GST Revamp: A 'Good and Simple Tax' Transformation

The GST Council has approved a comprehensive reform of the Goods and Services Tax, simplifying slabs and reducing rates. Senior Congress leader P Chidambaram considers the changes a necessary 'U-turn,' highlighting that similar calls were made eight years ago. The overhaul aims to reduce costs on common goods and insurance policies.

The GST Council has ushered in a new era by approving a comprehensive reform of the Goods and Services Tax (GST) regime. This significant move entails the simplification of tax slabs and a reduction in rates.

Senior Congress leader and former finance minister P Chidambaram has termed this development a necessary 'U-turn,' aligning with long-standing demands by economists and the public. Chidambaram argues that these much-needed reforms are several years overdue.

Effective from September 22, the overhaul is set to ease the financial burden on everyday goods and life and health insurance policies, providing significant relief to middle and lower-income groups.

(With inputs from agencies.)