GST2.0

Further rationalisation in goods and services tax (GST) on domestic hotels and restaurants could help fuel tourism growth in India, even as the country's travel market continues to grow despite global uncertainties, according to SOTC Travel Managing Director and CEO Vishal Suri. The GST Council had last year reduced GST on hotel rooms with tariffs of up to Rs 7,500 per night to 5 per cent from 12 per cent, without input tax credit, to make accommodation more affordable and support tourism. The new rates came into effect from September 22 last year. Suri said the government's decision to reduce the tax collected at source (TCS) on overseas tour packages to a uniform 2 per cent was a positive step for the industry. "The government has already reduced TCS on overseas tour packages to 2 per cent (uniform rate) and can further consider GST rationalisation on domestic hotels & restaurants," Suri told PTI in an interview. He said tourism has the potential to emerge as a major contributor

Nine years after replacing a maze of indirect taxes, GST has unified India's tax system, expanded the taxpayer base and digitised compliance, even as key reforms remain unfinished

Businesses continue to struggle with delayed inverted duty refunds, despite means for quicker provisional payouts

GST rate cuts have sharply lowered prices of cars and appliances, but rising input costs have limited relief for food and personal care items, Bank of Baroda analysis shows

Gross GST collections grew 8.8 per cent to over Rs 2 lakh crore in March, aided by tax mop-ups from domestic sales as well as imports, government data showed on Wednesday. The gross Goods and Services Tax (GST) mop-up was Rs 1.83 lakh crore in March, 2025. Gross domestic revenues rose 5.9 per cent to over Rs 1.46 lakh crore, while those from imports grew 17.8 per cent to Rs 53,861 crore. Refund issuance during March rose 13.8 per cent to Rs 22,074 crore, the latest data showed. After adjusting refunds, net GST revenues stood at about Rs 1.78 lakh crore, up 8.2 per cent year-on-year. Gross GST revenue for the full 2025-26 (April-March) fiscal recorded a growth of 8.3 per cent to over Rs 22.27 lakh crore. Net revenues, after adjusting for refunds, grew 7.1 per cent to Rs 19.34 lakh crore in FY26.

President Droupadi Murmu on Wednesday said the government is moving on the path of 'Reforms Express', benefitting the poor and middle class, and the historic next-gen GST reform rolled out last year has ensured savings of Rs 1 lakh crore for citizens. In her address to both Houses of Parliament, Murmu also said the government has revamped the Income Tax law and taken a "historic decision" to exempt income of up to Rs 12 lakh from taxation. "These reforms are providing unprecedented benefits to poor and middle-class families. It has also given a new impetus to the country's economy," Murmu said. The new and simplified Income Tax Act 2025 has been enacted and will be implemented from April 1, 2026. In the 2025-26 Budget presented on February 1, last year, the government had increased the income tax exemption threshold to Rs 12 lakh from Rs 7 lakh earlier. "Today, my government is moving forward on the path of 'Reforms Express'. Old rules and provisions are being updated continuously

A sharp decline in stock price of ITC has seen ₹75,675 crore market capitalisation erosion of the company in the past four trading days.

Today's opinion pieces offer a sharp mix of macro and culture: China's demand shortfall, Prada's Kolhapuri move, the rupee's policy trilemma, why RBI needs better data, and a candid chess memoir.

E-way bill generation climbed to 129.8 million in November, the third-highest monthly total so far, rising 28 per cent year-on-year as trade activity strengthened and controls to curb misuse tightened

Electric car sales grew by 63% YoY in November; but penetration fell to 3.7% below the pre-GST rate cut level of 5%

ITC shares have underperformed the market by falling 5 per cent in the past one month, as against a 2.2 per cent rise in the Nifty 50.

Discover how using the right credit card can get you the best value for essential goods and services

GST 2.0 price cuts are bringing a new set of first-time car buyers into Maruti showrooms, with small car bookings rising sharply and a focused campaign launched to ease financing

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

The new GST 2.0 system promises faster registration, reduced human interface, and automated processes to simplify compliance and strengthen taxpayer trust

PM Modi stressed the need for self-reliance, saying, when the enemy stands before you, the side that has the confidence and self-reliance to fight on its own always has the upper hand

The Centre said that the timing of the GST cuts just before the festival and wedding season proved ideal, boosting consumer sentiment across sectors

Sitharaman explained that while a few products witnessed a smaller-than-expected pass-through, overall, the rate cuts have effectively translated into lower prices for consumers

Thrillophilia's report shows a 22% rise in affordable leisure stays as travellers opt for 'smart luxury' and shift spending from premium hotels to meaningful experiences

Despite lower GST rates on most food items and medicines, many consumers report only partial or no price relief, highlighting gaps in implementation and last-mile enforcement, a recent survey said