Quick Summary
President Droupadi Murmu on Wednesday said the Union government is firmly moving on the path of "Reforms Express", delivering tangible benefits to the poor and middle class through next-generation tax reforms, including GST 2.0 and a revamped Income Tax regime. Addressing both Houses of Parliament, the President highlighted that the historic GST 2.0 reform, rolled out in September 2025, has resulted in savings of nearly Rs 1 lakh crore for citizens, while also boosting consumption and economic
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FAQ :
GST 2.0 is a next-generation overhaul of the indirect tax system, implemented in September 2025, which simplifies tax rates and reduces the burden on essential goods. It now features a two-tier structure with most goods and services taxed at 5% or 18%, while ultra-luxury goods, tobacco, and related products attract a 40% rate.
GST 2.0 has resulted in savings of nearly £1 lakh crore for citizens, boosted consumption, and stimulated economic momentum by simplifying tax rates and reducing the burden on essential goods.
A new Income Tax Act, effective from April 1, 2026, exempts income up to £12 lakh from tax. This is a significant increase from the previous threshold of £7 lakh, offering unprecedented relief to middle-class families.
The enhanced exemption limit of £12 lakh was announced in the Union Budget 2025-26, presented on February 1 of the previous year.
Following GST rate reductions, two-wheeler registrations crossed 2 crore units in 2025, marking a new record and reflecting improved affordability and consumer demand.
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