Brief by Shorts91 Newsdesk / 12:45pm on 03 Sep 2025,Wednesday India
The Goods and Services Tax (GST) Council has approved steps to ease compliance for businesses. Registration time for MSMEs and start-ups will be reduced from 30 days to just three. Exporters will also get automated refunds. The council is considering a major tax overhaul by cutting four slabs to two. Many goods from the 28% slab may shift to 18%, while several from 12% could move to 5%. This aims to lower prices of daily-use items and boost demand. However, states like Tamil Nadu and Bengal fear revenue losses of Rs 50,000 crore and may seek compensation. (PC: NDTV)
