Indian equities: GST 2.0 — A structural tax cut at the right time

17 September 2025

Rana Gupta, Senior Portfolio Manager, Indian Equities

Koushik Pal, Senior Director, Indian Equities

On 3 September 2025, India’s Goods and Services Tax (GST) Council approved significant GST simplifications and reductions for a range of
categories. This has come at the right juncture given the country faces a potential slowdown from higher-than-expected US tariffs on Indian goods exports. In this investment note, Rana Gupta, Senior Portfolio Manager, Indian Equities, and Koushik Pal, Senior Director, Indian Equities, examine the impact of this “structural rate cut” on the country’s economic trajectory and equity investment opportunities in the background of the US tariff situation and its impact when US-India trade relations were to normalise.

Download the full version

Latest asset allocation views amid latest Middle East developments

Against a backdrop of elevated uncertainty, the Multi Asset Strategy Team (MAST) summarizes key market moves, and the potential cross-asset implications.

Read more
Latest asset allocation views for Asia Q1 2026

Three key global themes for the first quarter: Liquidity and stimulus set the stage for 2026; AI remains a structural growth driver; Accelerating growth may favour diversification

Read more
Quick comments on geopolitical tensions in the Middle East

Alex Grassino, Global Chief Economist, shares his latest views on the recent increase in military activity and geopolitical tensions in the Middle East.

Read more

See all

About Us

Our funds

Services

Contact us

Contact us

Privacy Policy Customer Privacy Policy Terms of Use Disclaimer

Unit Investment Trust Funds are NOT DEPOSIT products and are not insured by the Philippine Deposit Insurance Corporation (PDIC) or by Manulife Investment Management and Trust Corporation, its parent company or its affiliates. These products have no guaranteed returns/yields. The performances of the funds and their underlying securities are not guaranteed, and the value of funds may fluctuate and could be less than the capital invested. Any loss/income arising from market fluctuations and price volatility, even if invested in government securities, is for the account of the client/investor. Past performance, when presented, is purely for reference purposes and is not indicative of similar future result. Manulife Investment Management and Trust Corporation is not liable for losses except for gross negligence, willful fraud or bad faith of its officers, employees, or authorized representatives. Prospective investors are advised to read the Declaration of Trust for the Fund which may be obtained from the office of the Trustee, consult a Financial Advisor/Wealth Specialist and take the Client Suitability Assessment to determine the suitable Fund before proceeding with the investment.

Manulife Investment Management and Trust Corporation, its products and services are regulated and governed by the Bangko Sentral ng Pilipinas (BSP) with telephone number (02) 8-708-7087 and email address consumeraffairs@bsp.gov.ph. For inquiries or complaints relating to our products and services, you may call our Customer Care Hotline at (02) 8-884-7000 or send an email to phtrust@manulife.com. To know your rights under BSP Circular No. 1160 (Regulations on Financial Consumer Protection), please access a copy at the BSP website (www.bsp.gov.ph).

Manulife, Manulife Investment Management, and Manulife Investment Management & Block Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.