Page 16 - Monika Yadav

Sin goods to face extra levy over 40% GST: CBIC chief Sanjay Kumar Agarwal

CBIC chief says repayment of compensation cess loan likely to be completed by Dec-end

Will talk to industry bodies if lower rates not passed on: CBIC Chairman

Sanjay Agarwal says CBIC will flag cases with industry bodies if firms fail to pass on GST relief

Festival cheer: Two-rate GST structure approved; new rates from Sep 22

New tax slabs of 5% & 18%; 40% levy on sin & super luxury goods; Personal health, life insurance policies exempted

GST Council meeting on Sep 3-4: Exemption on cards for cancer drugs

Garments and apparel as well as footwear priced above ₹2,500 are likely to attract 18 per cent GST, while those below this threshold are expected to be taxed at 5 per cent, sources said

CMAI warns GST hike on apparel above ₹2,500 to be 'death knell' for sector

CMAI has opposed reports of a GST hike on garments above ₹2,500 to 18%, warning it will hurt middle-class consumers, traditional crafts and an industry hit by tariff wars

India to implement OECD's crypto reporting framework from April 2027

India is expected to sign the Multilateral Competent Authority Agreement (MCAA), a global framework for automatic exchange of tax information next year, he said

India's net GST kitty increases 10.7% to ₹1.67 trillion in August

Gross GST collections in August, for transactions undertaken in July, stood at about Rs. 1.86 trillion, 4.8 per cent lower than the previous month

GST rate reforms: Oppn-ruled states call for additional levy for 5 yrs

At a consultative meeting in the capital, ahead of the GST Council's meeting on September 3-4, these states supported the Centre's proposal for rationalisation

Textiles seek more incentives as govt extends duty-free cotton imports

Tamil Nadu urges higher export incentives and faster EU trade deal as duty-free cotton imports extended till Dec 31, while farmers complain of falling domestic cotton prices due to cheap US supplies

Artisans, weavers bodies urge Centre to scrap GST on textiles, handicrafts

Artisans and weavers seek zero GST on handlooms and handicrafts citing sectoral distress, while the fertiliser industry urges GST rate cut on inputs and refund of blocked tax credits

The great tax rewrite: New law promises simplicity, stronger oversight

A sharper new income-tax law simplifies the landscape for individuals and corporations, expands the reach of enforcement authorities

Draft rules for new I-T Act expected by year-end, says CBDT member

When the new law was introduced in Parliament on February 13, the government also set up a committee to draft the accompanying rules and forms

GST Council may allow input tax credit for employee group insurance

"ITC on group health and life insurance policies may be taken up for discussion. But there is no proposal to exempt these policies from GST. They will continue to attract 18 per cent," official said

GST Council to meet on Sep 3-4 to discuss key reforms in tax system

The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, will discuss major reforms, including rate rationalisation and compensation cess.

GoM backs GST rejig; states flag risk to revenue ahead of Council meet

GST Council likely to take up proposal in September; rate cuts expected in October

GoM to propose GST exemption on health, life insurance for individuals

Telangana Deputy Chief Minister Mallu Bhatti Vikramarka, who is member of the GoM, said every state wanted health and life-insurance premiums to be exempt from GST

Govt likely to revive anti-profiteering rules under GST 2.0 overhaul

Anti-profiteering provisions were first introduced in 2017, when GST replaced multiple indirect taxes and several items had lower tax incidence

Traders likely to keep input tax credit on old stocks in GST revamp

The GST Council is also likely to update the tax administration system to ensure a smooth transition and shield businesses from additional costs

Govt seeks to revamp entire tax system with GST reform, Income-Tax Bill

The Centre has proposed a two-tier GST with 5 per cent and 18 per cent slabs, along with a 40 per cent slab for a few items in the sin goods category

'Double Diwali': Rejigged rates, red tape cuts to define GST 2.0

The proposal was announced by the prime minister Narendra Modi from the ramparts of the Red Fort in his independence day speech as a Diwali gift