Starting **Monday**, millions of Indians will see their daily economic burdens ease slightly due to **Prime Minister Narendra Modi’s** overhaul of **India’s** complex goods and services tax (GST) regime. This move is expected to simplify the tax code and boost flagging household consumption, which represents over half of **India’s** **GDP**.

• Consumption tax on small cars, television sets, and air conditioners will drop from **28%** to **18%**.
• The cuts come off the back of a **$12 billion** income tax giveaway announced in **February** and lower interest rates from **India’s** central bank.
• Share prices of auto companies are up **6-17%** since the tax revisions were first announced.
• The government predicts the cuts could lead to a revenue loss of around **$5.4 billion** this year.