Modi Says India to Cut Goods and Services Levy in Reforms
Prime Minister Narendra Modi announced that India will reduce its Goods and Services Tax (GST) for the first time since its implementation almost a decade ago. This decision is intended to stimulate consumer demand, as the US tariffs are expected to have a negative impact on the Indian economy. The GST, a comprehensive indirect tax system, was introduced in 2017 to replace a complex web of state and federal taxes. The proposed reduction in the GST rate is seen as a measure to revive the slowing economy and address concerns about the impact of US tariffs on Indian exports. The article does not provide further details on the specific GST rate cuts or the sectors that will be affected. However, the announcement reflects the government's efforts to implement economic reforms and support domestic consumption in the face of global trade tensions.
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