 "GST Revamp, automobile manufacturer, Agriculture, GST rate cut")
The 56th meeting of the Goods and Services Tax (GST) Council rationalised the current four-tier tax rate structure into a citizen-friendly ‘simple tax’ — a two-rate structure with a standard rate of 18 per cent and a merit rate of 5 per cent, along with a special demerit rate of 40 per cent for a select few goods and services. The changes in GST rates for all goods and services, except tobacco products, will be implemented with effect from September 22, 2025.
The GST Council’s efforts at rationalisation have steadily lowered the system’s complexity while sustaining revenue buoyancy. The effective
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