Page 3 - Latest Updates on Goods and Services Tax
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")
Medical device makers ask for extending ITC on services, capital goods
Industry body Aimed says proposed balanced reforms could help reduce healthcare costs for consumers
 "Medical device makers ask for extending ITC on services, capital goods")
Foreign portfolio investors pull the ripcord, trade winds to blame
Rising indices push foreign investors into a controlled landing
 "Foreign portfolio investors pull the ripcord, trade winds to blame")
CBIC promises faster GST refunds for micronutrient manufacturers
CBIC assures micronutrient makers of faster GST refunds to offset inverted duty structure, while ruling out refunds on dealers' stock-in-trade under current law
 "CBIC promises faster GST refunds for micronutrient manufacturers")
HC ruling on JDAs to ease costs, boost project viability, say developers
Legal experts caution of challenge in SC, also clarity would be needed for settling ITC
 "HC ruling on JDAs to ease costs, boost project viability, say developers")
Pharma, medtech bodies seek transition time and simpler refunds
Industry bodies asked the govt for a three-month transition period, use of old packaging, and a simpler GST refund mechanism to avoid supply chain disruptions in healthcare
 "Pharma, medtech bodies seek transition time and simpler refunds")
Simplifying GST rates is welcome, but real competitiveness needs more
Rate rationalisation is welcome, but more work is needed to eliminate cascading taxes
 "Simplifying GST rates is welcome, but real competitiveness needs more")
Skoda, Volkswagen to cut prices to pass on full GST revamp benefits
Effective September 22, the price of Kodiaq SUV will be reduced by up to ₹3,28,267, while that of compact SUV Kylaq by up to ₹1,19,295
 "Skoda, Volkswagen to cut prices to pass on full GST revamp benefits")
India hoped for 'big' GST reform, received only a revised rate card
India's long-overdue GST cut is hailed by PM Modi as the nation's 'biggest reform', with carmakers cutting prices and asset managers calling it a 'landmark reset', yet markets stay muted
After cutting slabs and rates, GST Council must pursue deeper reforms
Barring a dozen-odd items, almost all goods and services are being clubbed under two slabs - 5 per cent and 18 per cent
 "After cutting slabs and rates, GST Council must pursue deeper reforms")
Need proactive outreach for easy transition to new GST rates: CBIC chief
The GST Council, in its meeting last week, has approved to make Goods and Services Tax (GST) a two-tier structure of 5 and 18 per cent, with special rate of 40 per cent on tobacco and related products
 "Need proactive outreach for easy transition to new GST rates: CBIC chief")
GST 2.0: Towards simpler and citizen-centric indirect tax regime
The GST Council's efforts at rationalisation have steadily lowered the system's complexity while sustaining revenue buoyancy
 "GST 2.0: Towards simpler and citizen-centric indirect tax regime")
GST revamp to set off demand, investment, job cycle: FM Nirmala Sitharaman
Sitharaman says the govt will shift focus to speed up disinvestment
 "GST revamp to set off demand, investment, job cycle: FM Nirmala Sitharaman")
GST cut a partial cushion against trade headwinds, says Mahesh Nandurkar
GST rate cuts are definitely positive for consumption, especially with the festival season approaching, says Nandurkar
 "GST cut a partial cushion against trade headwinds, says Mahesh Nandurkar")