GST2.0

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

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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.

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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

Pro-growth policy measures such as the government's proposed goods and services tax (GST) rationalisation are expected to aid consumption

Jammu and Kashmir government on Friday rolled out GST 2.0 reforms in the Union territory, bringing in major changes to rationalise the tax structure and ensure consumer welfare in line with the national reforms drive. Effective September 22, GST has adopted a two-tier structure, with rates of 5 per cent and 18 per cent. The earlier tax slabs of 5, 12, 18, and 28 per cent have now been clubbed into the two rates mentioned above, resulting in a reduced price of 99 per cent of daily use items. "The Government has commenced the implementation of next-generation GST reforms 2.0, effective from September 22, aligning with the national tax rationalisation drive and reinforcing its commitment to consumer welfare," an official spokesperson said. For smooth and transparent implementation of the new GST regime, the administration has put in place Standard Operating Procedures (SoPs) for the State Taxes, Legal Metrology, Health & Medical Education, and Industries & Commerce ...

The 7.8 per cent GDP growth in the June quarter outperformed the Reserve Bank of India's expectation of 6.5 per cent growth during the August monetary policy meeting

A LocalCircles survey finds GST 2.0 benefits have reached only a fraction of consumers, with packaged foods and medicines lagging while vehicles and appliances show clearer price cuts