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Stricter efficiency standards for air conditioner makers in the works
ACs alone could contribute to 120 gigawatts (Gw) of peak power demand by 2030, and 180 Gw by 2035, accounting for nearly 30 per cent of the total projected power demand, according to IECC.
Puja Das New Delhi
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With another ominous summer set to hit India this year, the Centre is looking to make the efficiency standards for air conditioner (AC) makers more stringent.
This would help bring in more efficiency in cooling and can potentially control sudden power demand spikes as well as slash electricity bills. The Ministry of Power is considering a significant revision of the Indian Seasonal Energy Efficiency Ratio (ISEER) — used for measuring the energy efficiency of ACs. It is calculated as the ratio of the cooling seasonal total load to the cooling seasonal energy consumption. ISEER value may be raised from the
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Time of India
2 hours ago
- Time of India
Revanth pitches Telangana as ‘game changer' in India's $30 trillion vision
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Time of India
4 hours ago
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Hindustan Times
4 hours ago
- Hindustan Times
Simpler GST structureas govt pushes reform
Prime Minister Narendra Modi on Friday announced a major overhaul of the goods and services tax regime, hinting at lower rates on most items by Diwali, with people aware of the plans adding that most of the goods currently taxed at 12% could drop to 5% and most of those in the 28% bracket could shift to 18% under a proposed structure that will also have a 40% rate for what are considered sin or luxury goods. Prime Minister Narendra Modi addresses the nation from the ramparts of Red Fort on 79th Independence Day, in New Delhi on Friday. (ANI) Speaking from the Red Fort ramparts on the 79th Independence Day, Modi said his government would implement 'next-generation GST reforms' that would substantially reduce the tax burden across the country, particularly benefiting farmers, the middle class and small businesses. Since GST is a consumption tax, the ultimate beneficiary will be the consumer. 'This Diwali, I am going to make it a double Diwali for you. This Diwali, you fellow countrymen are going to get a very big gift,' Modi said, adding that after eight years of GST operations, 'the need of the hour is that we should review it once.' People aware of the matter in the government later detailed the proposal: a simplified two-slab structure replacing the current four-tier system that has operated since GST's launch on July 1, 2017 is being considered. The reforms, according to these people, will make everyday essentials significantly more affordable — from groceries and medicines to televisions and washing machines. Agricultural equipment, bicycles, and even insurance and education services are set to become cheaper, delivering direct relief to households and farmers while boosting consumption across the economy. Under the proposed framework, most goods and services would be taxed under two categories — 5% and 18% rates — with a 40% 'demerit' levy on items that currently attract the compensation cess. This will effectively whittle down the existing structure that includes of 5%, 12%, 18% and 28% brackets, along with a compensation cess for luxury and sin goods. As per law, the compensation cess will cease to exist after March 31, 2026. The new 40% levy is being considered for the goods in the last category. The people cited above added that '99% of items' currently in the 12% slab will move to the lower 5% bracket, and 90% of goods in the 28% category will shift to 18%. The Centre has forwarded its proposals to the Group of Ministers examining rate rationalisation, which will place recommendations before the GST Council — the apex federal body on indirect taxation comprising finance ministers from all states and chaired by Union finance minister Nirmala Sitharaman. The council is empowered to accept the proposal, with or without modification, or reject it. 'We have discussed with states and we are bringing next-generation GST reforms that will reduce the tax burden across the country,' Modi said. 'Tax on items the common man uses will be reduced substantially. Our MSMEs will benefit hugely. Daily use items will become cheaper, which will also strengthen our economy.' One of the people cited above added that, 'there is a near consensus to rationalise the GST rates. Some opposition parties are even keen to reduce the number of slabs to just one, which is difficult in the Indian situation because tax rates for items used by the common people, and luxury items used by the rich cannot be the same.' This person added that the council is expected to meet by October with a final decision, as indicated by Modi, expected prior to Diwali in the latter half of the month. The restructuring would make essential items such as food products, daily-use goods, agricultural equipment, televisions, refrigerators, washing machines, medicines, education and insurance significantly cheaper. 'The common man, particularly the middle class would be the biggest beneficiary,' the person mentioned above said, citing examples: Items currently taxed at 12% — including condensed milk, dried fruits, frozen vegetables, sausages, pasta, jams, namkeens including bhujiya, tooth powder, feeding bottles, carpets, umbrellas, bicycles, utensils, furniture, pencils, handbags made of jute or cotton, and footwear under ₹1,000 — could see rates drop to 5%. Similarly, goods in the 28% bracket such as cement, air-conditioning machines, dishwashers, monitors, projectors, set-top boxes and television sets including LCD and LED models could become cheaper at 18%. However, around half-a-dozen 'demerit' items, such as cigarettes and online gaming, would face a new 40% tax rate, replacing the current compensation cess structure. Special rates would remain unchanged, with diamonds continuing to attract 0.25% and gold and silver maintaining 3% taxation, which are mainly for exports after value addition. Petroleum products would stay outside the GST framework. 'We started the review by setting up a high-power committee and also held discussions with the states,' Modi explained during his address. With most states governed by the BJP and its allies, the proposals are expected to gain approval with some ease. Beyond rate rationalisation, the GST Council would also consider proposals for further ease of compliance using technology and faster refunds to exporters, officials said. Tax experts hailed the proposed changes as transformative for India's economic landscape. 'Moving to a two-rate GST structure will put India at par with advanced economies which have a low rate for essentials and another rate for everything else,' said MS Mani, partner at Deloitte India. 'Classification issues and disputes will significantly reduce if we get a two-rate structure.' However, Mani cautioned that 'the absence of anti-profiteering provisions now would make it incumbent for businesses to self-regulate and pass on the reductions to the consumers.' Saurabh Agarwal, partner at EY India, described the reforms as 'essential structural changes' designed to build economic resilience. 'The Prime Minister's vision for GST 2.0 is a timely and strategic move to build a resilient Indian economy,' he said. 'By addressing the inverted duty structure, we are unlocking crucial working capital and making our exports more competitive on the global stage,' Agarwal added. 'Simultaneously, rationalising rates will boost domestic consumption, creating a powerful buffer against external shocks.' He said simplifying compliances for MSMEs would help bring down costs and make their products competitive in the market. 'These reforms will strengthen India's manufacturing capabilities and make our economy more self-reliant and agile in a volatile global landscape.' The government expects to offset revenue losses through an expanded tax base and improved compliance, with officials confident that the broader economic benefits would quickly compensate for any initial revenue shortfall. The announcement marks the most significant reform to India's indirect tax structure since GST's introduction eight years ago, which at the time merged a web of local and federal levies into a simpler system.
