A recent report from Standard Chartered Global Research estimates that India’s GST rate cuts—implemented mid-year—could boost GDP by 0.10–0.16 percentage points annually and lower CPI inflation by 40–60 basis points. However, given the staggered rollout, the FY26 impact may be halved, with more gains expected in FY27. The combined federal and state revenue loss is estimated around ₹48,000 crore (0.16% of GDP), potentially widening the deficit by 0.15–0.20%. Still, improved tax processes like faster registration and refunds could enhance ease of doing business and boost medium-term growth.  

Former Finance Minister P Chidambaram welcomed the recent GST overhaul but called it “a necessary step, not a sufficient step.” In an interview, he said the two-slab structure is positive but deeper reforms are needed to revive the economy. Chidambaram argued the government must simplify GST laws, which are “too complicated” and difficult for small traders to follow. “Every shopkeeper needs professional help to file forms,” he said. He also criticised harsh enforcement, warning against jailing traders for tax violations. Chidambaram stressed GST should be trader-friendly, with civil penalties instead of arrests, to truly boost growth and consumption. (PC: India Today)

Prime Minister Narendra Modi hailed the new GST reforms as a "double dose of support and growth for India." The GST Council, in its 56th meeting, scrapped the 12% and 28% slabs. From September 22, only 5% and 18% rates will remain, with 40% for luxury and sin goods. Modi said, "From paneer to shampoos and soaps, everything will be very cheap now." Everyday items like milk, bread, and medicines will see big cuts. He added, "GST reforms will benefit the poor, middle-class, farmers, women, and youth." Modi also blamed Congress for delaying real reforms before 2014.

Eating out will now cost less as the GST Council has cut taxes on restaurant meals to a flat 5%. Earlier, the rate ranged from 12% to 18% depending on the type of restaurant. Finance Minister Nirmala Sitharaman said the new rules will help families and boost domestic spending. The change takes effect from September 22. Staple foods like chapatis, paneer, and milk are now tax-free. Butter, ghee, nuts, and pastries will attract 5% GST, down from higher rates. Plant-based drinks are also cheaper. The move is expected to revive demand in restaurants across India. (PC: HT)

A video capturing two men lifting and carrying a scooter on their shoulders to circumvent a severe traffic jam in Gurugram has gone viral, generating widespread social media buzz . Recorded amid heavy rainfall-induced gridlock across Delhi-NCR, particularly Gurgaon—where commuters spent six to eight hours stuck on the road—the footage struck a chord online . Commenters playfully dubbed them “the New Bahubali in town,” with remarks like “Deadlift final boss” and quips about bestowing energy upon multi-wheel vehicle owners . The post highlights growing frustrations with the city's infrastructure amid persistent flooding and congestion.

A new report by the Association for Democratic Reforms (ADR) shows that nearly half of India’s ministers face criminal cases, including serious charges like murder and crimes against women. The study analysed 643 affidavits filed between 2020 and 2025. It found that 47% of ministers have declared criminal cases, while 27% face serious charges. The report also highlights political wealth, with ministers collectively declaring assets worth ₹23,929 crore. Thirty-six ministers are billionaires, led by TDP’s Dr. Chandra Sekhar Pemmasani with ₹5,705 crore. Meanwhile, only 10% of ministers are women, showing gender imbalance in India’s power structure. (PC: PTI)

The GST Council meeting on Wednesday stretched beyond 7 pm as states resisted reforms. Finance Minister Nirmala Sitharaman stressed that relief for the poor and middle class could not be delayed. Opposition-ruled states demanded more talks, leading to a deadlock. Finally, a vote was called, breaking the stalemate. The council cleared key tax decisions, including relief on daily-use goods. Officials said the new rules will ease the burden on families while protecting state revenues. The breakthrough ended months of delay and marked a crucial step in India’s tax system reforms. (PC: India Today)

Dasgupta and Co., Kolkata’s oldest surviving bookshop, has opened a free library at its historic College Street premises. Founded in 1886, the heritage store now offers a reading room on its second floor for students and book lovers who cannot afford books. The library attracts 30-40 visitors daily, including foreigners. Nobel laureate Amartya Sen congratulated the owners and took a virtual tour. A generous donor also gifted 500 rare books to the collection. Owned by the Dasgupta family for generations, the bookshop continues to support education and culture, with plans to launch an online library soon. (PC: The Hindu)

India has cut Goods and Services Tax (GST) rates on hundreds of items to boost demand and reduce the impact of steep US tariffs. Finance Minister Nirmala Sitharaman said GST will now have two slabs—5% and 18%—replacing the earlier four-tier system. Everyday goods like ACs, tea, school supplies and insurance will get cheaper, while luxury cars and imported liquor will cost more. The changes take effect on 22 September, ahead of the festive season. Analysts say the move will boost consumption, which drives 60% of India’s GDP, though states fear revenue losses of up to $6bn. (PC: Getty Images)

The Centre, Manipur government, and Kuki-Zo groups signed a new agreement in New Delhi to restore peace. A key decision is the reopening of National Highway-2, allowing free movement of people and goods. The Kuki National Organisation and United People’s Front agreed to relocate seven camps from conflict zones. The revised Suspension of Operations (SoO) deal also mandates shifting weapons to CRPF or BSF camps and strict verification of cadres to prevent foreign presence. A Joint Monitoring Group will enforce the rules. The agreement reaffirms Manipur’s territorial integrity and aims to reduce tensions ahead of the festive season. (PC: India Today)