Simplifying India's Tax: A New Dawn

India's GST council, led by the federal finance minister, is set to meet on September 3-4 to discuss significant tax reforms. The proposal includes adopting two primary tax rates, following Prime Minister Narendra Modi's announcement to simplify the tax system.

India's Goods and Services Tax (GST) council, chaired by the country's federal finance minister, is scheduled to convene on September 3-4. The meeting will focus on discussing major tax cuts as part of a broader initiative to reform the current tax system.

The council, which includes representatives from various Indian states, aims to streamline the indirect tax framework. This reform comes in response to Prime Minister Narendra Modi's Independence Day pledge to simplify the nation's tax structure, reducing its complexity.

The proposed changes suggest consolidating the tax system to just two primary rates, with the intention of enhancing economic efficiency and compliance. The discussion reflects the government's ongoing efforts to facilitate easier business transactions and stimulate growth.

(With inputs from agencies.)