Companies and products covered by India's current GST regime
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Time of India
an hour ago
- Time of India
Chakra & consumption
PM's 2 key promises from Red Fort Two themes stood out in Modi's I-Day address. Mission Sudarshan Chakra, he said, will be a powerful platform that will protect both public places and critical infra, and be operational by 2035. This is evoking comparisons with Israel's Iron Dome. More relevant is the stellar performance of the Integrated Air Command and Control System (IACCS) and Akashteer during Op Sindoor. But air defence is an evolving tech. India faces two issues. First, versatile and rapidly improving battlefield drones. IACCS and Akashteer need upgrades for this. Second, we are still using diverse platforms – Indian, Russian, Israeli, etc. This is less than ideal. If Sudarshan Chakra can address both these concerns, it will be a massive boost for military self-reliance. On GST, Modi promised Indians will pay a whole lot less for a lot of stuff they buy. Pegging this to Diwali was classic Modi. From what he said and what officials briefed later, the biggest GST reform since its inception will make it basically a 2-rate system – 5% and 18% (a few 'sin' goods will be taxed at 40%). That will be a huge improvement on the current, complicated 5%, 12%, 18% and 28% structure. Consumers are likely to benefit from a large number of consumer goods moving from the 12% to 5% rate, some from 18% to 5%, and axing of the eye-watering 28% rate. Health insurance premiums may finally get taxed at a lower rate. That there'll be procedural rationalisation, too, makes this mithai sweeter. And that GOI seems ready to take a revenue hit initially and bet on higher consumption to make this up down the line, is welcome reformist spirit. BJP will hope lower prices will be a vote attractor in poll-bound Bihar, a densely populated poor state. But that takes nothing away from the significance of what Modi promised. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
Time of India
an hour ago
- Time of India
Chakra & shopping power
This Independence Day, PM Modi gave two big promises that could make India both safer and cheaper to live in. First, he talked about Mission Sudarshan Chakra — a home-made defence system that will protect important places and buildings from enemy attacks. Think of it like a giant invisible shield. It's being compared to Israel's 'Iron Dome,' which shoots down enemy missiles. India already has strong systems like IACCS and Akashteer, which worked well in a recent military operation. But there are problems: enemy drones are getting smarter, and our defence system is made up of parts from different countries (India, Russia, Israel), which don't always work perfectly together. Sudarshan Chakra will try to fix this by making one fully Indian system that can handle threats from the air, land, and maybe even sea. The goal is to have it ready by 2035. Second, Modi promised a big change in GST — the tax we pay when we buy most things. Right now, GST is messy, with four main rates: 5%, 12%, 18%, and 28%. The plan is to make it simpler: mostly just 5% and 18% (plus 40% for things like cigarettes). This means many items will get cheaper, like goods moving from 12% to 5% or 18% to 5%. Even health insurance might get taxed less. The government will earn less money at first but hopes people will buy more, which will make up for it later. And yes, this could help win votes in elections — but it's still good news for shoppers. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Time of India
2 hours ago
- Time of India
Exempt colleges from GST: VIT founder
Chennai: Educational institutions should be exempted from the ambit of Goods and Services Tax (GST) so that the fee structure could be reduced for the benefit of the poor and the middle class, said G Viswanathan, Vellore Institute of Technology (VIT) founder-chancellor, on Friday. Stating that educational institutions were only giving to the govt, by way of GST, and not getting much in return, he said that VIT alone spent 400 crore on GST a year. "A GST of 18% is levied for the construction of buildings and 28% to install ACs," he said during VIT Chennai's 15th year celebrations and Crystal Connexions, an alumni meet '25, on the institute's Chennai campus. He noted that while the union govt allocated only 2.5% of its budget towards education this year, the state govt allocated 21%. "While India has become the fourth-largest economy surpassing Japan, its GDP per capita is still 12.5 times less than that of Japan. Education is the only way to reduce this disparity. Hence, the govt should spend more on education, especially higher education," Viswanathan said. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Gold Rates Today in Chennai | Silver Rates Today in Chennai Actor and Rajya Sabha member Kamal Haasan, who was the chief guest, said: "While our forefathers had the courage to fight for the nation's freedom, today's youth must develop the courage to embrace failures and learn from them. We live in a country where failure in exams can end a life. That's not education, that is cruelty. In 2025, let us learn to become independent to dream without fear." VIT vice-president G V Selvam recalled how the institute grew from 640 students and 42 faculty in 2010 to over 22,000 students and 803 faculty today. "When we started in 2010, the place did not even have a proper landmark. Fifteen years later, we have become the landmark," he said, thanking the alumni for placing their trust in the institution and contributing to its growth. At the event, five successful alumni were awarded in the categories of academic and research; corporate career; entrepreneurship; social development; and young achiever. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Happy Krishna Janmashtami Wishes ,, messages , and quotes !
