India's GST Overhaul: A Streamlined Tax System

Indian Finance Minister Nirmala Sitharaman announced that the country's GST will have two slabs, simplifying the tax structure. The GST Council's unanimous decision lowers 18% and 12% slab items to 5%.

In a significant move, Indian Finance Minister Nirmala Sitharaman declared a major restructuring of the country's goods and services tax (GST), consolidating it into just two slabs.

The decision was made unanimously by the GST Council, which comprises ministers from various states, aiming to simplify the tax system.

Notably, items previously taxed at 18% and 12% will now fall under the 5% slab, indicating a potential boost for consumers.

(With inputs from agencies.)