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Hans India
a minute ago
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GST Reform India: Govt Plans Big GST Changes 2025 with Rate Cuts and New Slabs
The Indian government is preparing a major GST reform India plan, set to be announced by Diwali 2025. According to government sources, the revamped structure will simplify GST tax slabs, reduce rates for most goods, and bring relief to consumers and businesses. A Group of Ministers, including state finance ministers, is working on rationalising rates. The proposal introduces just two main GST slabs—5% and 18%—instead of the multiple slabs used today. Luxury goods will face a special 40% rate. Under the proposed GST changes 2025: 99% of goods in the 12% slab will move to the 5% slab. Around 90% of goods in the 28% slab will drop to 18%. Daily-use products will be taxed at 5%. Tobacco products will have a 40% GST rate, keeping the total India tobacco tax 40% burden at the current 88%. Petroleum products like diesel and petrol will remain outside GST. The goal is to get people to spend more, which could balance out any money the government loses from cutting GST rates. In his Independence Day speech, Prime Minister Narendra Modi called these changes a 'Diwali gift' for the people. He said they will make essential items cheaper and help small businesses grow. He also stressed that India should focus on making high-quality, affordable products to become more self-reliant. PM Modi also announced a new task force to recommend all necessary reforms for a 21st-century GST system. He emphasised that self-reliance is about building internal strength and capabilities, not limiting others, and that it is essential for maintaining India's economic power. With GST changes 2025, the government hopes to make the tax system simpler, fairer, and more growth-oriented, while giving relief to the common man and ensuring India's economic resilience.
Economic Times
a minute ago
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Dow Chemical signs 2.5 lakh sq ft office lease at Navi Mumbai's Mindspace Airoli
Synopsis Dow Chemicals International has leased 2.56 lakh sq ft of office space in Navi Mumbai's Airoli, marking a significant transaction in the city's IT sector. The 10-year lease, valued at approximately Rs 250 crore, underscores the resilience of Mumbai's commercial office market. TIL Creatives Representative Image Dow Chemicals International has picked up over 2.56 lakh sq ft office space in an information technology park in Navi Mumbai's Airoli locality through a long-term lease spanning over 10 years, marking one of the largest recent transactions in the city's IT and business parks US-headquartered chemical major has taken up five floors from 2nd to 6th in one of towers of Mindspace Special Economic Zone, owned by Mindspace Business Parks. The company is estimated to pay around Rs 250 crore rentals through the entire term of the lease. The lease, starting 15 September, will see Dow Chemical will paying a monthly rental of Rs 1.64 crore, translating into Rs 64 per sq ft on the chargeable area. The agreement includes a clause to escalate rentals by 5% every year. The transaction also involves a security deposit of Rs 14.77 addition to the standard lease terms, the deal includes a fit-out security deposit of Rs 82.09 crore, which will be refunded in tranches of 10% each year, and a fit-out rent of Rs 29.45 per sq ft per month, with no escalation through the term, showed the documents accessed through realty data analytics firm transaction underscores the resilience of the commercial office market in the Mumbai Metropolitan Region (MMR), particularly in large-format, high-quality spaces catering to multinational occupiers. With global corporates increasingly consolidating operations into technology hubs like Navi Mumbai, such deals point towards sustained demand despite a hybrid work environment. Industry experts tracking the segment say that high-value, long-tenure leases in established business parks indicate occupiers' confidence in India's medium- to long-term growth story and their commitment to scaling local email queries to Dow Chemicals and Mindspace Business Parks remained commercial office market recorded a landmark performance in the last financial year, with leasing activity reaching an all-time high. The surge was driven by a combination of expansion plans by global and domestic occupiers, portfolio consolidation, and the preference for high-quality, well-connected office spaces in major business momentum is widely expected to carry forward into 2026, supported by sustained demand from key sectors such as global capability centres (GCCs), banking, financial services and insurance (BFSI) institutions, flexible workspace operators, and leading Indian technology companies. These segments continue to account for the largest share of fresh leasing as well as renewals, underpinned by India's cost competitiveness, skilled workforce, and strong digital infrastructure.
News18
9 minutes ago
- News18
Pavna Industries, Taiwans SMC form JV to boost EV tech in India
Lucknow, Aug 15 (PTI) Uttar Pradesh-based Pavna Industries on Friday said it has entered into a joint venture with Taiwan-based SmartChip Microelectronic Corporation (SMC) to boost EV technology in India and grow into new high-growth markets. Pavna Industries will hold 80 per cent equity in the JV, while SMC will have a 20 per cent stake. Under the agreement, Pavna will bring its operational, manufacturing, and procurement expertise, and its deep understanding of the Indian automotive market, to oversee and manage the JV's operations, the company said in a statement issued here. 'Pavna Industries has entered into a joint venture agreement with SmartChip Microelectronic Corporation (SMC), which will offer to undertake and carry on the business of inter alia making electronic components for the automobile industry (ICE and EV) and for other industries like hardware for cupboard/door locks etc. in residential/ commercial industries, and medical, among others," the company said. Swapnil Jain, Managing Director, Pavna Industries Limited, said, 'By merging Pavna's manufacturing and market capabilities with SMC's state-of-the-art electronics knowledge, we expect to speed up the penetration of EV technologies in India as well as grow into new high-growth markets. With this partnership, we will also further enhance our capacity to serve domestic and global markets with innovative, dependable, and sustainable solutions". PTI KIS BAL BAL BAL view comments First Published: August 15, 2025, 21:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
