Source: https://taxguru.in/goods-and-service-tax/indias-gst-reforms-focus-rates-simplicity-pm.html
In a speech for India’s 79th Independence Day, Prime Minister Narendra Modi announced upcoming reforms to the Goods and Services Tax (GST) system. The proposed changes, aimed at building an “Atmanirbhar Bharat,” are structured around three core pillars: structural reforms, rate rationalization, and ease of living.
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Prime Minister Modi announced next-generation GST reforms aimed at reducing the tax burden, with potential implementation by Diwali 2025
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The Sudarshan Chakra initiative, announced by Prime Minister Modi, seeks to develop a comprehensive missile defence system, integrating surveillance and cyber protection.
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The Indian government proposed that the new GST rates should be at 5% and 18%. The centre has outlined tax rates for cigarettes, sin goods, luxury goods, and daily use items, among others, to be considered and approved by the GST Council in its upcoming meeting.
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The Indian stock market showed recovery after six weeks, led by pharma and auto stocks. Key drivers include PM Modi's GST reforms, US Fed minutes, and macroeconomic conditions like low inflation and favourable monsoon, despite FIIs' selling
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The platform fee of Rs14 per food delivery order is reportedly inclusive of GST. In comparison, Zomato applies a platform fee of ₹10, excluding GST. Swiggy was the first to introduce this fee in April 2023, starting at ₹2, and has gradually increased it to ₹12 (pre-GST).
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PM Modi's Independence Day speech focused on promoting swadeshi products, enhancing domestic manufacturing, and reforming GST to stimulate the economy. He outlined a new national security strategy and expressed concerns over illegal immigration impacting India's demographics and security.
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The central government is preparing to move towards a simplified tax regime. The Ministry of Finance has said the aim is to have two GST slabs with special rates for a few items. Here are the details.
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In the course of his longest Independence Day address yet, lasting 103 minutes, India’s Prime Minister Narendra Modi announced new programmes, reiterated the country’s commitment to self-reliance and advances aimed at making India a developed economy by 2047, felicitated the Rashtriya Swayamsevak Sangh (RSS) on its centenary, and celebrated Operation Sindoor—not only by referring to the punishment inflicted on Pakistan in retaliation to terrorist atrocities by its non-state actors on Indian soil, but also by choosing to dress himself in different shades of saffron.
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On India's 79th Independence Day, Prime Minister Narendra Modi unveiled five transformative initiatives, including GST reforms, a made-in-India semiconductor chip, and a major employment scheme for youth.
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