Page 4 - Latest Updates on Goods and Services Tax
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
 "A new GST: The indirect tax system simplified for greater efficiency")
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")
Auto stocks rally on GST 2.0; Emkay sees M&M, Maruti as top beneficiaries
Auto stocks surged after the GST Council slashed tax rates across the automobile sector. Analysts at Emkay Global pick M&M, Maruti Suzuki, Hero MotoCorp as top auto stocks to buy
 "Auto stocks rally on GST 2.0; Emkay sees M&M, Maruti as top beneficiaries")
GST revamp may trim revenue but fiscal impact limited, says BofA Securities
GST Council approves two-slab system from September 22; BofA Securities says impact on GDP and government finances will be small, while consumption may get a boost
GST on lifesaving drugs reduced to nil: Check full list of tax on medicines
GST Council meet outcome: GST on various medical apparatus and devices used for medical, surgical, dental or veterinary usage has been reduced to 5% from 12%
 "GST on lifesaving drugs reduced to nil: Check full list of tax on medicines")
GST relief aids insurers; HDFC Life, Star Health among winners, says JM Fin
While the market was anticipating a cut in GST rates for term and health policies, analysts at JM Financial said, the exemption on savings-oriented life products came as a positive surprise.
 "GST relief aids insurers; HDFC Life, Star Health among winners, says JM Fin")
Farm machinery, tractors, fertilisers now attract 5% GST: Check full list
GST Council meet: GST on farm machinery, tractors, fertilisers and other agri items cut to 5 per cent from higher rates, giving relief to farmers
 "Farm machinery, tractors, fertilisers now attract 5% GST: Check full list")
GST Council clears 2-slab system: Full list of items under 5% and nil rates
Under the two-slab system, the GST Council has scrapping 12 per cent and 28 per cent rates. Now, essential items like food, medicines, and books fall under zero and 5 per cent rates
 "GST Council clears 2-slab system: Full list of items under 5% and nil rates")
New GST rates to come into effect from Sept 22: Your top questions answered
The GST Council's 56th meeting has notified sweeping changes effective September 22, impacting goods and services from milk and medicines to cars, coal and casinos
 "New GST rates to come into effect from Sept 22: Your top questions answered")
Two-rate GST structure approved; new rates to kick-in from Sept 22: FM
GST on buses, trucks, and ambulances has been reduced to 18% from 28%. Uniform rate of 18% on all auto parts has been decided
 "Two-rate GST structure approved; new rates to kick-in from Sept 22: FM")
Rollout of GST reforms to bring transparent economy: FM Sitharaman
The 56th GST Council meeting, scheduled for September 3-4 in New Delhi, is set to discuss one of the biggest tax overhauls since the GST regime was rolled out in 2017
 "Rollout of GST reforms to bring transparent economy: FM Sitharaman")
A GST reset: Simplify the tax structure to boost revenue collection
Prime Minister Narendra Modi had announced in his Independence Day address that the GST system would be rationalised
 "A GST reset: Simplify the tax structure to boost revenue collection")