India announces major tax reforms amid tariff slump
September 2025 1512 views 4:15On September 3, 2025, India overhauled its Goods and Services Tax (GST), cutting taxes on everyday essentials like soap, shampoo, toothpaste, packaged foods, cement, and lifesaving medicines. The reform simplifies the tax system from four slabs to two — 5% and 18% — while introducing a 40% rate on sin and luxury goods such as tobacco, sugary drinks, luxury cars, and yachts. The government estimates a $57 billion revenue impact but expects higher compliance and consumption to offset losses.
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