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Union Finance Minister Nirmala Sitharaman has written to finance ministers of all states, expressing her gratitude for their cooperation and active participation in implementing the historic overhaul of the Goods and Services Tax (GST) regime. In an interview, FM Sitharaman revealed that despite in
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FAQ :
FM Sitharaman wrote to the finance ministers of all states to thank them for their cooperation and active participation in implementing the historic overhaul of the GST regime.
The GST Council unanimously approved restructuring GST into a two-slab system: 5% for essential goods and 18% for all other goods and services.
The revised GST rates take effect from September 22, 2025.
States raised concerns over possible revenue shortfalls due to the removal of the 12% and 28% tax slabs.
FM Sitharaman reassured states that higher consumption resulting from lower tax rates would compensate for potential revenue losses.
This reform, dubbed GST 3.0, is considered one of the biggest tax changes since GST's launch in 2017, aiming to boost consumer spending and simplify India's indirect tax system.
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