Union Finance Minister Nirmala Sitharaman said new GST reforms will make taxes simpler and reduce compliance for small businesses. She spoke at the 120th Foundation Day of City Union Bank in Chennai.

The Prime Minister has set up a task force to simplify regulations and support startups, MSMEs, and entrepreneurs. The next-generation GST reforms will be discussed in the 56th GST Council meeting today and tomorrow.

Government sources said the 12% and 28% GST rates may be removed. Only 5% and 18% rates will remain.

Sitharaman said the reforms will make it easier for small businesses to grow in the coming months.