India, Sept. 6 -- Finance Minister Nirmala Sitharaman stated that GST rate cuts, effective September 22nd, are anticipated to stimulate economic growth, thereby offsetting the adverse impact of a US tariff hike on Indian exports.

The government's primary objective is to ensure these rate reductions benefit consumers, supported by a rigorous vigilance exercise involving industry stakeholders and Members of Parliament.

The revamped GST framework, a suggestion from Prime Minister Narendra Modi eight months ago, aims for simplification, particularly benefiting the middle class and businesses, including MSMEs and startups.

The new structure introduces a two-slab system (5% and 18%), eliminating previous 12% and 28% rates for most goods and ...