India approves tax cuts for hundreds of consumer items to spur demand

India has decided to cut taxes on hundreds of consumer items ranging from soaps to small cars to spur domestic demand in the face of economic headwinds from U.S. tariffs, two state ministers told reporters on Wednesday.

The new goods and services tax (GST), which will become effective from September 22, will lead to an estimated revenue loss of 477 billion rupees, West Bengal minister Chandrima Bhattacharya said after the GST council meeting.