Brief by Shorts91 Newsdesk / 06:52am on 16 Aug 2025,Saturday India
The Centre is considering a major overhaul of the Goods and Services Tax (GST) framework, replacing the current four-tier system (5%, 12%, 18%, 28%) with just two main slabs: 5% for daily-use and essential items, and 18% for most other goods and services. Nearly 99% of products currently in the 12% bracket could be shifted to 5%, while around 90% in the 28% slab may move to 18%. Additionally, a new 40% rate may apply to a select few “sin” or luxury items like tobacco and pan masala. The proposal is under review ahead of possible implementation by Diwali. (PC: Mint)
