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flag India proposes a simplified two-tier GST system to ease tax burden and simplify taxes.

flag Indian Finance Minister Nirmala Sitharaman has proposed a simplified two-tier Goods and Services Tax (GST) system with rates of 5% and 18%, plus a special 40% rate for luxury items. flag The aim is to ease the tax burden on the middle class, farmers, and small businesses, while also simplifying the tax structure. flag The proposal will be discussed by a group of ministers and, if approved, could be implemented by Diwali. flag The reforms are part of Prime Minister Narendra Modi's plan for next-generation economic reforms.

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