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Indian PM Modi proposes GST reforms to simplify tax rates, cut costs, and boost economy.
Indian Prime Minister Narendra Modi has proposed major reforms to the country's Goods and Services Tax (GST), aiming to simplify tax rates and reduce costs for consumers and businesses.
The reforms, expected to be implemented before Diwali, will replace four tax slabs with two main rates of 5% and 18%, making daily essentials and electronics cheaper.
Though the changes could cost the government $20 billion annually, they are intended to boost GDP by 0.6 percentage points and improve stock market sentiment.
The GST Council will review the proposal in September.
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El primer ministro indio, Modi, propone reformas de GST para simplificar las tasas de impuestos, reducir los costos y impulsar la economía.