In his Independence Day deal with to the nation from Crimson Fort, Prime Minister Narendra Modi on August 15 vowed to carry next-generation items and companies tax (GST) reforms earlier than Diwali this yr. In his Independence Day 2025 speech, he hinted at charge rationalisation to no longer solely result in charge revisions but additionally carry down the costs of on a regular basis gadgets, supporting the financial system.
“We are going to carry next-generation GST reforms earlier than Diwali this yr,” he stated throughout his speech.
He stated that the brand new GST reforms will carry down the tax burden on the nation’s client in addition to micro, medium, and small enterprises.
His huge message on GST reforms comes at a time when the omnipotent GST Council — headed by Finance Minister Nirmala Sitharaman — is prone to meet subsequent month.
What to anticipate in subsequent GST Council assembly after PM Modi’s August 15 announcement
Based on sources, within the subsequent assembly, the GST Council could resolve to decrease the 12 per cent GST charge to five per cent whereas eradicating the tax on well being and life insurance-related merchandise.
No new cess is prone to be launched to the present GST framework, stated the sources.
There are additionally expectations that the general GST refund course of could also be strengthened utilizing know-how.
Moreover, the time to register small corporations could also be decreased to 3 days, added the sources.
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Hopes of GST charge cuts as PM Modi mentions new reforms
Zee Enterprise Managing Editor Anil Singhvi stated that the announcement about new GST reforms is about to spice up consumption shares on Dalal Road with a constructive response in Monday’s commerce itself.
PM Modi’s GST bulletins are set to spice up the temper on Dalal Road on Monday, stated the market guru.
The nation’s monetary markets remained shut on Friday for Independence Day, with buying and selling set to renew on Monday, August 18.
The market wizard additionally stated that there are two methods to construct vital wealth within the nation over the approaching years: One is by rising a enterprise as a businessperson and the opposite is by investing in high quality companies on Dalal Road.
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What’s GST Council and what does it do?
The GST Council is the highest decision-making physique for the GST oblique tax system within the nation.
Headed by the Finance Minister, it recommends GST charges and exemptions, frames guidelines, resolves disputes, and oversees reforms within the oblique tax regime.
The physique is a joint discussion board representing central in addition to state/UT governments. Moreover the Union Finance Minister, state finance or income in-charges are members of the Council, with the CBEC Chairperson being a everlasting invitee to its conferences.
