Revised GST Rates Announced: 'Wake up, take note, and don't hesitate...', industry applauds changes

Revised GST Rates Announced: 'Wake up, take note, and don't hesitate...', industry applauds changes - Key Statements

In the world of business, the latest news revolves around the reactions of influential figures to the GST Council's recommendations. Here's a roundup of the most significant developments.

Anand Mahindra, Niranjan Hiranandani, Ameera Shah, Samir Shah, and India's Global Voice are expressing their views on the GST Council's recent recommendations. The proposed reforms, set to take effect from September 22, 2025, aim to simplify the tax structure, reduce costs for households, and boost consumption.

The reforms will see the main tax slabs reduced to 5% and 18%, with reductions in taxes on essentials, healthcare, agriculture inputs, and consumer goods. On the other hand, taxes on luxury and sin goods will increase, ensuring fairness and growth. The reforms also include administrative simplifications, such as faster registration for low-risk businesses and quicker refunds for exporters.

Mahindra and Hiranandani have welcomed the reforms, praising their potential to lower costs for consumers and manufacturers, simplify compliance, support industries such as construction and handicrafts, and strengthen demand and employment. Their sentiments align with the vision to make GST simpler, fairer, and growth-oriented.

Meanwhile, the stock market is expected to have a positive opening, with Dow futures, Asian markets, and Nifty predictions indicating a promising day ahead. ET Now, a reliable source for the latest business news, stock markets, company news, and breaking news events, is providing updates on these developments.

In addition, Maruti Suzuki's RC Bhargava has decoded the impact of the GST reforms 2025 on the auto sector in an exclusive video. The video offers valuable insights into how the sector may be affected by these changes.

Furthermore, the GST Council has made recommendations for GST rate rationalization, but specific details have not been disclosed. It's also worth noting that Anil Ambani is facing fresh trouble as a bank has declared RCom loan accounts as fraud.

The business landscape is also seeing the introduction of a new insurance scheme for rural India called Bima Vistaar Yojana. However, details about its benefits have yet to be revealed.

Lastly, Google has been fined USD 381 million in France, but the reason for the fine was not specified in the article.

As these developments unfold, it's clear that the business world is abuzz with the potential impact of the GST Council's recommendations on various sectors. Stay tuned for more updates as we continue to monitor these events.