TAX REFORMS
Maruti Suzuki Chairman hints at massive price drop in Alto K10, WagonR post GST rejig; here are the expected prices for all models
Maruti Suzuki Chairman RC Bhargava lauded the government's tax reforms as a significant boost for the auto sector, anticipating a resurgence in demand, particularly for small cars. He estimates a potential 10% annual growth in the small car segment, driving overall industry growth to 7-8%. Consequently, prices for models like Alto and WagonR are expected to decrease substantially.
GST done, advisers bat for land, labour reforms
Experts advocate for process reforms, deregulation, and ease of doing business to propel India towards high growth. Key reforms include land and labor reforms, trade liberalization, privatization, and judicial efficiency. The government is prioritizing next-generation reforms to achieve long-term goals, focusing on low-hanging fruits to improve living and business conditions.
One clear benefit, four open questions: GST reform delivers a win for consumers but at what cost?
Recent GST reforms in India, eliminating the 28% and 12% slabs, aim for a simpler tax structure and fairness, potentially boosting the economy modestly. While the move may simplify some aspects, complexities persist, and concerns arise about long-term fiscal stability due to significant revenue losses.
GST reforms could add Rs 20 lakh crore to GDP: Ashwini Vaishnaw
Union Minister Ashwini Vaishnaw announced upcoming GST and income tax reforms. These changes are expected in the 2025-26 budget. The reforms aim to boost India's economy significantly. Vaishnaw clarified that these reforms are unrelated to US tariffs. He highlighted the potential for increased consumption to drive GDP growth.
Sitharaman writes to state FMs, thanks them for role in GST overhaul
Union Finance Minister Nirmala Sitharaman thanked state finance ministers for their support in overhauling the Goods and Services Tax (GST) regime. The GST Council unanimously agreed to reduce rates on various products, benefiting the common man. States initially worried about revenue loss, but Sitharaman assured them increased sales would compensate, fostering consensus and cooperative federalism.
GST reforms got nothing to do with any external factors: Ashwini Vaishnaw
Union Minister Ashwini Vaishnaw says the GST reforms began about a year and a half ago. These reforms are unrelated to external factors. The goal is to reform, perform, and transform the economy. The new GST rates will take effect on September 22, during Navratri. These changes aim to reduce the tax burden and boost economic growth.
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New GST rates, coming into effect this Navratri, to boost economy: Ashwini Vaishnaw
Union Minister Ashwini Vaishnaw announced that the 2025-26 Budget's income tax relief and GST rate rationalization will significantly boost India's economy. Effective September 22, the GST reforms will simplify taxation, reduce rates on daily-use goods, and stimulate consumption, potentially adding Rs 20 lakh crore to the GDP.
USIBC lauds India's GST reforms, calls it a boost for business and investment sentiment
The US-India Business Council (USIBC) has lauded India's restructured Goods and Services Tax (GST), praising Prime Minister Modi, the GST Council, and the Ministry of Finance for the move. USIBC believes the rationalization of GST slabs and reduced tax rates across key sectors will enhance the business environment, attract global investment, boost consumption, and improve affordability for consumers.
GST reforms transformative, will ensure tax certainty: CBIC chief
CBIC Chairman Sanjay Kumar Agarwal announced transformative GST reforms aimed at providing tax certainty and stability for investors. While initial revenue may be slow, the reforms are expected to boost consumption and growth. The focus will shift to tackling tax evasion and enhancing the system, with the GST Appellate Tribunal expected to be operational by December.
Bad decision being corrected, not being apologised for: Aaditya Thackeray accuses government of marketing GST rationalization 'as gift'
Aaditya Thackeray criticized the Modi government's GST rationalization, calling it a correction of a flawed decision marketed as a gift. He hoped states would receive their dues without political bias. Union Finance Minister Nirmala Sitharaman emphasized ensuring GST benefits reach all citizens, while Piyush Goyal hailed the reforms as a streamlined taxation system under PM Modi's leadership.
India will continue to buy Russian oil, says FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman affirmed India's continued purchase of Russian oil, prioritizing national interests in energy decisions. She emphasized fiscal discipline and building public trust as crucial for economic progress. Sitharaman highlighted tax reforms, particularly GST, and cautioned about the persistent challenge of managing the fiscal deficit.
Piyush Goyal slams Congress over their high taxes, says new GST rates will fuel India's 'cycle of growth'
Commerce Minister Piyush Goyal criticized the Congress for past high taxes, asserting the BJP's GST reset will spur investments and job creation, fueling India's growth cycle. He highlighted that the new regime's lower taxes would benefit consumers and businesses, making India more attractive to investors. The Centre assured support to states facing potential fund shortages due to the shift.
Tax reforms will enable 10 pc growth rate in future, nobody can stop India: Andhra CM Chandrababu Naidu
Andhra Pradesh Chief Minister N Chandrababu Naidu believes India's tax reforms can boost growth. He anticipates India becoming a top global economy by 2047. Naidu praises the judiciary and highlights mediation's importance. He aims to develop Visakhapatnam as a major ADR center. Technology's role in justice delivery is also emphasized.
GST rate changes are a strategic inflection point for India’s auto industry
The Goods and Services Tax (GST) structure will be simplified. This decision will benefit the automotive sector. Most vehicles and auto components will move to an 18% GST rate. This will make vehicles more affordable. Electric vehicles will have a 5% GST. Luxury vehicles will be in a 40% slab. The new rates will be effective from September 22, 2025.
Tax cuts to drive growth in small car segment, says Maruti Chairman RC Bhargava
RC Bhargava, Chairman of Maruti Suzuki, has lauded the government's corporate tax reforms. He believes this move will revitalize the auto sector. Bhargava expects the small car segment to grow significantly. He projects an annual growth rate of around 10% for small cars. The overall industry growth could reach 7% to 8%.
Hailing PM Modi, BJP says GST reforms 'next-gen, historic'
The BJP celebrated the new GST reforms as a significant step, with JP Nadda highlighting PM Modi's commitment to easing citizens' lives. Nadda criticized the previous UPA government's inability to implement GST due to lack of trust. Sambit Patra noted the reforms would make essential items more affordable for everyone from September 22, creating a positive atmosphere.
The makeover announced by GST Council is welcome, but a cup half-full with red tape still fluttering
The GST Council's recent meeting delivered on the promise of GST reduction and rationalization ahead of Diwali, reaffirming commitment to the unified tax reform. While rates on some goods were reduced and classifications simplified, the council fell short of fully eliminating red tape and subjective interpretations.
GST reforms: Maharashtra CM Fadnavis hails move, calls it result of PM Modi's farsighted vision
Devendra Fadnavis praised Narendra Modi's vision regarding GST. The GST Council approved changes to the indirect tax system. The new tax slabs will be effective from September 22. Fadnavis stated that Maharashtra is a leader in GST contributions. He added that the reforms will reduce the tax burden on citizens. Maharashtra supports these GST reforms.
GST rate cut to spur demand in Rs 19 lakh cr dairy industry: Government
The government is set to implement new GST rates for the dairy sector. Most dairy products will either be tax-exempt or attract only a 5% tax. Ultra-high temperature milk and paneer will have no GST. Butter, ghee, cheese, and ice cream will be taxed at 5%. This reform aims to boost the dairy sector and benefit farmers and consumers.
Govt delivers 'GST Diwali bonanza': Cheaper essentials, big relief on insurance premiums
India's Goods and Services Tax (GST) undergoes a major overhaul, eight years after its launch, with the GST Council approving significant rate cuts on numerous everyday items. Effective September 22nd, the new rates aim to boost consumption by shifting to a two-slab structure of 5% and 18%, abolishing the 12% and 28% rates.
PM Modi calls GST reforms a 'double dose of growth' and slams UPA tax policies
Prime Minister Narendra Modi addressed the nation, emphasising the importance of GST 2.0 reforms in strengthening India’s global competitiveness and promoting self-reliance. He interacted with National Awardee Teachers, recognising their vital role in shaping the youth. Modi assured citizens of a “double blast of happiness” ahead of Diwali and Chhath Puja, while criticising the previous UPA government’s taxation policies.
Zara, Levi’s, Lacoste among global fashion brands that may be hit by new GST rates
India's tax overhaul is set to reduce prices on various goods, but global fashion brands face higher levies on apparel exceeding $29. This move impacts premium wear, affecting brands like Zara and Levi Strauss, as young, brand-conscious consumers may become price-sensitive.
Trump’s tariff pains, Modi’s GST relief: Govt gives a reform armour to every Indian
India rolls out GST 2.0 reforms to boost domestic consumption and shield the economy from the impact of US tariffs. The revamped GST structure simplifies tax slabs and lowers rates on essential goods and services, putting more money in the hands of households and businesses. Experts say the reforms could give a meaningful lift to GDP, while rising consumer confidence across urban and rural India signals stronger spending ahead.
PM Modi welcomes GST council’s approval of rate cuts, says changes will benefit every section of society
The GST Council, with PM Modi's endorsement, has approved comprehensive GST reforms, including rate rationalization and process simplification. Finance Minister Sitharaman announced a significant merger of GST slabs, aiming to boost affordability and consumption. Daily-use items see rate reductions, benefiting the common man, while key sectors like agriculture and health receive support through structural changes and simplified compliance.
GST 2.0 with two-slab structure to roll out from September 22
India's GST framework is undergoing a significant overhaul, set to begin on September 22nd, simplifying the existing four slabs into a two-rate system of 5% and 18%. Essential goods will be taxed at 5%, while most others will fall under the 18% standard rate. However, tobacco products will maintain current rates until compensation cess obligations are met.
The art of consensus: How a divided India came together for GST
The GST Council is meeting to discuss potential rate changes, including a two-slab structure and a luxury item tax. States are seeking revenue loss compensation as the Centre plans to end the compensation cess. The original GST rollout in 2017 was a landmark achievement of political consensus, uniting India through bipartisan cooperation.
GST Council meet begins to deliver on PM Modi's Diwali gift promise: What's coming for auto, insurance, personal care and electronic sectors?
Chaired by Finance Minister Nirmala Sitharaman, the GST Council is convening for two days to discuss a significant overhaul of the Goods and Services Tax. The proposed reforms aim to reduce tax rates on everyday items, potentially shifting most goods from the 12% bracket to 5% and from 28% to 18%.
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