GST Relief

As India enters the tenth year of rollout of the Goods and Services Tax, the focus is shifting from implementation to efficiency through use of artificial intelligence, data sharing and process simplification to reduce compliance costs, speed up refunds and tighten enforcement. The government is increasingly using technology to simplify compliance, particularly for micro, small and medium enterprises (MSMEs), while integrating GST, income tax and customs databases to improve risk assessment, curb tax evasion, and reduce manual intervention. GST implementation helped broaden the tax base, strengthened compliance and increased revenues, making the indirect tax regime one of India's most significant economic reforms. Introduced on July 1, 2017, GST replaced a complex system of 17 central and state taxes and 13 cesses with a unified indirect tax framework. The reform, rolled out after years of negotiations between the Centre and states, was aimed at creating a common national market and

Industry welcomes customs duty exemption on petrochemicals but urges GST relief on inputs and faster refunds to ease cost pressures amid West Asia disruptions

Only 18 per cent of consumers say GST rate cuts in 2018-19 reached them; half blame brands and retailers for not reducing MRPs, while 78 per cent demand strict enforcement to pass on benefits

Finance Minister Nirmala Sitharaman said the government has delivered reforms, urges companies to invest, expand production, and partner in skilling youth for India's growth

Looking from a different perspective of durability of the products, it is non-durable or fast moving products which would have higher impact on the demand

FMCG and auto stocks drove Nifty and Sensex higher by over 1 per cent each, alongside strong cement, insurance buying

Finance Minister Nirmala Sitharaman to explain Centre's plan for two GST slabs of 5 per cent and 18 per cent, with a 40 per cent rate on select goods

PM Modi announced "next generation" GST reforms to lower taxes on essentials, simplify rates to two slabs, and ease compliance, with the GST Council to take up proposals soon

EV Committee chair points out that while EVs are taxed at 5%, batteries and charging services face an 18% GST rate

Classification of items for GST rates was done on the basis of harmonised system of nomenclature codes. The codes contain 21 sections. These are divided into 99 chapters, which have 1,244 headings

The government is expected to announce a national retail trade policy and an accident insurance scheme soon with a view to supporting GST-registered domestic traders, an official said. The official said the proposed policy would help provide better infrastructure and more credit to the traders. It may include provisions related to ensuring easy and quick access to affordable credit, facilitating modernization and digitisation of retail trade; modern infrastructural support for subjects like distribution chain; promotion of skill development and improving labour productivity, and providing an effective consultative and grievance redressal mechanism. India is the world's fifth-largest global destination in the retail space. The commerce and industry ministry along with the department of financial services is also working on framing an insurance scheme for all the GST-registered retail traders. "The government is trying to do policy changes not only in e-commerce but is also bringing

The overall sentiment towards the cement stocks has remained lacklustre amid a gradual decline in their share prices, and a reduction in GST could help to lift this sentiment.

An outpatient will be charged GST for medicines and consumables bought that were prescribed in the course of providing health care services

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The rationalisation of late fees for delayed filing of monthly GST returns will give relief to small businesses and add to the government revenue, according to tax experts

It will also maintain liquidity so that govt borrowing doesn't push yields up

Central Board of Excise and Customs Chairperson Vanaja N Sarna said exporters had made errors while filing refund claims. The payments solution the authorities are mulling is an e-wallet