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GST Reforms: 99% Goods Shifted to 5% Bracket, Boosting Digital Economy Why in the News? Union Finance Minister Nirmala Sitharaman announced that under the latest GST reforms, 99% of goods in the 12% tax bracket have now moved to the 5% bracket, reducing consumer costs and simplifying the tax system while boosting government revenue. This …
Read MoreGST 2.0 IS A LANDMARK IN INDIA’S TAX JOURNEY Why in the news? The simplification of multiple GST slabs marks a people-centric reform. The 56th GST Council meeting (September 3, 2025) stands out as a defining milestone in India’s tax history. The reforms extend beyond mere tax rates and structures. They reflect a decisive move …
Read MoreGST 2.0: Reforming India’s Tax Regime for Competitiveness Syllabus: GS Paper – 3 Growth & DevelopmentConstitutional Bodies Why in the News ? On India’s 79th Independence Day, Prime Minister Narendra Modi announced GST 2.0, a next-generation reform focused on rate rationalization, simplification, compliance ease, and transparency. This aims to strengthen economic growth, reduce distortions, support …
Read MoreLUXURY CESS MAY BE MERGED INTO GST STRUCTURE Why in the News? Cess expiry: The Compensation Cess, extended till March 2026, may be integrated into GST rates post-expiry. GST Council talks: The Finance Ministry supports integrating cess on luxury and sin goods like SUVs, tobacco, and aerated drinks. Eight-year journey: Introduced in 2017 to compensate …
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