Page 3 - Latest Updates on Goods and Services Tax
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
 "India hoped for 'big' GST reform, received only a revised rate card")
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")
Bima Sugam can deepen insurance penetration, but must be fair, transparent
Bima Sugam aims to transform insurance with a digital one-stop platform for buying, managing, and claiming policies, targeting "Insurance for All by 2047
 "Bima Sugam can deepen insurance penetration, but must be fair, transparent")
Defiance won't beget India respect, export-focused manufacturing base will
One of the best ways to judge the impact of any policy is to check its effect on stock prices of companies, supposedly benefiting
 "Defiance won't beget India respect, export-focused manufacturing base will")
Industry body hails agri input GST cuts, seeks similar relief for seeds
The move to cut GST on fertiliser raw materials, bio-pesticides, micronutrients and farm machinery will substantially lower input costs and create economic momentum, the industry body said
 "Industry body hails agri input GST cuts, seeks similar relief for seeds")
Markets log best week in 2 months as GST revamp boosts growth hopes
Benchmark indices end the week higher, posting their best gains in over two months, with optimism from GST reforms on everyday goods
 "Markets log best week in 2 months as GST revamp boosts growth hopes")
Experts welcome GST Council move to ease post-sale discount disputes
GST Council amends rules on post-sale discounts to allow credit notes without invoice linkage, a change experts say will reduce litigation and benefit businesses
 "Experts welcome GST Council move to ease post-sale discount disputes")
GST reforms to boost competitiveness of exporters across sectors
The removal of the value threshold for GST refunds will significantly benefit small and e-commerce exporters by making even low-value shipments eligible for refunds
 "GST reforms to boost competitiveness of exporters across sectors")
Low prices, high GST: Double whammy for upstream energy companies
GST Council recommends raising GST on oil and gas exploration services from 12% to 18%, potentially impacting the margins of Indian upstream companies facing declining energy prices
 "Low prices, high GST: Double whammy for upstream energy companies")
GST exemption on life, health policies: Lock in lower term premiums now
Enhance sum insured on base health policy, buy add-on cover
 "GST exemption on life, health policies: Lock in lower term premiums now")
A new GST: The indirect tax system simplified for greater efficiency
The removal of the 12 and 28 per cent slabs and the shifting of items from these slabs to 5 and 18 per cent will make a large number of consumer items cheaper
GST on luxury cars, SUVs now at 40%, but it's still good news for consumers
GST Council announcements: New two-slab GST system cuts tax on smaller cars to 18 per cent, trims luxury cars and SUVs to 40 per cent, making high-end vehicles slightly cheaper
 "GST on luxury cars, SUVs now at 40%, but it's still good news for consumers")
