India to Rationalize GST Rates Under Reform Plans

India's Ministry of Finance is planning GST reforms to be implemented by Diwali 2025 (25 October 2025). Prime Minister Narendra Modi publicly announced the upcoming "next-generation GST reforms" on India's 79th Independence Day, 15 August 2025. The most significant reform is the rationalization of rates, with a proposal to move from the current four-rate system (5%, 12%, 18%, and 28%) to a standard two-rate system, with additional special rates for a few select items. The current 12% and 28%…