24 Sept 2025
PM Modi Announces Next-Generation GST Reforms, Calls it 'GST Bachat Utsav' GST Bachat Utsav begins 22nd Sept 2025 with simplified 5% and 18% tax slabs. Essential goods and services are cheaper – food, medicines, insurance, household items. Combined tax reliefs save Indians ₹2.5 lakh crore annually
Key Benefits:
Simplified Tax Structure: Reduced from multiple slabs to primarily two slabs (5% and 18%) for easier compliance.
Tax Relief: Combined tax reliefs save Indians ₹2.5 lakh crore annually, benefiting the poor, middle class, and neo-middle class.
Cheaper Essentials: Food, medicines, soap, toothpaste, insurance, and household items are now either tax-free or fall under the 5% slab.
Support to MSMEs: Reduced tax burden and faster refunds will boost sales and competitiveness for small businesses