Nine years of GST: How India’s biggest tax reform is driving simplicity, growth and a more formal economy

July 1, 2026 3:28 PM

Nine years of GST: How India’s biggest tax reform is driving simplicity, growth and a more formal economy

Nine years after the rollout of the Goods and Services Tax (GST), India's landmark indirect tax reform has transformed the country's taxation landscape by replacing a fragmented system of multiple central and state levies with a unified national framework. Introduced on July 1, 2017, under the principle of "One Nation, One Tax," GST has evolved into one of India's most significant economic reforms, promoting transparency, strengthening cooperative federalism, improving tax compliance and support...

GoM to propose lower GST on insurance premiums and adjust tax slabs

October 18, 2024 8:59 PM

GoM to propose lower GST on insurance premiums and adjust tax slabs

The Group of Ministers (GoM) set up to suggest changes in GST rates will meet on Saturday, October 19, to discuss the rationalization of taxes, particularly on health and life insurance premiums. The meeting will also explore proposals to modify existing tax slabs to improve the GST framework. This will be the first meeting of the GoM formed to examine ways to lower the 18% GST rate currently applied to insurance premiums. Bihar’s Deputy Chief Minister, Samrat Choudhary, who heads the 13-memb...