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London, May 8 (PTI) British Prime Minister Keir Starmer on Friday said he takes responsibility for the “very tough" losses for the Labour Party in the local election, which threw up big wins for the anti-immigration Reform UK. Speaking to reporters as the vote count for Thursday’s UK-wide polls
Tax cut bonanza cleared in GST regime overhaul
Taxes on goods spanning household essentials, medicines, small cars and appliances will be slashed from September 22 as the GST Council on Wednesday approved the most sweeping overhaul of India's consumption tax since its 2017 launch, affecting everything from toothpaste and insurance to tractors and cement.
The changes, announced by Union finance minister Nirmala Sitharaman after a marathon meeting of the 56th GST Council, will have a net revenue implication of ₹48,000 crore based on 2023-24 consumption patterns but represent a gamble on growth by boosting domestic demand at a time when exports face headwinds from punishing US tariffs.
More than 90% of goods across multiple categories will become cheaper as the government whittles down the GST structure from four slabs to essentially two main rates of 5% and 18%, with a special 40% levy reserved for luxury and sin goods.
“The Prime Minister actually set the tone for the next-generation reforms on the 15th of August when he spoke from the Red Fort and he desired that we give the benefit to the people at the earliest,” Sitharaman said, concluding the meeting that was scheduled for two days but wrapped up in one with intense deliberations.
In recent days, industry groups have announced they will pass on the benefits of these cuts immediately to consumers – a move that will be critical to the government's goal of spurring consumption.
Also Read | GST on small cars cut, some motorcycles get cheaper: Check new GST rates
The minister said an item-wise “rigorous exercise” was undertaken and in most cases, tax rates were brought down drastically. “Labour intensive industry have been given support. Farmers and agriculture, as a whole, will also benefit by the decisions we've taken today. Health-related also will benefit. So, the key drivers of economy have been given a prominence,” Sitharaman said.
The Council reached unanimous agreement on the reforms, with all states present and no absences. “At the end of the day, they said, we're all together for the sake of the common man,” Sitharaman said, praising the spirit of cooperative federalism.
After the cuts were approved on Wednesday, Prime Minister Narendra Modi said “the wide-ranging reforms will improve lives of our citizens and ensure ease of doing business for all, especially small traders and businesses.”
However, several states, particularly those ruled by opposition parties, expressed reservations about revenue losses while supporting the rate cuts. Kerala finance minister KN Balagopal said states had asked for “some kind of compensation” to offset revenue shortfalls.
Jammu and Kashmir chief minister Omar Abdullah warned the reforms could hit his region's revenues by 10-12%, which he said was particularly concerning given the fiscal crisis following the Pahalgam terror attack. “The major sectors of the economy, like tourism, transport, construction, automobiles have come to standstill post April 2025,” he said in written remarks at the meeting.
In contrast, BJP-ruled states and NDA allies backed the proposals strongly. Assam chief minister Himanta Biswa Sarma and Andhra Pradesh finance minister Payyavula Keshav from the Telugu Desam Party said the reforms would benefit all stakeholders. “As an alliance partner, we are supporting the Centre's proposal of GST rate rationalisation. It is in favour of the common man,” Keshav said.
Major relief for households
Sitharaman said the changes represented complete reduction “for common man and middle-class”. This reform is not just about rationalising rates. It's also on structural reforms. It's also about ease of living, so that businesses can conduct their operations with the GST with great ease,” Sitharaman said.
Among the key changes was accepting the long-pending demand to cut GST on insurance. The council exempted the levy entirely on all individual life insurance policies—including term life, ULIP and endowment policies—and all individual health insurance policies, including family floater and senior citizen plans.
The reforms also span the agriculture sector with farming equipment seeing rate cuts.
Sin goods face higher taxes
However, the Council also approved a higher 40% tax on “super luxury” and “sin” goods including cigarettes, mid-sized and luxury cars, and carbonated beverages, replacing the current compensation cess structure.
Structural improvements
The finance minister emphasised the comprehensive nature of the reforms: “We have corrected inverted duty structure problems, we've resolved classification-related issues, and we've ensured that there will be stability and predictability about the GST. We've reduced the slabs. There shall be only two slabs, and we are also addressing the issues of compensation, ease of living, simplifying registration, return filing and refunds.”
Beyond rate cuts, the Council approved significant administrative improvements, including operationalisation of the GST Appellate Tribunal to accept appeals by end-September and commence hearings by December.
The reforms take effect from September 22, delivering on Modi's promise of a Diwali gift to citizens.
Rates on tobacco products including cigarettes, zarda and beedi will continue under existing rates until compensation cess liabilities are fully discharged, with new rates to be notified later, the government stated.
Experts said the changes “present both an opportunity and a responsibility for India Inc”.
“While lower rates will boost consumption and simplify compliance, businesses must proactively prepare for a smooth transition. Key focus areas include managing potential Input Tax Credit accumulation on existing inventories and handling practical adjustments like MRP re-fixation across supply chains,” said Saurabh Agarwal, tax partner at consultancy firm EY.
“We also need to be vigilant about the inverted duty structure that may arise. A time-bound provisional refund mechanism would be a significant positive step, boosting liquidity and easing working capital pressures... We are optimistic about this new phase of India's GST journey,” he added.
Experts also hailed the timing of the decision, especially against the backdrop of external headwinds such as the Trump tariffs. “Since the rate cuts are applicable from September 22nd, it gives some time for industry to prepare for the changes, including mechanism to pass on the benefits to consumers. Timing of these changes couldn't have been better, just ahead of the festive season. Diwali has come earlier for the common man,” said Pratik Jain, partner at Price Waterhouse & Co LLP.
Source: HindustanTimes
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