India's PM Modi plans GST reforms by Diwali to simplify taxes and lower rates on essentials.

Indian Prime Minister Narendra Modi announced plans to roll out next-generation GST reforms by Diwali, aiming to simplify the tax system and reduce rates on essential items. The reforms, set to take effect during the Hindu festival of lights in October, aim to ease the tax burden on households and small businesses. Currently, GST rates range from 5% to 28%. The changes could lead to a revenue loss of around 500 billion rupees, or 0.15% of GDP, and potentially provide a policy stimulus of 0.6%-0.7% of GDP.