Quick Summary
Finance Minister Nirmala Sitharaman has said that the recentGST reforms go beyond mere rate reductions and are designed to make compliance easier for businesses while reducing costs for consumers. In an interview, the Finance Minister explained that the revamp includessimplified procedures, faster refunds and quicker company registrations. Under the new framework, 90% of refunds will be processed within a fixed timeline, while business registrations will be completed within three days. Simpl
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The reforms aim to simplify compliance for businesses, reduce costs for consumers, and boost consumption.
The simplified product classification rules will be effective from September 22, 2025.
Nearly 400 products, including salted popcorn, cream buns, soaps, shampoos, cars, tractors, and air conditioners, will become cheaper.
The new structure retains two main slabs: 5% for essential items and 18% for most other goods and services, with a 40% rate for luxury and sin goods. Daily essentials remain tax-free.
Health and life insurance premiums for individuals will be exempt from GST.
The Finance Minister will personally monitor industry practices from September 22 to ensure that tax reductions are implemented and engage with industry where necessary.
CAclubindia
