India’s tax landscape changed on September 22 with the rollout of new Goods and Services Tax (GST) reforms. The four-slab structure has now been consolidated into two primary slabs — 5% for essentials and 18% for most other goods and services along with a 40% “sin tax” category for items like tobacco, alcohol, and online betting. The GST Council, led by Finance Minister Nirmala Sitharaman, said this move aims to simplify compliance, reduce costs, and boost demand across sectors.

Prime Minister Narendra Modi described the reforms as part of a larger “savings festival,” estimating that along with earlier income tax cuts, Indians could collectively save around ₹2.5 lakh crore. He added that the changes will benefit a wide range of people from farmers and shopkeepers to traders and middle-cla

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