India, Sept. 15 -- The Goods and Services Tax (GST) Council's 56th meeting set in motion the next generation GST reforms as announced by the Prime Minister Narendra Modi on 15th August 2025.

Highlighted as being strategic, principled and citizen-centric, the reforms are expected to enhance the quality of life of the common man and provide impetus to the economy ahead of the festive season. India Inc. has hailed the reforms as a defining milestone in India's tax journey and has undertaken to pass on the benefit to the consumers. The rationalisation of the tax slabs from four to two is aimed at increasing the ease of doing business, reducing costs and helping businesses get a grip on inflationary pressures.

Expected to be rolled out on 22...