The reforms represent the most significant overhaul of India’s consumption tax since GST’s 2017 launch.

The Goods and Services Tax ( GST) reforms that came into effect on Monday will boost savings and directly benefit every section of society, Prime Minister Narendra Modi said in a letter to citizens, pointing out that the new taxation slabs will encourage greater growth and investments and help in meeting the goal of developed India by 2047.

The reforms represent the most significant overhaul of India’s consumption tax since GST’s 2017 launch, streamlining the structure from four slabs to essentially two rates of 5% and 18%. The government has said 99% of the goods that earlier attracted 12% GST have now been shifted to 5%.

“Our collective goal is Viksit Bharat by 2047. To achieve

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