The Centre is preparing for a major overhaul of the Goods and Services Tax, termed GST 2.0, aimed at simplifying India’s tax structure. Finance Minister Nirmala Sitharaman is reviewing changes that could lower household expenses by reducing taxes on popular food items, textiles, and fertilizers. A key proposal is the potential scrapping of the 12% GST slab, which accounts for a small portion of revenue. In contrast, premium electronic vehicles in the 20 to 40 lakh bracket might see a tax hike from 5% to 18%. The goal of the rationalization is to have “fewer slabs, simpler compliance and clear pricing for consumers while keeping all the collections intact.” #gst #gst2 #gstrationalisation #itwebvideos #taxreform #indianeconomy #nirmalasitharaman #gstcouncil #taxes #finance #businessnews #ev #pricehike #consumernews #goodsandservicestax #makeinindia
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