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India has cut taxes on hundreds of goods by simplifying its Goods and Services Tax (GST) structure. The new two-slab system—5% and 18%—will replace the older four-tier setup, while sin goods like cigarettes will face a 40% tax. Finance Minister Nirmala Sitharaman says the move aims to boost consumption and offset the effects of steep U.S. tariffs. Items like food, school supplies, and insurance will become cheaper, just in time for India’s festive season. However, analysts warn the government could face revenue losses of up to $6 billion. --- India | GST | Goods and Services Tax | Narendra Modi | PM Modi | GST Rate Cut | Trump Tariffs | Nirmala Sitharaman | GST Slabs | Firstpost | World News | News Live | Vantage | Palki Sharma | News #india #gst #goodsandservicestax #diwali #narendramodi #pmmodi #nirmalasitharaman #gstslabs #gstratecut #firstpost #vantageonfirstpost #palkisharma #worldnews Vantage is a ground-breaking news, opinions, and current affairs show from Firstpost. Catering to a global audience, Vantage covers the biggest news stories from a 360-degree perspective, giving viewers a chance to assess the impact of world events through a uniquely Indian lens. The show is anchored by Palki Sharma, Managing Editor, Firstpost. By breaking stereotypes, Vantage aims to challenge conventional wisdom and present an alternative view on global affairs, defying the norm and opening the door to new perspectives. The show goes beyond the headlines to uncover the hidden stories – making Vantage a destination for thought-provoking ideas. Vantage airs Monday to Friday at 9 PM IST on Firstpost across all leading platforms. Subscribe to Firstpost channel and press the bell icon to get notified when we go live. / @firstpost Follow Firstpost on Instagram: / firstpost Follow Firstpost on Facebook: / firstpostin Follow Firstpost on Twitter: / firstpost Follow Firstpost on WhatsApp: https://www.whatsapp.com/channel/0029...