India is set for a major GST overhaul starting September 22, as Finance Minister Nirmala Sitharaman announced a new two-tier GST rate structure of 5% and 18%.
From soaps to small cars, several common-use items will see revised prices. Sitharaman said the move is part of a broader “structural reform” aimed at strengthening the economy while reducing rates on essentials.
The GST Council’s decision was unanimous, with no state opposing the revision. According to the Finance Minister, the changes focus on the main drivers of the economy while making goods of daily use more affordable for ordinary citizens.
So, what gets cheaper and what turns costlier? Watch the full breakdown of India’s biggest GST shake-up in years.
#GST #NirmalaSitharaman #GSTOverhaul #IndiaEconomy #GSTCouncil #BreakingNews #TaxReform #CommonMan #IndiaNews #Finance
~HT.318~PR.152~ED.346~
From soaps to small cars, several common-use items will see revised prices. Sitharaman said the move is part of a broader “structural reform” aimed at strengthening the economy while reducing rates on essentials.
The GST Council’s decision was unanimous, with no state opposing the revision. According to the Finance Minister, the changes focus on the main drivers of the economy while making goods of daily use more affordable for ordinary citizens.
So, what gets cheaper and what turns costlier? Watch the full breakdown of India’s biggest GST shake-up in years.
#GST #NirmalaSitharaman #GSTOverhaul #IndiaEconomy #GSTCouncil #BreakingNews #TaxReform #CommonMan #IndiaNews #Finance
~HT.318~PR.152~ED.346~
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NewsTranscript
00:00rationalization of course we've reduced the slabs there shall be only two slabs
00:05and we are addressing also the issues of compensation says ease of living simplifying
00:11registration return filing and refunds i'm not getting into greater details you'll get to know
00:16about it but then these reforms have been carried out with a focus on the common man
00:25every tax levied on common man's daily use items have gone through a rigorous looking into and in
00:34most cases the rates have come down drastically labor intensive industries have been given a
00:40good support farmers and agriculture as a whole will also benefit by the decisions we have taken
00:47today health related also will benefit so the key drivers of economy have been given a prominence
00:57just indicate karte huye i'll stop my input if uh revenue secretary has anything more he can add
01:09common man and middle class items may there there is a complete reduction
01:15uh reduction from 18 or from 12 to five percent i list out those items all of whom have come to
01:26five percent from either 18 or from 12 common man items such as hair oil toilet soap bars soap bars
01:36shampoos toothbrushes toothpaste bicycles tableware kitchenware and other household articles have all come
01:44to five whether they come to five whether they were in 18 or whether they were in 12. similarly
01:51reduction of gst from five percent to nil
01:55paan say zero majane wale items indicate kar raho
02:00ultra high temperature milk the uhd milk chena or paneer all the indian breads
02:08will see nil rate so roti kisi ke upar bhi chapati or roti or paratha or whatever it is
02:15they all come to nil reduction of gst from 12 percent or from 18 percent to five
02:23is
02:31noodles hai. Chocolates, coffee,
02:34preserved meat, cornflakes,
02:36butter, ghee, yeh sab
02:375% mein aarehi hai.
02:40Fir reduction
02:41from 28 to 18%.
02:44Is mein
02:45middle class ke aspirations
02:47meet karne wale baut saare cheez hai.
02:50Air conditions,
02:52air conditioning machines,
02:54TVs which are
02:55over 32 inches.
02:58All TVs now
02:59at 18%.
03:01I want to underline
03:03all TVs are
03:05now at 18%. Dishwashing
03:07machines, small cars,
03:10motorcycles, equal
03:11to or less than 350
03:13cc are all now
03:15coming to 18.
03:17Agriculture goods such as
03:19tractors, agricultural,
03:21horticultural and forestry
03:23machines for soil preparation
03:25or cultivation, harvesting
03:27or threshing machines, including
03:30straw or fodder balers, grass or
03:33hay movers, composting machines, etc.
03:36are all coming down from 12 to 5%.
03:40Reduction of GST from 12 to 5% on 12 specified biopesticides.
03:48Also from 12 to 5% on 12 to 5% is natural menthol.
03:54So kisaan ke liye unke products ke liye unke products ke liye unke products ke liye joh wo upyok kerte
03:59unke sab mein it has come down.
04:02Again from 12 to 5% on 12 to 5% on 12 to 5% on 12 to 5% on 12 to 5% on 12 to 5% on 12 to 5% on 12 to 5%.
04:05And also labor intensive sectors.
04:07What are they?
04:08What are they?
04:09Handicrafts, marble,
04:12travertine blocks,
04:14granite blocks,
04:16intermediate leather goods.
04:18E sab paanch me ari.
04:19Reduction of cement from 28 to 18.
04:26Because in the house, middle class ke liye cement is so abhisak hai.
04:31That's why 28, it has come down to 18.
04:35Health related items.
04:3833 life saving drugs and medicines.
04:44And they all come down from 12 to 0.
04:49From 5 to 0 and 3 life saving drugs and medicines used for treatment of cancer,
04:59rare diseases and other severe chronic diseases.
05:03There are several drugs and medicines coming down to 5 from 12.
05:07I am not listing each one of them out.
05:10Like that, very many other items, diagnostic kits, reagents, blood glucose monitoring system,
05:16all of them are coming to 5%.
05:18Similarly, spectacles and goggles are for correcting vision.
05:24They are also coming down to 5% from 28.
05:28If you all are interested in knowing about automotive sector,
05:32about which you have been frequently asking us.
05:35From 28 to 18%
05:38on small cars and motorcycles,
05:41which are equal to or below 350 cc.
05:45Reduction of GST from 28 to 18
05:47on buses, trucks and ambulances.
05:51Uniform rate of 18% on all auto parts.
05:58Irrespective of the HS code.
06:00Three wheelers from 28 to 18 again.
06:05So, I move to one very important thing on correction of inverted duty.
06:13The long-pending inverted duty structure problem is getting corrected
06:20for the man-made textile sector
06:23by reducing GST rate on man-made fiber from 18% to 5%
06:30and man-made yarn from 12 to 5%.
06:34So, that will take care of every anomaly that was there in terms of inversion
06:38that's getting sorted out.
06:40So, this actually gives effect
06:44to government's objective of the fiber-neutral policy.
06:50So, that's really getting seen in our action today.
06:54We are also correcting the inverted duty structure problem
06:57in fertilizer sector
07:00by reducing GST from 18% to 5%
07:05on sulfuric acid, nitric acid and ammonia
07:08which are very important for the fertilizer sector.
07:12Renewable energy is the next.
07:14Reduction of GST from 12 to 5%
07:17on renewable energy devices
07:20parts for their manufacture
07:23such as biogas plant, windmills,
07:27wind-operated electricity generator,
07:30waste-to-energy plants, devices,
07:34PV cells,
07:35whether or not assembled in modules
07:37or made-up in panel,
07:39solar cookers,
07:40solar water heaters
07:42and systems and so on.
07:45That there is a special rate
07:46which is 40%.
07:47Actually, almost all goods
07:51are between 18% and 5%.
07:53If there is any change,
07:54they only can shuffle between the 18% and 5%.
07:57There is one special rate
07:59which is only for sin
08:00and super-luxury goods.
08:03That special rate of 40%
08:05has also been proposed
08:06and it's cleared.
08:07That will apply only to
08:09paan masala, cigarettes, gutka
08:13and other tobacco products
08:14such as chewing tobacco,
08:17products like zarda,
08:19unmanufactured tobacco and BD.
08:21All goods including
08:24aerated waters
08:26containing added sugar
08:28or other sweetening matter
08:31or flavoured
08:32caffeinated beverages,
08:35carbonated beverages
08:36of fruit drink
08:38or carbonated beverages
08:40with fruit juice
08:41and other non-alcoholic beverages
08:45excluding those specified
08:48at lower rates
08:49will all be covered
08:50under 40%.
08:51Mid-size and large cars,
08:55motorcycles of engine capacity
08:57exceeding 350cc,
09:00aircraft, for example,
09:02helicopters and aeroplanes
09:04for personal use,
09:06distinctly for personal use,
09:09yacht and other vessels
09:10for pleasure or sports
09:12are all under 40%.
09:14Insurance services
09:16from 18% currently
09:19will go into
09:21two, three different categories.
09:23I'll say that to you.
09:24Exemption of GST
09:26on all individual life
09:29insurance policies.
09:32Whether term life,
09:34ULIP
09:35or endowment policies
09:37and reinsurance thereof
09:39to make insurance affordable
09:41for common man
09:43and increase the insurance coverage
09:45in the country.
09:47Exemption of GST
09:49on all individual
09:50health insurance policies
09:52including family floater policies
09:55and policies for senior citizens
09:58and reinsurance thereof
10:00to make insurance affordable
10:02for the common man
10:04and increase the insurance coverage
10:05in the country.
10:07Masala, tobacco
10:09and everything else
10:10under the GST
10:12till such a time
10:13the loan is repaid
10:15as I said
10:15the 28%
10:16plus the compensation
10:17says will run
10:18once I clear the loan
10:20they all come to 40%
10:21and that's
10:22that's what is the GST.
10:24All this will be
10:26effective
10:2622nd September
10:282025
10:29which is the first
10:31day of Navaratri.
10:34The changes
10:35in GST rates
10:37of all goods
10:38except for
10:39paan masala
10:40gutka
10:41cigarettes
10:42chewing tobacco
10:43products like
10:44zarda
10:45and manufactured
10:46tobacco
10:46BD
10:47will be
10:49implemented
10:50with effect
10:51from 22nd
10:52September
10:532025
10:53except for
10:55these
10:56for all items
10:58the new rates
10:58will come into effect
10:59from 22nd
11:00September
11:01I hope I'm clear
11:02on that
11:02but
11:04paan masala
11:05gutka
11:06cigarettes
11:08chewing tobacco
11:09products like
11:10zarda
11:10unmanufactured
11:12tobacco
11:12and BD
11:13will continue
11:14at the existing
11:15rates
11:16of GST
11:18and
11:19compensation
11:20says
11:20where applicable
11:21till
11:23the loan
11:24and interest
11:24payment
11:25obligations
11:26under the
11:27compensation
11:28says
11:28account
11:29are completely
11:30discharged
11:31I hope I'm
11:33clear
11:33every item
11:35will come
11:36under the
11:36new rate
11:37from 22nd
11:39September
11:40except for
11:41these
11:41tobacco
11:42tobacco
11:42related
11:43products
11:43which will
11:45continue
11:45on the
11:4628%
11:47and
11:47compensation
11:48says
11:48where
11:48applicable
11:49till
11:50such a
11:50time
11:51we
11:51completely
11:52repay
11:53the loan
11:54based on
11:59this
11:59decision
12:01of this
12:01set of
12:03tobacco
12:03products
12:04continuing
12:04till
12:05some
12:05time
12:05based on
12:07that
12:07decision
12:07the
12:09union
12:09finance
12:10minister
12:10and the
12:10chairperson
12:11of the
12:11GST
12:11council
12:12is
12:13actually
12:14authorized
12:14to decide
12:15on the
12:16date
12:16actual
12:17date
12:17of
12:17transition
12:18for
12:19these
12:19tobacco
12:19related
12:20products
12:21as soon
12:22as the
12:22loan
12:24and interest
12:25is cleared
12:25to look
12:28at the
12:28GST
12:29council
12:29as
12:30where
12:31the
12:31centre
12:32and the
12:32states
12:32are seated
12:33together
12:34I mentioned
12:36this in the
12:36council
12:36also
12:37the centre
12:39may be a
12:39one third
12:39partner
12:40the states
12:41put together
12:41can be
12:42two thirds
12:42partner
12:43but we
12:44are all
12:44in it
12:45together
12:45so
12:48anything
12:48that which
12:49is gained
12:50or lost
12:50is for
12:51everybody
12:52it's not
12:54as of
12:54states
12:54have lost
12:55the
12:57centre
12:57is not
12:57gained
12:58if all
13:00of us
13:00have lost
13:01all of us
13:01have lost
13:02and I
13:04don't
13:04think
13:04and I'm
13:05glad that
13:06the
13:06revenue
13:06secretary
13:06had made
13:07this point
13:07in the
13:08council
13:08it's a
13:10revenue
13:10instance
13:11the
13:12incidence
13:12is what
13:13is the
13:13matter
13:14it's
13:16not a
13:17static
13:17situation
13:18once the
13:18rates
13:19have come
13:19down
13:19per
13:20the
13:20economic
13:20theory
13:21that you
13:21may want
13:22to quote
13:22the
13:23buoyancy
13:24goes up
13:24people come
13:25out to
13:25buy more
13:25and therefore
13:27this discussion
13:29has happened
13:29in today's
13:30council
13:31and I
13:32have put
13:33this argument
13:34before
13:34that the
13:36centre
13:36and the
13:37states
13:37are seated
13:38equally
13:38and any
13:41gain or
13:42any foregone
13:43none of that
13:43is perceived
13:44because when
13:45rates are
13:45coming down
13:46we expect
13:47we expect
13:47the
13:47market
13:48to be
13:49more
13:49buoyant
13:50people
13:50to come
13:50out in
13:51and spend
13:52more
13:53however
13:54all of us
13:55are sitting
13:55there
13:55together
13:56compensate
13:58for states
13:59loss
13:59even centres
14:00losing
14:00if anything
14:01centre loses
14:03more in a
14:03way
14:04because 50
14:0650 you
14:06divide from
14:07my 50
14:08another 41
14:08goes back
14:09to the
14:09states
14:10so I
14:11want
14:12the media
14:13particularly
14:14those who
14:14are covering
14:15the economy
14:16finance
14:18ministry
14:18to understand
14:19in the
14:20GST
14:20council
14:21the centre
14:21and the
14:22states
14:22are together
14:23in it
14:24nobody is a
14:26donor and
14:26nobody is a
14:27donee
14:27within the
14:28GST
14:29council
14:29the tariff
14:33turmoil is
14:34not a
14:35matter which
14:35influenced
14:36the GST
14:37reform
14:38because we
14:39have been at
14:40it now for
14:40more than
14:41one and a
14:41half years
14:42some group
14:43of ministers
14:44was working
14:45on rate
14:46rationalisation
14:47some other
14:48group of
14:48ministers a bit
14:49later was
14:50working on
14:50insurance
14:51and so on
14:53and compensation
14:54says it was a
14:54reality that it
14:55is going to end
14:56the moment you
14:58paid back the
14:58loan
14:59none of this
15:00has anything to
15:00do with the
15:01tariffs
15:01so no
15:04there's nothing
15:04to do with the
15:05tariffs at all
15:05one
15:07second
15:08you were
15:10talking about
15:11petrol
15:11diesel
15:11eight states
15:13none of that
15:13was subject
15:14of our
15:14discussion
15:15because that
15:15is not part
15:16of the
15:16GST council
15:17at all
15:18and the
15:19third
15:20numbers are
15:23being thrown
15:23around
15:24this much
15:25loss
15:26that much
15:26loss
15:27you've just
15:28heard the
15:28revenue
15:29secretary
15:29detail
15:30on the
15:32basis of
15:332324
15:33numbers
15:34am I
15:35right
15:352324
15:36data which
15:38is the
15:38last available
15:39for all
15:39the
15:40categories
15:40and he
15:41stated what
15:42is the
15:42net
15:43amount
15:45that we
15:46have to
15:46be looking
15:47at
15:47so there
15:48is nothing
15:49more
15:49I'm not
15:50going to
15:50join forces
15:51to argue
15:52on oh
15:53somebody said
15:53this much
15:54somebody else
15:54said said
15:55that much
15:56our data
15:56is here
15:57we put
15:57it and
15:58that is
15:58coming out
15:59to all
15:59of you
15:59as well
16:00in the
16:00press
16:00note
16:01can
16:30The Congress Party wants us to give it 5%? I don't understand that the Congress Party will not be able to get the GST to do it because the state government didn't have trust.
16:50They will not be able to compensate, they will be able to give some assurance.
16:57The UPA government didn't have trust in state governments.
17:03That's why they didn't have trust.
17:05We have also had trust in Modi ji and second generation reforms.
17:12They will also have trust in their day-to-day items.
17:18They will also have trust in MSME and Labor Intensive units.
17:22They will also have trust in EC compliance and the rate will also be reduced.
17:26The Congress Party, I will say, what kind of words do I do?
17:33They will be prepared for their mind.
17:37They will oppose that they will give a trust.
17:39The good sense of what is in the people's point of the error,
17:42they will not remain in confusion in your mind.
17:45But now they will answer the correct answer.
17:50Because when they are cutting the rate,
17:55they will be upset and they will be confused in their mind.
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18:04kamme aapke saath nai
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