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4d ago

Opposition Backs GST Rate Cuts but Questions Timing as Council Clears Two-Slab Regime

Finance officials expect about Rs 48,000 crore in revenue loss from the new 5% and 18% structure.

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Overview

  • The GST Council approved a two-tier framework of 5% and 18%, with Finance Minister Nirmala Sitharaman calling the decision unanimous and saying it will benefit households, farmers, businesses and healthcare.
  • The new rates take effect on September 22 following the Council’s clearance on Wednesday.
  • Congress leader P. Chidambaram welcomed the reductions but said they were "8 years too late" and criticised the original GST design and rates.
  • Chidambaram speculated about the timing, citing factors such as sluggish growth, household debt, Bihar elections and President Trump’s tariffs on India.
  • Trinamool Congress hailed the rollback as a victory forced on a "tone-deaf" government and pointed to earlier objections to taxing insurance premiums.