in a significantly simplified system with lower tax rates. This lowering of taxes will directly benefit the common man, farmers, MSMEs, women, youth, and middle-class families, while strengthening India’s long-term growth.
Introduced for the first time on July 1, 2017, GST is India’s most significant indirect tax reform since Independence. The GST brings multiple central and state taxes into a single, unified system.
This comprehensive reform package, dubbed GST 2.0, will…