Page 2 - Latest Updates on Goods and Services Tax
Awareness, risk management key to insurance growth: Leaders at BFSI Summit
At the Business Standard BFSI Insight Summit 2025, insurance leaders said GST waiver alone will not boost coverage; better awareness, innovation and risk management are key to sector growth
 "Awareness, risk management key to insurance growth: Leaders at BFSI Summit")
Overhaul of GST processes in works for easier compliance, faster refunds
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs
 "Overhaul of GST processes in works for easier compliance, faster refunds")
No extra GST on tobacco; Centre plans new levy as cess period nears end
Tobacco products currently fall under the highest GST slab of 28 per cent, along with a compensation cess that varies depending on the product type
 "No extra GST on tobacco; Centre plans new levy as cess period nears end")
GST cut, festival demand fuel two-wheeler sales boom in October
Hero, Honda lead record monthly sales as consumers snap up bikes
 "GST cut, festival demand fuel two-wheeler sales boom in October")
All GST benefits will go to customers: HDFC Life Insurance MD & CEO
HDFC Life sees 50% surge in retail term sales after GST cut; CEO Vibha Padalkar outlines margin recovery, product mix shift, and strategies to offset ITC impact
 "All GST benefits will go to customers: HDFC Life Insurance MD & CEO")
J&K rolls out GST 2.0 reforms, adopts 7-step consumer benefit protocol
The first step is about policy communication, under which advisories will be issued to industry and trade bodies on the revised rates to ensure clarity and compliance
 "J&K rolls out GST 2.0 reforms, adopts 7-step consumer benefit protocol")
NCH receives 3K GST-related complaints post tax cuts: Consumer Affairs secy
The Consumer Affairs Ministry is closely monitoring instances where consumers are being cheated through misleading discount practices to avoid passing on the benefits of reduced GST rates
 "NCH receives 3K GST-related complaints post tax cuts: Consumer Affairs secy")
MPC should wait for more clarity on inflation before deciding on rate cuts
With GST cuts fuelling festive demand and growth holding strong, the RBI's MPC is likely to stay cautious on rate cuts as it weighs inflation risks and uncertain global trade headwinds
 "MPC should wait for more clarity on inflation before deciding on rate cuts")
GST without a seamless input tax credit system fails its core principles
We are losing touch with the soul of the indirect tax
 "GST without a seamless input tax credit system fails its core principles")
Reforms to boost growth, but tariff suspense a risk, says FinMin
Finance ministry warns tariff risks could hit jobs and consumption, while GST rationalisation and reforms are seen as key to sustaining India's growth amid global uncertainties
 "Reforms to boost growth, but tariff suspense a risk, says FinMin")
What are the best health insurance plans post-GST reforms for you
Under the new GST 2.0 set of reforms, holders of individual health and life insurance policies will no longer have to pay any tax on the premium amount
 "What are the best health insurance plans post-GST reforms for you")
OECD lifts India's FY26 growth outlook to 6.7%; S&P retains at 6.5%
OECD expects global growth to soften in the second half of 2025 as front-loaded activity fades and higher tariffs in the US and China dampen investment and trade
 "OECD lifts India's FY26 growth outlook to 6.7%; S&P retains at 6.5%")
Akhilesh questions BJP on GST collections, seeks clarity on usage of money
The GST Council, comprising Centre and states, has decided to reduce tax rates on goods and services, from September 22 -- the first day of Navratri
 "Akhilesh questions BJP on GST collections, seeks clarity on usage of money")
Goa committed to strengthening MSMEs under new GST reforms: Sawant
Goa is fully committed to this mission modernising infrastructure, simplifying processes and empowering our entrepreneurs so that Swadeshi products shine proudly everywhere, the CM said
 "Goa committed to strengthening MSMEs under new GST reforms: Sawant")
GST 2.0 rollout begins today: New rates, tax cuts, exemptions | Top updates
The GST Council has cut slabs from four to two - 5 per cent and 18 per cent - while keeping a special 40 per cent rate on 'sin goods' and select luxury items under the new GST 2.0 framework
 "GST 2.0 rollout begins today: New rates, tax cuts, exemptions | Top updates")
GST 2.0 is 'bachat utsav' for citizens, will boost India's growth: PM Modi
PM Modi said GST 2.0 will cut tax slabs to 5% and 18% from September 22, marking a 'bachat utsav' that simplifies business, reduces prices, and strengthens 'Made in India'
 "GST 2.0 is 'bachat utsav' for citizens, will boost India's growth: PM Modi")
Govt eases GST price label rules, scraps mandatory advertisements
Businesses can skip re-stickering and use old stock until March 2026
 "Govt eases GST price label rules, scraps mandatory advertisements")
Bricks to continue under GST 2.0 special composition scheme at 12%
The GST Council has kept the special composition scheme for bricks unchanged, retaining 6% without ITC and 12% with ITC, with a Rs 20 lakh threshold, under GST 2.0
 "Bricks to continue under GST 2.0 special composition scheme at 12%")
GST 2.0 promises relief on many fronts, but unfinished agenda persists
Despite the sweeping rate and slab reductions, several issues remain unresolved and need to be tackled in the next round of reforms to make GST more viable for businesses, say experts
 "GST 2.0 promises relief on many fronts, but unfinished agenda persists")
Govt notifies revised CGST rate schedules, effective September 22
The Finance Ministry has notified revised CGST schedules covering seven categories of goods, effective September 22, with States set to issue matching SGST notifications
 "Govt notifies revised CGST rate schedules, effective September 22")