Revolutionizing Tax: The Next Gen GST Reforms

‘Next Gen GST’ precursor to eventual single tax slab GST: Sources

New Delhi: Describing the proposed GST tax reforms as ‘Next Gen GST’, senior government officials on Saturday said that the two-slab tax regime will eventually pave the way for a single sales/services tax rate, hopefully by 2047. They said the proposed new GST regime, which slashes tax rates and assigns just two slabs of 5 per cent and 18 per cent, will boost the economy and also serve to mitigate tariff threats. The proposed two-slab regime, if…

Revolutionizing Tax: The Next Gen GST Reforms

Revolutionizing Tax: The Next Gen GST Reforms The Indian government has unveiled ambitious tax reform plans dubbed the 'Next Gen GST' in an effort to transition to a simplified dual-rate regime comprising 5% and 18% tax slabs. The initiative, according to senior officials, aims to eventually lead to a single uniform tax rate by the year 2047.Officials emphasize that the reform significantly reduces tax rates, replacing the existing four-tier str…

Centre proposes fewer GST rates: only 5% & 18% to remain, tax on common-use items slashed

Centre proposes GST reforms to reduce slabs, simplify rates, and promote ease of living with technology-driven processes.

Centre proposes 5 and 18% rates under revamped GST regime: Sources

Officials said that the Centre has proposed to move almost all the items in the 28 percent slab, barring sin goods, to 18 percent slab; and move 99 percent of items in the 12 percent slab to 5 percent.

Most goods, services under GST to be in 5 per cent and 18 per cent slab

There will be two main slabs of 5 per cent and 18 per cent, with hardly five to seven items like tobacco, pan masala etc. falling under the sin good category.

Centre proposes scrapping 12% and 28% in GST structure, most items to move to 5%, 18% rates: Government sources - The Tribune

In a path-breaking initiative relating to the Goods and Services Tax structure, the Central Government has proposed to scrap the current slab of 12 per cent and 28 per cent of GST rates and keep only 5 per cent and 18 per cent GST rates, government sources said on Friday.