Discover how India's upcoming Goods and Services Tax (GST) reforms, announced by Prime Minister Narendra Modi, are set to profoundly impact the Indian economy. These "next-generation" reforms aim to simplify the tax structure, leading to many goods becoming cheaper by Diwali 2025. The current four-slab system is proposed to collapse into just two main tax brackets: 5% and 18%. This means that approximately 99% of items currently in the 12% slab are expected to shift to 5%, and about 90% of items in the 28% bracket may drop to 18%. This restructuring is designed to lower retail prices by 4-5%, providing significant relief to households and boosting consumer spending, which contributes roughly 60% of India's GDP. The reforms are expected to lead to a demand boost of Rs 2.4 lakh crore and could add 50-70 basis points to India's GDP growth. Sectors poised to benefit significantly include automotive (such as two-wheelers, small cars, and commercial vehicles, potentially seeing GST rates drop from 28% to 18%), consumer durables like air conditioners, televisions, and refrigerators (also moving from 28% to 18%), and the cement sector. The Fast-Moving Consumer Goods (FMCG) sector, banking and financial institutions (benefiting from increased credit demand), insurance, retail/apparel, hotels, logistics, and quick commerce services are also expected to gain. Companies like Maruti Suzuki, Tata Motors, HDFC Bank, ICICI Bank, Britannia, Voltas, Havells, Amber, Ultratech, JK Cement, Delhivery, Swiggy, and Eternal are among those identified as key beneficiaries. The reforms are also anticipated to dampen inflationary pressures and could even lead to further interest rate cuts by the central bank.
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