<h1>Government Plans Major GST Rate Cuts by Diwali to Ease Tax Burden on Consumers and Small Businesses</h1> The government announced upcoming reforms to the Goods and Services Tax (GST) aimed at substantially reducing tax rates by Diwali. These changes are intended to provide significant relief to consumers and benefit small and medium enterprises by lowering taxes on everyday items. The reforms follow eight years since GST's implementation, which consolidated various taxes into a unified system. A committee of state finance ministers is currently reviewing rate rationalization and the simplification of tax slabs as part of this initiative.