India, Sept. 22 -- The most significant impact of this reform will be an increase in consumer demand. With lower GST rates, prices of essential and everyday consumer goods will fall, thereby enhancing purchasing power and accelerating real domestic demand

On the occasion of Independence Day, 15 August 2025, the Prime Minister, while addressing the nation from the ramparts of the historic Red Fort, announced the proposed economic reforms under GST 2.0.

This proclamation made by the Prime Minister was well received by the GST Council, which, in its 56th meeting held on 3 September, approved the GST Reforms Bill (GST 2.0). It includes a reduction in GST tax slabs from 5, 12, 18, and 28 per cent to 5 per cent and 18 per cent, thereby reduci...