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India proposes GST reforms to lower consumer prices and boost spending before Deepavali.
India is proposing major reforms to its Goods and Services Tax (GST) system, which could significantly reduce prices on consumer goods like cars, air conditioners, and daily essentials.
The new structure would simplify the current four-tier tax system to two rates, 5% and 18%, with some luxury items taxed at 40%.
The reforms aim to boost consumer spending, especially during the upcoming Deepavali festival, and could also make education more affordable.
The GST Council will likely review and approve the changes soon.
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India propone reformas del GST para bajar los precios al consumidor y aumentar el gasto antes de Deepavali.