Anticipating GST changes, Ludhiana industry wants reforms expedited.
Goods and Services Tax
(GST), industrial and trade bodies are expressing cautious optimism. While they welcome the simplification, stakeholders insist that swift implementation, especially of refunds, is essential to prevent disruptions and revive consumption.
In his August 15 Independence Day address, PM Modi revealed plans to overhaul GST by October, aimed at easing the tax burden on daily-use items and MSMEs. The long-standing four-slab system (5%, 12%, 18%, 28%) is being anticipated to be replaced by a streamlined two-slab structure with rates of 5% and 18%, and a special 40% rate on sin and luxury goods like tobacco and pan masala, as per reports of proposal having been sent to the group of ministers (GoM) and state finance ministers, ahead of the GST council's meeting.
Industrialists and businessmen of Ludhiana expect that this reform could boost domestic consumption, exports, and market sentiment.
"The prospect of two main GST rates are welcome, but delayed refunds could cripple operations. If we must wait for GST refunds on expenditure on raw materials, it's going to be tough," Avtar Singh Bhogal, vice-president, UCPMA, said, stressing that timely refunds would support purchasing power and curtail GST evasion.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Angelina Jolie and Brad Pitt's Daughter Shiloh Now Goes by a New Name After Dropping Pitt
BigGlobalTravel
Undo
Upkar Singh Ahuja, president of the Chamber of Industrial and Commercial Undertakings (CICU), echoed the urgency. He warned that markets were already slow and showed signs of recession, with consumers delaying purchases in anticipation of GST relief. "Whatever changes are to be done, do them now, not wait until Diwali," he urged. "People are have stopped purchasing on big items anticipating lower GST and, thus, prices," he said.
There have been long-standing industry demands for GST simplification, Harsimarjit Singh Lucky, UCMPA president said. He added that reforms would bring relief that would curtail evasion and simplify compliance.
Sonu Nilibar, president of the Punjab Textile Merchant Association, said "A uniform 5% GST rate on garments would be a landmark reform. It will bring much-needed clarity, make goods affordable, boost consumption, and ease compliance. On behalf of trade, I warmly thank Prime Minister Modi for considering this long-awaited reform."
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
38 minutes ago
- Time of India
9 sub-post offices shut in Barak Valley, protests erupt
Silchar: Closure of nine sub-post offices across Barak Valley by the department of posts has triggered widespread protests from residents and customers who rely heavily on postal services for day-to-day needs. The sudden shutdown, carried out without prior notice, has left thousands of people in deep distress. Apart from handling government and private correspondence, these sub-post offices play a crucial role in the delivery of Aadhaar, voter ID, PAN and ATM cards, appointment letters, as well as banking services such as recurring deposits and savings accounts. Locals said the abrupt move has sparked anger as the sub-post offices were profitable institutions, seeing a rise in customer footfall since the introduction of banking facilities. "The geographical terrain of Barak Valley is complex, and in rural areas, people still depend largely on post offices for financial and communication needs. Their closure is a huge setback," a resident said. Rajya Sabha MP Kanad Purkayastha expressed serious concern and spoke directly to chief postmaster general (CPMG) Arvind Verma on Tuesday evening, urging him to take immediate steps to ensure the offices remain functional. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors Born 1939-1969 Receive 16 Benefits This Month If They Ask Super Saving Online Undo He warned that the closures have created massive inconvenience and resentment among the public. Verma assured the MP that the matter would be examined and necessary measures would be taken. Meanwhile, residents of Chittaranjan Avenue, where the local sub-post office was also shut without notice, submitted a memorandum to the Cachar postal superintendent Dipjyoti Ganguly, addressed to the Union minister of communications, demanding restoration of the facility. Customers alleged that the closure was carried out arbitrarily, without informing them or posting any official notice at the office. "This post office has served the area for decades. To shut it down suddenly without any explanation is extremely unfortunate. The decision has left residents disappointed and frustrated," said Sadhan Purkayastha, a former municipal commissioner and long-time customer of the Chittaranjan Avenue branch. The protests are likely to intensify unless the department of posts clarifies its stand and restores services in the affected sub-post offices. 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.
Time of India
38 minutes ago
- Time of India
Hadpakya Ganpati, a 270-year-old festival unique to Nagpur, to now adorn Maharashtra Rajyotsav
1 2 Nagpur: A 270-year-old Ganpati tradition rooted in the region's cultural soul is all set to step onto Maharashtra's grand festive stage. The historic Hadpakya Ganpati of Nagpur, celebrated since the Bhonsle-era, will soon be officially included in the state's Ganeshotsav celebrations. Confirming this to TOI, cultural affairs minister Ashish Shelar said that the festival, which is unique to Nagpur and Vidarbha, will now be recognised as a part of the Maharashtra Rajyotsav during Ganeshotsav. During a conversation with Mudhoji Raje Bhonsle on the sidelines of the unveiling of the sword of Raghuji Bhonsle I, founder of Nagpur's Bhonsle dynasty, in Mumbai recently, Shelar learned about the centuries-old Ganpati festival and its deep connection with Vidarbha's identity. The Maharashtra govt recently brought the sword back to India. It is on display at PL Deshpande Kala Academy, Prabhadevi. "We talked for over half an hour over a wide range of topics, including the history of Nagpur's Bhonsles and also about the Hadpakya Ganpati, which is only celebrated in our region. He was fascinated by the fact that such a festival has been celebrated for almost 270 years without a break and continues to draw huge number of devotees in Nagpur and Vidarbha," sources close to Mudhoji Bhonsle said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Urologists Urge Men To Try This Breakthrough for ED Bring Back Fast Read More Undo While talking to TOI, Shelar said, "Maharashtra's Ganesh Utsav is already recognised as Rajyotsav. Now, we are also considering to make the Hadpakya Ganpati a part of the state-level celebrations." The Hadpakya Ganpati, also known as Maskarya Ganpati, was initiated by Khandoji Maharaj Bhonsle, also known as Chimanabapu, in 1755 AD. As per historical accounts, the king returned victorious from a battle in Bengal, but by that time, the traditional Ganesh Utsav had just culminated. So, to celebrate his victory and the festival, the king organised a grand festival and installed a unique Ganesha idol having 18 hands, which came to be known as the 'Hadpakya Ganpati'. The term 'Hadpakya' refers to a type of mask or disguise worn during the festival. Over time, the tradition of celebrating 11-day Hadpakya Ganpati gained popularity and became an integral part of Nagpur's cultural heritage. The tradition has evolved over the centuries, but the spirit of devotion and celebration remains the same. Locals often say that Ganeshotsav in Nagpur begins only when Hadpakya Ganpati is installed. 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.
Time of India
39 minutes ago
- Time of India
Vyttila Jn may get Kerala's tallest elevated highway
Kochi: Vyttila Junction may soon witness a one-of-its-kind engineering feat, with the National Highways Authority of India (NHAI) considering the construction of an elevated highway 32 metres above ground—soaring above the Kochi Metro line. If approved, the structure would become one of the tallest elevated highways in Kerala, transforming traffic flow at the state's busiest junction. A similar model—where the elevated highway passes above the Metro Phase II (Pink) line—was first proposed at Palarivattom. The latest revised alignment report, prepared by the Highway Engineering Consultant for the Edappally–Aroor elevated highway, now recommends adopting the same model at Vyttila. A comparable proposal had earlier been explored at Edappally, where the Metro viaduct crosses above the flyover. That plan was eventually dropped, with NHAI instead opting for two underpasses near Oberon Mall and Lulu Mall to ease congestion. For Vyttila, however, officials say the elevated highway will run parallel to the existing Kundanoor flyover, rising above the Metro viaduct. The revised alignment report has been submitted to NHAI's Kochi project office and will soon be forwarded to Delhi for clearance ahead of DPR preparation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors Born 1939-1969 Receive 16 Benefits This Month If They Ask Super Saving Online Undo Officials admit the construction will be technically challenging and costly, but unavoidable. "The cost of a 32-metre-high elevated highway will be substantial, but it is the only viable solution at Vyttila. We will recommend the alignment to NHAI's central office soon," an official said. The urgency stems from the traffic load on the Edappally–Vyttila–Aroor stretch of NH 66, which carries over one lakh passenger car units (PCUs) daily — the highest vehicular density in Kerala. With inspections confirming that only an elevated highway can handle the growing traffic, NHAI has prioritized this model as part of the NH 66 six-laning project. The corridor is also strategically critical. The stretch connects to the proposed Angamaly–Kundannur bypass, the Kochi–Theni National Highway and the NH link to Willingdon Island. Traffic volumes are expected to rise further with the completion of six-lane works on 23 adjoining stretches, including the Kodungallur–Edappally corridor and the Aroor–Thuravoor elevated highway, both slated for completion by late 2025. 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.
