Yesterday, PM Modi announced “Next-generation Tax Reforms” in his Independence Day speech — his “Deepavali gift” to the Indian taxpayer.

Under this system, the 12% and 28% slabs in the GST Framework would be removed, leaving just two slabs of 5% and 18%.

What items would be cheaper under this revised system, and when will the new framework come into effect?

Watch the full video to know more.

Anchor: Karthikeya S

Editing: Jabez Gnanaraj Jaenicke