GST Rate Cuts Lower Average Rate to 10.8%

The GST Council in India has lowered the number of tax slabs from four to two, which has helped increase the use of input tax credits.

This means businesses are better able to use the taxes they've already paid on purchases to reduce their final tax bill.

The average GST rate has dropped to 10.84% from 11.76% after these cuts.

The amount of unused tax credits has also decreased, showing that more businesses are using these credits.

The total amount of goods and services subject to GST has grown by 25.8%, which is a good sign for the economy.

Experts say this shows that more economic activity is happening formally, and production of goods and services is increasing.

The GST Council has also made it easier to get refunds, which could help businesses get back more of the taxes they've paid.