World Business Report What's the impact of India's tax cuts?
Sep 4, 2025
India's massive tax cuts aim to revitalize its booming economy, sparking debates among exporters about the new landscape. The legacy of Giorgio Armani is examined, focusing on his lasting influence on fashion and the future of his brand. Meanwhile, Nigeria's controversial ban on shea butter nut exports raises concerns about the impact on beauty product markets. Plus, explore whether a 4am routine truly leads to success, featuring insights from a comedian and entrepreneur navigating productivity trends.
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Major GST Rework Lowers Rates
- India cut many GST rates to 5% and capped highest at 18%, replacing 28% tiers.
- The move targets household essentials and big-ticket consumer goods to lower living costs.
Tariffs And Tax Cuts Create A Fiscal Trade-Off
- Experts estimate US tariffs cost India $55–60 billion and GST cuts could cost another ~$6 billion.
- The government is betting domestic demand will offset those losses over time.
Exporter Says GST Cut Won't Help Exports
- Dhinanath Upmanyu says exporters like his firm don't benefit directly from domestic GST cuts because exports don't charge GST.
- He emphasised export-oriented manufacturing already operates at low domestic tax rates and won't see major gains.
