GST | DD News

September 21, 2025 11:40 AM

GST reforms: Piyush Goyal urges industry to pass on full benefits to consumers

Union Commerce and Industry Minister Piyush Goyal has urged industries to ensure that the full benefits of GST rate rationalisation are passed on to consumers, ahead of a major overhaul of India’s indirect tax structure from September 22. The GST Council has reduced rates on hundreds of items — from soaps to small cars — and simplified the structure into primarily two slabs: 5 per cent and 18 per cent, along with a 40 per cent rate for luxury and sin goods. “Kindly ensure that we pass ...

September 19, 2025 1:44 PM

GST 2.0 to enhance ease of living, doing business: PM Modi

Prime Minister Narendra Modi on Friday said that the latest Goods and Services Tax (GST) reforms are not just technical adjustments but bold steps aimed at improving the ease of living, ease of doing business, and ease of investing in India. “By lowering rates on everyday foods and packaging, these reforms make groceries more affordable, boost MSMEs, support farmers, and enhance India’s global food competitiveness,” PM Modi said in a post on X. The Prime Minister was responding to an art...

September 19, 2025 9:56 AM

GST reduction on drones to encourage wider adoption, boost domestic manufacturing

The government's move to slash the Goods and Services Tax (GST) on unmanned aircraft systems (drones) from the earlier 18–28 percent range to a uniform 5 percent, is expected to accelerate drone adoption across sectors and boost domestic manufacturing under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. According to an official statement, the uniform tax rate will eliminate classification disputes, provide policy certainty, and create a more predictable business environment...

September 18, 2025 9:37 PM

GST rate cuts on 11 Bengal-specific items will boost state’s economy: Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday said that while citizens across the country would benefit from the GST rate cuts, 11 Bengal-specific items had been brought under the 5 per cent tax slab to support the state’s economy and its people. Addressing the GST 2.0 outreach programme in Kolkata, Sitharaman noted that the reforms, effective from September 22, were timed so that consumers could benefit ahead of Durga Puja. GST on Shantiniketan leather goods has been reduced to 5 pe...

September 11, 2025 3:48 PM

GST reforms in mining sector to boost housing and small enterprises

The 56th meeting of the GST Council, chaired by Union Finance and Corporate Affairs Minister Nirmala Sitharaman, has approved a series of tax rate changes aimed at easing costs for households, boosting the housing sector, and supporting small-scale enterprises. The council recommended lowering the GST rate on several items linked to the mining and construction sector. Marble and travertine blocks, along with granite blocks, will now attract a GST rate of 5 percent, down from the earlier 12 perc...

September 10, 2025 1:19 PM

GST rate cut to spur credit growth of banks, NBFCs: Report

The incremental credit flow of banks is expected to rise to Rs.19-20.5 lakh crore in FY2026 from Rs.18 lakh crore in FY2025 which represents a year-on-year (YoY) growth of 10.4-11.3 per cent for banks in the current financial year compared to 10.9 per cent in FY2025, according to an ICRA report released on Wednesday. The NBFC credit (excluding the infrastructure-focussed entities) is projected to expand at 15-17 per cent in the current fiscal, compared to 17 per cent in FY2025, the report state...

September 9, 2025 8:23 PM

Next-Gen GST reforms to boost electronics, digital growth, and renewable energy

The government has announced a new set of Goods and Services Tax (GST) reforms aimed at strengthening India’s electronics ecosystem, promoting localisation, creating jobs, and supporting the Digital India and Aatmanirbhar Bharat initiatives. Under the reforms, GST rates have been reduced on a range of consumer electronics and ICT hardware. The tax on air conditioners, dishwashers and large-screen televisions (LCD and LED) has been lowered from 28 percent to 18 percent, making these products m...

September 4, 2025 6:36 PM

GST rationalization brings most dairy products to nil or 5% rate

In a move to support India’s dairy sector, the 56th GST Council on Wednesday approved a rationalization of GST rates on milk and milk products. Under the new structure, which will take effect from September 22, most dairy items are now either exempt from tax or subject to a 5 per cent rate. Ultra‑High Temperature (UHT) milk and pre-packaged paneer or chhena will now attract no GST. Butter, ghee, dairy spreads, cheese, condensed milk, milk-based beverages, ice cream, and milk cans have seen ...

September 4, 2025 4:02 PM

Piyush Goyal urges India Inc. to pass on entire GST rate cut to consumers

Union Commerce and Industry Minister Piyush Goyal on Thursday called on India Inc. to ensure that the full benefit of the recent GST rate cut is passed on to consumers, saying it would boost demand and drive economic growth. Speaking at the Bharat Nutraverse Expo 2025 in the capital, Goyal said the reduction in GST rates would provide an “unprecedented boost” to consumption demand. “The industry can now aspire for much greater volumes of sales, creating a win-win situation for all. Busine...

September 4, 2025 3:38 PM

GST reforms can further lower inflation, allow RBI to cut repo rate by another 25 bps this year

The recent GST tax rate cuts can help lower inflation if companies pass on the benefits to consumers, potentially allowing the Reserve Bank of India (RBI) to reduce the repo rate by another 25 basis points in the fourth quarter of this year, an HSBC report said on Thursday. According to the report, the tax cuts could bring down headline CPI inflation by 1 percentage point. “However, if the pass-through is only partial, the fall in inflation may be closer to 0.5 percentage points. We expect th...