GST Relief: Almost All Goods Previously in 12% Bracket Now at 5%

Finance Minister Nirmala Sitharaman announced a major change to the Goods and Services Tax (GST) structure, bringing substantial relief to consumers. In a recent reform, a sweeping 99% of goods formerly in the 12% GST bracket have been moved to the 5% bracket.

Impact on Consumers

This significant reduction in GST rates will directly translate to lower prices for a wide range of goods. Consumers can expect to see savings on everyday purchases, making essential commodities more affordable.

Sitharaman’s Statement on GST Reform

The Finance Minister highlighted this change as a key step in simplifying the GST regime and easing the burden on consumers. This move is expected to boost spending and stimulate economic growth.