Page 2 - Latest Updates on Goods and Services Tax
GST rate cuts boost consumption, India set for steady growth: FinMin report
Retail inflation has reached an all-time low in the current series, dropping to 0.25 per cent in October 2025, down from 1.44 per cent in September 2025
 "GST rate cuts boost consumption, India set for steady growth: FinMin report")
Bima Sugam will make insurance inclusive, affordable, transparent: Experts
Leaders called Bima Sugam a tool for transparency, affordability and inclusion
 "Bima Sugam will make insurance inclusive, affordable, transparent: Experts")
FMCG sales see slow growth to 5.4% in Q2 amid GST rejig: NielsenIQ
The rural market also slowed down from 8.4 per cent to 7.7 per cent year-on-year, but continued to outpace the pace of sales in urban areas for the seventh consecutive quarter
 "FMCG sales see slow growth to 5.4% in Q2 amid GST rejig: NielsenIQ")
GST transition sparks short-term FMCG demand dip in Sep quarter: Report
FMCG volumes eased to 5.4% in Q2 as GST transition caused a brief slowdown, though rural markets continued to outpace urban areas and overall sector growth stayed strong at 12.9%
 "GST transition sparks short-term FMCG demand dip in Sep quarter: Report")
GST cut lifts life, retail health insurance growth: Irdai member Sood
Deepak Sood says zero GST on life and health insurance has sparked strong growth, with demand set to accelerate in H2FY26 as the industry pushes for deeper penetration and better distribution
 "GST cut lifts life, retail health insurance growth: Irdai member Sood")
GST reforms to propel India's FY26 GDP growth to 7.4%, says NIPFP
NIPFP pegs India's FY26 GDP growth at 7.4% - higher than RBI's 6.8% forecast - citing GST reforms, robust investment, and strong US economic performance
 "GST reforms to propel India's FY26 GDP growth to 7.4%, says NIPFP")
GST collections dip in 20 of 36 states and Union Territories in October
Twenty of India's 36 states and UTs saw GST revenue decline in October 2025 - the weakest month of FY26 - as businesses adjusted to the GST 2.0 rate cuts implemented in late September
 "GST collections dip in 20 of 36 states and Union Territories in October")
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
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")