Page 119 - Economy & Policy News
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")
GST Council fast-tracks refunds under inverted duty structure: What to know
From Nov 1, firms facing an IDS will get 90% refunds upfront. Here's all you need to know about inverted duty structure & changes made during the 56th GST Council meet
 "GST Council fast-tracks refunds under inverted duty structure: What to know")
Here's how political leaders, India Inc reacted to new GST rate reforms
Nirmala Sitharaman announces sweeping GST rationalisation, hailed as a Diwali gift. Industry and political leaders call the move historic, with praise for easing costs and boosting growth
 "Here's how political leaders, India Inc reacted to new GST rate reforms")
Chidambaram welcomes new GST reforms but says move is '8 years too late'
In a post on X late Wednesday, the former Union finance minister said the current GST design and rates should not have been introduced in the first place
 "Chidambaram welcomes new GST reforms but says move is '8 years too late'")
FMCG sector set to gain as soaps, noodles, shampoo shift to 5% GST slab
The GST Council has moved several FMCG items to the 5% slab and exempted breads, paneer and milk, a move expected to lower prices, spur consumption and aid festive demand
 "FMCG sector set to gain as soaps, noodles, shampoo shift to 5% GST slab")
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
 "Festival cheer: Two-rate GST structure approved; new rates from Sep 22")
RBI to conduct 8-day VRRR auction to absorb ₹1.5 trn from banking system
The RBI's VRRR operations are aimed at absorbing surplus liquidity from the system and anchoring short-term rates closer to the policy repo rate
 "RBI to conduct 8-day VRRR auction to absorb ₹1.5 trn from banking system")
GST Council clears 2-slab structure: What gets cheaper, what gets expensive
Finance Minister Nirmala Sitharaman announces GST overhaul with zero tax on breads and life-saving drugs, lower duty on cement, soaps and tractors, and higher rates on TVs and cars
 "GST Council clears 2-slab structure: What gets cheaper, what gets expensive")
Services sector growth hits 15-year high in August on robust demand
Steepest expansion since 2010 aided by strong rise in international sales, according to PMI
 "Services sector growth hits 15-year high in August on robust demand")
Equity FDI grows 15% to $18.6 billion in Q1, total inflows up 12%
The US is also the third largest investor in India, with cumulative investments amounting to $76.26 billion between April 2000 and June 2025, ahead of Singapore and Mauritius
 "Equity FDI grows 15% to $18.6 billion in Q1, total inflows up 12%")
Despite hardening corp bond yields, India Inc not warming up to bank loans
Despite higher bond yields, companies prefer debt markets over bank loans as lending rates remain elevated and cash reserves cushion capex needs
 "Despite hardening corp bond yields, India Inc not warming up to bank loans")
Wide-ranging GST reforms to improve lives of citizens, says PM Modi
Modi noted that he had spoken about his government's intention to bring the next-generation reforms in GST during his Independence Day speech
 "Wide-ranging GST reforms to improve lives of citizens, says PM Modi")
Datanomics: India Post's move may further hamper its foreign business
India Post halts US services as de-minimis exemption ends, bringing customs duties on all low-value imports
 "Datanomics: India Post's move may further hamper its foreign business")
Maharashtra leads in FPO ease of doing business; Madhya Pradesh loses crown
Maharashtra has overtaken Madhya Pradesh as the state with the most supportive ecosystem for Farmer-Producer Organisations, according to the latest SOFPO report
 "Maharashtra leads in FPO ease of doing business; Madhya Pradesh loses crown")
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")
Only two GST rates, cuts part of structural reforms: FM Sitharaman,
The GST Council on Wednesday took a decision to reduce the GST rates to just two, 5% and 18%, with many items also moving to a zero tax slab
 "Only two GST rates, cuts part of structural reforms: FM Sitharaman,")
Govt committed to safeguard exporters' interests, says Piyush Goyal
Government pledges policy interventions and trade support to ease impact of 50% US tariffs
 "Govt committed to safeguard exporters' interests, says Piyush Goyal")
GST Council begins work to rejig rates; Oppn states seek revenue protection
According to sources, the panel is likely to have discussed a three-way registration process for non-risky business and issuance of refunds, in case of exports
 "GST Council begins work to rejig rates; Oppn states seek revenue protection")