Next-Generation Reforms for GST Process Announced
The 56th GST Council has recommended significant reforms to India's Goods and Services Tax (GST) structure, simplifying it to two main rates of 5% and 18%, along with a special 40% rate for select goods and services. This decision was made during the Council's meetings, with further discussions continuing at the 57th meeting in October 2026. Since its introduction in 2017, the GST system has expanded its taxpayer base from approximately 60 lakh to around 1.70 crore, and has processed over 3,053 crore invoice uploads. These reforms aim to enhance trade facilitation, streamline compliance, and support economic growth in line with the vision of 'Ek Bharat - Shreshtha Bharat'.
The Radius summarizes this story. Read the original report from PIB News.
Read Full