More Stories

Informist, Monday, Aug. 18, 2025

 

NEW DELHI – Days after announcing reforms to the goods and services tax by Diwali, Prime Minister Narendra Modi Monday chaired a meeting with senior ministers, government officials, and economists to discuss the roadmap for next-generation reforms.

 

"We are committed to speedy reforms across all sectors, which will boost Ease of Living, Ease of Doing Business, and prosperity," Modi said in a post on social media platform X. The meeting was attended by Finance Minister Nirmala Sitharaman, Home Minister Amit Shah, Commerce Minister Piyush Goyal, secretaries in the government, and members of the Economic Advisory Council to the Prime Minister, among others.

 

The government is looking at ways and areas to carry out reforms to support economic activity at a time when growth faces risks from tariffs imposed by the US. The US has imposed 25% tariff on goods imports from India, which is scheduled to rise to 50% from Aug. 27. If the levy rises to 50%, India's GDP growth could fall by around 50 basis points, economists have projected.

 

Friday, Modi said the government was reviewing the indirect tax regime and promised next-generation reforms by Diwali. He said tax on regular-use items would be reduced significantly, which would result in lower prices and also help domestic micro, small, and medium enterprises. The central government has proposed a two-slab GST structure with 5% and 18% rates in its recommendation to a group of ministers constituted by the GST Council, Informist reported Friday.

 

The finance ministry Friday said key areas identified for next-generation reforms include rationalisation of tax rates to benefit all sections of society. Reforms will also seek to reduce classification-related disputes, correct inverted duty structures in specific sectors, ensure greater rate stability, and enhance the ease of doing business, it said.  End

 

Reported by Shubham Rana

Edited by Rajeev Pai

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.