BJP observes 'Partition Horrors Remembrance Day'
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Hans India
2 minutes 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.
Hindustan Times
2 minutes ago
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Centre likely to change GST slabs: What might get cheaper, what gets costlier?
The Centre is likely to amend the GST structure for several items, including daily-use products and luxury goods, among other items in a bid to rationalise the tax structure, news agency PTI quoted government sources as saying on Friday. The Centre is likely to amend the GST rates ahead of Diwali.(For representation/Mint) The development comes shortly after Prime Minister Narendra Modi on Friday announced during his Independence Day speech that he will make "this Diwali, double Diwali" for the people of the country. PM Modi promised a Diwali gift in the form of a "big reform of GST." What we know so far on GST-related changes? The government sources have said that the central government has proposed to scrap the existing tax slabs of 12 per cent and 28 per cent of GST rate and keep only 5 per cent and 18 per cent GST rates. The government is also expected to slash the tax on 90 per cent of the goods under the 28 per cent tax bracket and will bring it down to 18 per cent. Similarly, the goods in the 12 per cent slab are proposed to move in the 5 per cent slab. However, the government is also set to introduce a new slab of 40 per cent, which would include goods like tobacco, pan masala and luxury items. A meeting of the GST Council is likely to be held in September or October to consider the proposal. What gets cheaper & what gets expensive? The government sources told news agency ANI that the restructuring of the existing tax slabs and the new slabs will have marginal negative effect on GST collection. A proposal has already been sent to the Group of Ministers (GoM) to enable constructive and inclusive dialogue. The move is likely to benefit economic sectors like agriculture, textiles, fertilisers, renewable energy, automotive, handicrafts, healthcare, insurance, construction, transportation, ANI reported. However, there is a proposal to move "sin goods" like tobacco and pan masala to a new tax slab of 40 per cent. The special rate will be applicable to only seven items, including tobacco. Products like diamonds and precious stones, which are labour-intensive and export-based, will continue to be taxed at the same rate. Meanwhile, the petroleum products will continue to remain outside the revamped GST regime.
The Print
16 minutes ago
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Modi's Independence day speech signals a sense of urgency
PM Modi's high praise for RSS from Red Fort's ramparts is a swayamsevak's tribute to ideological mentor. It reaffirms RSS' indispensability for BJP. Modi and RSS are and will remain one, occasional wrinkles in relations aside. Course correction done, the two must end the embarrassing stalemate over next BJP president. Modi's Independence day speech on swadeshi & reforms signals a significant sense of urgency PM Modi has again pushed the swadeshi cause—this time, with a healthy emphasis on next generation reforms task force and GST overhaul. With US tariff troubles and an uncertain global order, it signals sufficient sense of urgency. He must strike a deft balance between his domestic base and global face.
