India's Finance Minister announces major GST tax cuts, reducing rates on 99% of goods to 5%.

Finance Minister Nirmala Sitharaman announced significant GST reforms in India, reducing the tax on 99% of goods from 12% to 5%. The GST structure has been simplified to two main rates, 5% and 18%, with a special 40% rate for luxury or harmful goods. These changes, taking effect September 22, aim to lower prices, boost demand, and support economic growth, benefiting India's 1.4 billion citizens.