Upcoming GST Reforms Expected by Diwali 2025
Автор: Advance Learning Hub
Загружено: 2025-08-24
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Upcoming GST Reforms Expected by Diwali 2025
1. Two-Slab Simplification: 5% & 18%
The Group of Ministers (GoM) has approved a major overhaul: replacing the current four-tier GST system (5%, 12%, 18%, 28%) with just two standard slabs—5% and 18%, eliminating the 12% and 28% brackets The Economic TimesThe Times of India.
A new 40% "sin tax" will be levied on luxury and sin goods like tobacco The Economic TimesFinancial TimesReuters+1.
2. Tax Cuts on Small Cars & Insurance
Proposed GST cuts include:
Small cars: rate reduced from 28% to 18%
Life & health insurance premiums: possibly reduced from 18% to 0–5%
These proposals aim to boost affordability and consumption but are awaiting GST Council approval Reuters+1.
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