You searched for " overhaul "

All

Major overhaul needed to win ’27 Punjab Assembly polls: Congress leaders to Baghel

By Rajmeet Singh 29 Jul 2025

Business

Sensex jumps nearly 900 points as GST bonanza fuels stock markets rally

By PTI 16 hours ago

Business

Fitment panel discusses GST rate rationalisation

By Tribune News Service 02 Sep 2025

Chandigarh

Centre tightens rules on medical equipment to curb costs, ensure better healthcare services

By Tribune News Service 24 Aug 2025

Business

New Income Tax bill halves word count, eases compliance: Chairman of the Finance Select Committee, Baijayant Jay Panda

By ANI 23 Jul 2025

India

Major postal reform from Oct 1: Registered mail now only through Speed Post

By Ashok Kaura 31 Aug 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 16 minutes ago

Tribune Defence

In service for 20 years, IAF's Embraer VIP jets set for complete facelift

By Vijay Mohan 12 Aug 2025

Business

Upcoming GST reforms improve India's outlook for consumption, demand: Morgan Stanley

By ANI 18 Aug 2025

India

Double dose of support: Modi hails GST reforms

By Tribune News Service an hour ago

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

Designed and developed by :