Daijiworld Media Network – New Delhi

New Delhi, Sep 21: Union Commerce and Industry Minister Piyush Goyal on Saturday urged industries to ensure that the full benefits of the upcoming GST rate rationalisation reach consumers, as India’s indirect tax system undergoes a major overhaul from September 22.

The GST Council has slashed rates on hundreds of items, from soaps to small cars, streamlining the structure to mainly two slabs – 5 per cent and 18 per cent – along with a 40 per cent levy on luxury and sin goods. “Kindly ensure that we pass on the entire benefit to consumers. It will benefit the industry also,” Mr Goyal said at an event here.

The minister highlighted the government’s efforts to boost ease of doing business and manufacturing, citing initiatives such as a new logistics policy, development of industrial cities, decriminalisation of minor offences, and reduction of compliance burdens. Certain sectors, including automobiles, have already begun passing on the tax relief.

Earlier this month, the Centre directed businesses to display tentative price lists for goods, including cars and consumer durables, to show the impact of GST reforms. Comparative lists will also be uploaded on the GST website, and retailers are required to display both pre- and post-GST prices for transparency.

Industries have agreed to pass on the benefits, with consumer durables expected to become at least 10 per cent cheaper and automobiles 12–15 per cent more affordable.