Sitharaman delivers on PM’s Diwali promise: Who are the winners and losers?

Union Finance Minister Nirmala Sitharaman on Wednesday announced major Goods and Services Tax (GST) reforms spanning across sectors aimed at easing the tax burden on consumers, while also rationalising the GST rates from the previous four slabs to a simplified two-tier structure of 5 per cent and 18 per cent, with another flat 40 per cent rate. This is in line with Prime Minister Narendra Modi’s promise of major GST overhaul, which he made during his Independence Day speech. While most sectors, including agriculture, food, handicraft, insurance, and healthcare, stand to benefit significantly, some sectors such as luxury and sin goods, are staring at higher rates. Read Article