Overview

• CBIC chief Sanjay Kumar Agarwal said the tax department will take up complaints of non‑reduction in prices after the new rates take effect, with officials adopting a trust‑based approach rather than reviving the anti‑profiteering law.
• Hyundai, Tata Motors and Mahindra & Mahindra announced reductions of up to Rs 2.4 lakh, Rs 1.55 lakh and Rs 1.56 lakh, respectively, while Audi detailed cuts of up to Rs 7.8 lakh, all effective from September 22 to pass on the tax relief.
• The GST Council’s 56th meeting approved a simplified structure—5% for many essentials, an 18% standard rate, and a 40% band for sin and ultra‑luxury items—with changes slated to start on September 22.
• Brokerages including Motilal Oswal, JM Financial and Kotak now project India Inc’s FY26 revenue growth at roughly 6–7% as lower prices lift consumption, with noted beneficiaries across autos, FMCG, durables and construction materials such as cement.
• Nirmala Sitharaman reiterated the compensation cess will not be extended and is set to be abolished by end‑2025, even as states seek clarity on revenue impacts and administrators prepare complaint‑driven enforcement during rollout.