Union Commerce Minister Piyush Goyal urged industries to pass on full GST rate benefits to consumers. The reforms take effect September 22. The GST Council has simplified rates to mainly two slabs: 5 per cent and 18 per cent, with 40 per cent on luxury and sin goods. “Passing on the benefit to consumers will also support the industry,” Goyal said during an event.
He highlighted government efforts to improve ease of doing business and manufacturing. New industrial cities, a logistics policy, and decriminalisation of minor offences were cited. Certain sectors, like automobiles, have started reducing prices, showing early GST benefits. The government aims to strengthen trade ties through free trade agreements.
Businesses have been directed to display tentative price lists for goods, including cars and consumer durables. This ensures consumers see the impact of the new rates. Retailers and dealerships must display both pre- and post-GST prices to ensure transparency. The CBIC held meetings with ministries and industry associations for smooth implementation. Consumer durables are expected to drop by at least 10 per cent, while automobile prices could fall 12–15 per cent under the new GST regime.
