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Amritsar: Commercial buildings with basement to pay more tax

By Neeraj Bagga 05 Aug 2025

Delhi

‘Old pipelines in Bawana to be replaced’

By Tribune News Service 24 Aug 2025

Chandigarh

Amnesty scheme: Mohali MC collects Rs 20 cr in property tax

By Tribune News Service 01 Aug 2025

Business

Next-gen GST reforms: Health, life insurance made tax-free, several medical essentials made cheaper

By ANI 03 Sep 2025

Business

Finance Minister honors Tax officers for outstanding service on 166th Income Tax Day

By ANI 25 Jul 2025

India

GST 2.0 reforms: Two-slab structure to boost consumption Tribune News Service New Delhi, September 4 In a major reform of the taxation framework, the Goods and Services Tax (GST) Council on Wednesday approved a streamlined two-slab GST structure to stimulate consumption and drive economic growth amid global challenges. The overhaul mirrors the landmark change in the personal income tax regime earlier this year, which exempted incomes up to Rs 12 lakh (Rs 12.75 lakh for salaried individuals) from tax. The move underscores the government’s push to enhance domestic purchasing power and economic resilience. GST 2.0 Dubbed GST 2.0, the reform replaces the existing four-tier GST rates (5%, 12%, 18% and 28%) with two primary slabs of 5% and 18%, alongside a special 40% rate for luxury and sin goods. The new structure will be implemented by September 22, except for pan masala, gutkha, cigarettes, chewing tobacco, unmanufactured tobacco and bidis, which will continue at current rates and compensation cess until cess-related loan obligations are cleared. Key features The new framework keeps essentials at 5%, mid-range goods and services at 18% and luxury/sin goods such as pan masala, gutkha, cigarettes and luxury cars at 40%. Rate cuts span food, agriculture, fertilisers, textiles, education, electronics, automobiles, healthcare, construction and handicrafts —expected to lift demand ahead of the festive season. Exemptions and cuts Life and health insurance, Ultra-high-temperature milk, paneer, chapatis and 33 critical medicines are exempted. Items like soaps, shampoos, toothpaste, utensils, cement, ACs, TVs, tractors and medical devices now face lower GST. Hospitality, wellness services and handicrafts also benefit from reduced rates. Impact The government estimates revenue implications of Rs 48,000 crore, but expects stronger consumption, compliance and growth to offset losses. Consumers will see lower household expenses, while businesses — especially MSMEs — gain from simpler rates and corrected duty structures. Industry bodies have welcomed the reform, calling it a major step towards growth, affordability and inflation control. FICCI President Harsha Vardhan Agarwal said, “The simplification of the tax structure will offer multiple benefits. It will reduce classification disputes, improve compliance and address anomalies on account of inverted duty structure. This is a major positive for the economy both in terms of lifting growth and containing inflation.”

By Kuldeep Singh an hour ago

Business

GST not only increased tax payers base but also lowered tax evasion over past 8 years: BoB Report

By ANI 25 Jul 2025

Haryana

Residents flock to Karnal MC office on last day to avail 10% rebate on property tax

By Parveen Arora 31 Jul 2025

Haryana

Karnal MC counters to stay open on holiday for property tax rebate

By Tribune News Service 30 Jul 2025

Business

Income tax employees call for boycott of Income Tax Day celebrations

By ANI 23 Jul 2025

The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising five eminent persons as trustees.

The Tribune, the largest selling English daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the newspaper. It is an independent newspaper in the real sense of the term.

The Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).

Remembering Sardar Dyal Singh Majithia

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