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GST

The Goods and Services Tax, better known as GST, was launched in India on July 1, 2017. It replaced a long list of central and state taxes with a single indirect tax system. The idea was to make it easier for businesses that earlier had to pay excise duty, service tax, VAT, and local levies, often on the same product.

Under GST, most goods and services are taxed in four main slabs: 5, 12, 18, and 28 percent. A handful of items, such as basic food grains, are exempt, while luxury goods and tobacco are charged at higher rates. The structure aimed to prevent the old problem of “tax on tax,” though for ordinary consumers, the effect has varied. Some household goods became cheaper, while others turned costlier.

The rollout was bumpy. Small traders and shopkeepers complained about the new online filing system, which many found difficult to use. Rate changes in the first year added more confusion. Even now, businesses regularly press for simpler filing and fewer slabs.

For the Centre and states, revenue sharing has been a constant subject of debate. States were promised compensation for losses, but the arrangement has faced stress, especially during the COVID-19 slowdown when GST collections dipped. Monthly revenues have recovered since 2021, with the government frequently reporting collections above ₹1.5 lakh crore.

Economists often describe GST as unfinished work. Supporters say it has created a more unified national market. Critics argue the compliance burden remains high and that too many items are still in the higher tax slabs. Eight years on, GST remains both a key reform and a continuing negotiation between the Centre, states, and businesses.

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STORIES

Why there’s no buzz ahead of Budget 2026

With tax reforms already delivered, inflation under control and the economy stable, Budget 2026 is expected to emphasise stability and long-term growth, which is why public expectations remain modest this year.

Economy | Riding the growth wave

Strong growth and tax relief have lifted confidence in the government's economic management, but unease persists over jobs, rising household expenses and a belief that policy gains still tilt toward the rich and big business

Budget 2026: Why investors want stability, not big surprises

Over the last few years, the government has moved decisively towards a more citizen-friendly direct tax regime, most recently visible in the new tax slabs under the reworked regime for FY 2025–26, where income up to Rs 4 lakh is now tax-free and the higher rate of 30% applies only beyond Rs 24 lakh.

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VIDEOS

Shweta Singh on Union Budget 2026: 'Nirmala Sitharaman's Saree Sends Message To Tamil Nadu'

On this special broadcast of the Business Today show on India Today, Shweta Singh and Rajdeep Sardesai analyze the expectations and political symbolism surrounding the Union Budget 2026. Shweta Singh highlights the significance of Finance Minister Nirmala Sitharaman’s attire, noting, 'She's wearing a hand-woven Kanjiwaram saree, sending a message to Tamil Nadu.' The discussion delves into the shift from 'Dream Budgets' to a long-term vision for 'Vixit Bharat 2047'. Rajdeep Sardesai questions the translation of intent into ground-level action, particularly regarding deregulation and the fiscal health of states. Guest Shankar Iyer critiques the slow pace of labor reforms and the persistent 'Tax Inspector Raj' affecting MSMEs. The panel also examines the 16th Finance Commission's role in addressing the North-South divide and the impact of upcoming state elections on fiscal policy. The programme concludes with observations on how the government’s 'reform express' faces challenges in sectors like power and ease of doing business despite a decade of intent.

Budget 2026: Focus On 'Reform Express' And Digital Transformation At Kartavya Bhawan

In this India Today special report, Maria Shakil leads coverage as Finance Minister Nirmala Sitharaman prepares to present her ninth Union Budget. For the first time in 75 years, the Finance Minister is expected to read 'Part B' of the budget speech in its entirety, focusing on custom reforms and deregulation. The government aims to balance CAPEX-led growth with consumption relief while emphasizing digital transformation through a tablet-based 'Bahi Khata' at the new Kartavya Bhawan. Key discussions include potential tweaks to the Security Transaction Tax (STT), recalibration of capital gains tax, and increased allocations for PM Awas Yojana and Ayushman Bharat. Union Minister Piyush Goyal provides insights into India's trade deal with the European Union. Analysts examine the 'K-shaped' economy, global headwinds, and the role of cooperative federalism in driving labor-intensive manufacturing. The program also highlights the participation of women in the budget drafting team to address household economic concerns ahead of crucial elections in five states.

Maria Shakil Reports: Nirmala Sitharaman Set To Create History With Ninth Consecutive Union Budget

On this news bulletin, host Maria Shakil discusses the upcoming Union Budget as Finance Minister Nirmala Sitharaman prepares to present her ninth consecutive budget, creating history in Indian governance. Reporting from Vijay Chowk, Ketan Bhutani notes that 'something on deregulation could probably be announced' alongside a significant push for MSMEs and a potential 8-10% increase in infrastructure allocation to nearly ₹12.5 lakh crore. The panel, including Shankar Aiyar and Rajiv Mantri, evaluates the 'reform, perform, and transform' mantra, highlighting the critical role of states in asset monetisation and labour-intensive manufacturing. The discussion underscores the performance of states like Maharashtra, Uttar Pradesh, and Tamil Nadu in attracting investments and driving industrial growth. The programme explores the transition from government-led CapEx to the need for private investment and state-level deregulation to improve the ease of living and economic liquidity.

Nirmala Sitharaman Reaches Kartavya Bhavan Ahead Of Union Budget For FY 2026-27

On this Special Report, Karishma Sudhani provides live updates as Finance Minister Nirmala Sitharaman arrives at Kartavya Bhavan ahead of the Union Budget for FY 2026-27. The report highlights Prime Minister Narendra Modi's vision of a 'reform express' that is 'human centric' and focused on technology. Sudhani notes that the budget making team features key women leaders, including Secretary of Economic Affairs Anuradha Thakur, marking a significant shift in the ministry's leadership. The discussion underscores expectations for major customs reforms and the continued digital transformation of the budget process through the tablet-based 'Bahi Khata'. The Finance Minister is expected to present the annual financial statement at 11:00 AM, with India Inc eyeing a 7% growth rate. The programme explores the transition of the Finance Ministry to its new headquarters and the strategic focus on consolidating the government's reform agenda through both direct and indirect tax measures.

Maria Shakil Reports: Nirmala Sitharaman To Present Ninth Union Budget Amid Global Headwinds

On this India Today special report, Maria Shakil provides live coverage as Finance Minister Nirmala Sitharaman prepares to present her ninth Union Budget. Maria Shakil notes that 'This budget is therefore not just about numbers, it is about direction,' highlighting the critical choice between CAPEX-led growth and consumption relief. The bulletin details a historic shift where the Finance Minister will present the budget on a Sunday and place unprecedented emphasis on 'Part B' of her speech, focusing on significant custom reforms and deregulation. With the Economic Survey projecting growth between 6.5 to 7 percent, the broadcast explores whether the government will maintain fiscal discipline amidst political pressure from five poll-bound states, including West Bengal and Tamil Nadu. Reporter Karishma Asudani joins from the new Finance Ministry venue at Kartavya Bhavan, suggesting that the 2025-2026 fiscal year will prioritize simplifying import tariffs and strengthening international trade deals to accelerate India's journey toward the 'Viksit Bharat 2047' goal despite global uncertainties and a record low rupee.

Budget 2026: Finance Minister Nirmala Sitharaman To Present Record Ninth Budget Tomorrow

This news bulletin provides an inside scoop on the upcoming 2026 Union Budget, which sources suggest will be unique compared to those of the last 75 years. Finance Minister Nirmala Sitharaman is set to present a record ninth budget tomorrow, with a significant pivot expected in the presentation style. Unlike previous years where Part A held the most detail, this budget is expected to see a detailed Part B, focusing on both short-term and long-term goals. The speaker notes that 'Part B of the will play a strong emphasis on both short-term and long-term goals', reflecting the government's strategic vision. The shift acknowledges that indirect tax matters are now handled by the GST Council, allowing the budget to serve as a medium-to-long-term statement of intent. The programme highlights how this aligns with the Vixit Bharat goal and India's aspiration to become the world's third-largest economy.

Siddharth Zarabi Decodes Economic Survey 2026 With Experts Ahead Of Union Budget

On this Special Report, host Siddharth Zarabi leads a high-level panel discussion following the tabling of the Economic Survey in Parliament. Joined by top economists including Sajid Chinoy and Sonal Verma, Zarabi explores the 'Reform Express' roadmap mentioned by Prime Minister Narendra Modi. The discussion highlights critical macroeconomic indicators, with Zarabi noting that the survey provides 'clues into the mind of what finance ministry mandarins are thinking' ahead of Finance Minister Nirmala Sitharaman’s upcoming budget presentation. The panel analyzes India's 7% GDP growth projection, the challenges of a hostile global trade environment, and the strategic debate over rupee depreciation as a shock absorber. Experts also discuss the impact of Chinese excess capacity on domestic manufacturing and the necessity of rationalizing customs duties to boost export competitiveness. The programme concludes with expectations for fiscal prudence and a strong narrative on AI-driven digital infrastructure to sustain India's current economic momentum.

Sajid Chinoy: Rupee Depreciation Helps Exporters Compete Against ASEAN Nations

On this India Today special report, the focus is on India's Economic Survey and the strategic debate surrounding rupee depreciation. Chief India Economist at J.P. Morgan, Sajid Chinoy, argues that a 'gradually non-disruptive depreciation is actually a healthy thing' to protect India's export competitiveness against ASEAN competitors who face lower US tariffs. The discussion highlights that while India's current account deficit remains sustainable, the drying up of capital flows necessitates a policy that avoids burning forex reserves at an unsustainable pace. Chinoy explains that a weaker rupee acts as a buffer against cheap Chinese imports and supports domestic manufacturing. Conversely, Sonal Varma of Nomura notes that the cost-benefit analysis is shifting as depreciation begins to feed into further currency weakness and higher costs for intermediate imports. The panel examines the trade-offs in policymaking as India prepares for the FY27 budget amidst global geopolitical shifts and the impact of US trade policies.

Jayant Sinha Explains India's Economic Shift Toward 'Viksit Bharat' and Budget 2026

In this special report, former Minister of State for Finance Jayant Sinha joins Maria Shakil to decode the health of the Indian economy ahead of Budget 2026. Sinha hails the recently signed India-European Union Free Trade Agreement as the 'mother of all deals', predicting it will significantly boost employment in sectors like textiles. He provides a detailed breakdown of India's GDP, noting that the private sector accounts for two-thirds of economic activity. Sinha outlines the vision for 'Viksit Bharat' by 2047, explaining how the income pyramid is shifting as more households move from the 'Aam Janata' category into the middle and global classes. Addressing concerns over jobless growth, he cites stable unemployment rates and rising EPFO subscriptions as evidence of formalisation. Sinha also discusses the impact of AI and the necessity of increasing productivity to compete with global economies like China and the United States.

Sajid Chinoy: 'We Should Be Thinking Of Easing Press Note 3' To Attract Chinese FDI

This India Today special report features a pre-budget roundtable hosted by Rajdeep Sardesai, focusing on the Union Budget 2026 and the challenges facing Finance Minister Nirmala Sitharaman. Top economists, including Neelkanth Mishra, Sajid Chinoy, and Naina Lal Kidwai, analyze India's strategy amidst global geopolitical shifts and the 'fog of uncertainty.' Key discussion points include the 4.4% fiscal deficit target, the impact of 'Operation Sindoor' on defense spending, and the necessity of structural reforms to boost manufacturing. Experts deliberate on easing Press Note 3 to attract Chinese FDI, the role of the 16th Finance Commission, and tax clarity for Global Capability Centres. The panel provides a GDP growth forecast for FY27 between 6.5% and 7%, emphasizing the urgency of micro-reforms in urban infrastructure and agriculture. The report highlights the tension between fiscal consolidation and the need for private investment to jumpstart the economy, exploring trade relations with ASEAN and the importance of export-led growth in a fragmented global order.

Jayant Sinha Decodes Budget Halwa Ceremony And India's Economic Growth Momentum

On this Special Report, host Maria Shereen decodes the significance of the traditional 'halwa ceremony' ahead of the Union Budget. Former Minister of State for Finance Jayant Sinha highlights the shift in India's fiscal landscape, stating, 'The mirchi of taxes has become the sugar of these budgets' due to revised tax slabs and GST simplification. The panel, featuring economist Professor Arun Kumar and Gaurav Vallabh of the PM’s Economic Advisory Council, debates the impact of tax relief on the middle class versus the unorganised sector. Sinha emphasizes that India is currently in a 'Goldilocks zone' with steady 7% growth and low inflation. The discussion further explores anticipated hikes in the defence budget following 'Operation Sindoor' and the need for self-reliance in production. The experts also deliberate on rural employment schemes, agricultural productivity, and the necessity of increasing R&D expenditure to compete globally. The programme provides a comprehensive outlook on the economic priorities and fiscal space available for the upcoming financial year.

Siddharth Zarabi Hosts Special Report On Economic Survey Hints And Budget 2026 Expectations

On this Special Report, host Siddharth Zarabi leads a panel of top economists to decode the Economic Survey 2026-27 tabled in Parliament. Joining the discussion are Sajid Chinoy of JP Morgan, Sonal Verma of Nomura, Anubhuti Sahay of Standard Chartered, and Tanvi Gupta Jain of UBS Securities. The panel analyzes the 'reform, perform and transform' mantra mentioned by Prime Minister Narendra Modi. Siddharth Zarabi notes that the survey 'contains a lot of nuggets of information and data that gives us some clues into the mind of what finance ministry mandarins are thinking' regarding the upcoming budget. The experts discuss India's 7% GDP growth projection, the necessity of rupee depreciation as a shock absorber against global volatility, and the impact of Chinese excess capacity on domestic manufacturing. The conversation also covers fiscal consolidation targets, the surge in gold imports, and the urgent need for rationalising customs duties and enhancing the speed of doing business to maintain India's economic momentum.

V. Anantha Nageswaran: Chinese Overcapacity Is A Threat To India And The Region

On this India Today special, Chief Economic Adviser V. Anantha Nageswaran discusses the critical economic challenges and priorities outlined in the Economic Survey. Addressing the issue of Chinese overcapacity, Nageswaran states, 'It is not just only a threat to India, it's a threat to many other countries in the region, but that is something that we need to factor in.' He emphasizes that India must improve its competitiveness by lowering input costs and addressing inverted duty structures. The CEA also provides a unique perspective on rising gold and silver prices, noting a 'latent wealth effect' for Indian households. On the currency front, he argues that a strong and stable Rupee is achieved through manufacturing excellence and export competitiveness rather than just services. Furthermore, Nageswaran explores the role of Artificial Intelligence, suggesting it can complement human resources in sectors like healthcare while stressing the need to respect and develop traditional manual skills to co-exist with evolving technology.

Gaurav Sawant: 54% Indians Believe India-US Ties Have Worsened Under Donald Trump’s Second Term

On this Special Report, Gaurav Sawant, Senior Executive Editor at India Today, discusses the 'Mood of the Nation' survey conducted with C-Voter regarding India's foreign policy. The data reveals a significant shift in public perception, with 54% of respondents stating that India-US relations have worsened during Donald Trump’s second term. Gaurav Sawant notes that 'the relationship is steadily going downhill' amidst concerns over Trump’s tariffs. The survey highlights that 45% of participants believe India should retaliate with reciprocal tariffs, while only 6% suggest accepting US demands. The panel, including Geeta Mohan and Rajdeep Sardesai, further examines India's complex dynamics with its neighbours. While 51% see improved relations with countries like Maldives and Sri Lanka due to India's assistance, challenges remain with Pakistan, Bangladesh, and Nepal. The programme explores whether the current diplomatic collapse can be arrested amidst a 'Trumpian world of disorder' and shifting global trade alliances, including the recent India-EU free trade agreement.

MOTN poll tracks vote chori debate, opposition challenges, economic survey

This special report examines the India Today-CVoter Mood of the Nation tracker findings. While the poll projects the NDA to secure 352 seats if elections were held today, driven by Prime Minister Narendra Modi's high leadership ratings and perceived political stability, analysts Yashwant Deshmukh, Raj Chengappa, and Tuhin Sinha discuss the state of the opposition, where Rahul Gandhi remains the primary challenger despite a significant rating gap.

Rajdeep Sardesai: 54% Favour PM Modi Over Manmohan Singh On Economy In Mood Of The Nation Poll

On this Special Report, editor Rajdeep Sardesai leads a panel discussion on the latest 'Mood of the Nation' survey following the tabling of the Economic Survey 2026 by Finance Minister Nirmala Sitharaman. The data reveals a significant 9% increase in Prime Minister Narendra Modi's economic approval rating since August 2025, with 54% of respondents preferring his leadership over former PM Manmohan Singh. Sardesai notes, 'It is real livelihood issues that affect people that was a concern over the economy at the time.' The programme examines the impact of next-generation GST reforms, new labour codes, and the trade deal with the European Union. While opposition leader Salman Soz highlights concerns over weak consumption and contracting tax collections, BJP's Zafar Islam defends the government's macro-stability. The discussion concludes that while India remains a fast-growing economy, the public experience remains split, with the survey preparing the nation for global headwinds ahead of Budget 2026.

PM Modi hails India-EU FTA as 'key to unlocking vast markets' for Indian goods

In this Special Report, the focus is on the tabling of the Economic Survey 2025-26 and Prime Minister Narendra Modi's address at the start of the Budget Session. Finance Minister Nirmala Sitharaman presented the survey in the Lok Sabha, projecting a robust GDP growth of 7.4% for FY26. Prime Minister Narendra Modi lauded the India-EU Free Trade Agreement, stating, 'In the beginning of this quarter, the free trade agreement between India and the European Union is a glimpse of how bright the future of the youth of India is.' The Prime Minister emphasized that the next 25 years are crucial for achieving the vision of 'Viksit Bharat 2047' and noted that India is now on the 'reform express.' The bulletin also covers the political friction in Parliament, with the opposition demanding a rollback of the G. Ramji law while the BJP accused them of disrespecting constitutional traditions. The survey highlights fiscal prudence, with the deficit met at 4.8% of GDP.

Prashant Kumar Singh Resigns As Ayodhya GST Deputy Commissioner Over Seer Row

On this Special Report, the focus is on the escalating political and bureaucratic storm in Uttar Pradesh following a controversy at the Magh Mela in Prayagraj. Ayodhya GST Deputy Commissioner Prashant Kumar Singh has resigned from his post, stating, 'In support of Mouni Yogi Adityanath, in support of India's Prime Minister Narendra Modi, in support of Mouni Amit Shah, and in opposition to Swami Aumyukteshwaranand Shankaracharya.' Singh's resignation follows the departure of Bareilly City Magistrate Alankar Agnihotri, who cited the alleged mistreatment of the Shankaracharya's disciples. The Uttar Pradesh government has since suspended Agnihotri and ordered a departmental inquiry. The row began on January 18 during Mouni Amavasya when authorities reportedly blocked the movement of Swami Avimukteshwaranand Saraswati, leading to a sit-in protest. The situation has triggered a sharp face-off between the BJP and opposition parties like the Congress and Samajwadi Party, who allege attempts to polarise the state.