September 9, 2025
India’s new GST 2.0 reforms, aimed at simplifying the nation’s tax structure, came into effect this week, promising relief for consumers and industries alike. At the same time, Union Minister Jayant Chaudhary has drawn attention by declaring cryptocurrency assets in his latest asset disclosure.
The GST 2.0 reforms reduce tax slabs from four to three: 5%, 18%, and 40%, effective September 22, 2025. Essentials such as food, medicines, and insurance fall under the 5% slab, standard consumer goods under 18%, and luxury or “sin” goods, including high-end cars and tobacco products, are taxed at 40%. Experts say the move will simplify compliance, reduce consumer costs, and increase transparency.
In the automobile sector, companies like Maruti, Tata, Hyundai, and Kia have already adjusted prices, with discounts ranging from ₹65,000 to over ₹30 lakh on select models. TVS Motor predicts FY26 could be a record year due to these changes. Healthcare products also benefit from the reform, with thirty-three life-saving drugs and three high-cost treatments, including cancer therapies, now GST-exempt. Most other medications have had their tax reduced from 12% to 5%, potentially easing healthcare costs for patients.
Manufacturers are allowed to revise MRPs on unsold stock through stickers or stamping until December, ensuring a smooth transition to the new system. Analysts estimate a short-term revenue loss of ₹48,000 crore, but expect higher consumption and better compliance to offset the reduction. Inflation may also ease by up to 1.1 percentage points.
Union Minister Jayant Chaudhary has declared cryptocurrency assets for the second consecutive year. His disclosure shows holdings of ₹21.32 lakh in crypto, while his spouse Charu Singh declared ₹22.42 lakh, totaling approximately ₹43 lakh. The minister described the investments as “old” and representing 2–3% of his portfolio at the time, alongside traditional assets like art. Both Chaudhary and Singh have seen their crypto holdings grow roughly 18–19% since June 2024.
Observers note that the minister’s transparency reflects changing attitudes towards digital assets in Indian politics, signaling growing mainstream acceptance. GST 2.0 is expected to simplify taxation, reduce costs for consumers, and support industrial growth, while Jayant Chaudhary’s crypto disclosure highlights evolving norms in political asset transparency, marking a significant moment in India’s economic and regulatory landscape.
