Goods And Services Tax

Parliament clears Manipur GST Amendment Bill; FM explains key reforms

Parliament clears the Manipur GST amendment, aligning the state with national GST reforms, including track-and-trace, simplified voucher rules, clarified definitions and uniform appeal procedures

US tariffs weigh as manufacturing PMI slows to 9-month low in November

The headline HSBC purchasing managers index (PMI) figure, compiled by S&P Global, for November fell sharply to 56.6 from 59.2 in October

Tax turbulence: Revenues take a hit in first full month of GST 2.0

Other macro indicators give mixed signals; car sales stay strong

Bills to replace GST compensation cess may be tabled in Lok Sabha on Monday

Finance Minister Nirmala Sitharaman is expected to introduce two Bills to replace the GST compensation cess on tobacco and pan masala with new levies designed to fund national security

Bills to replace GST compensation cess on tobacco, pan masala likely in LS

The government is likely to introduce two bills in the Lok Sabha to replace GST compensation cess with another levy, to ensure that the tax incidence remains the same on tobacco, pan masala and other sin goods after discontinuation of the cess. The Central Excise Amendment Bill, 2025, and The Health Security se National Security Cess Bill, 2025, are listed for introduction on Monday by Finance Minister Nirmala Sitharaman. According to sources, the Central Excise Amendment Bill, 2025, will replace GST compensation cess on tobacco by levying excise duty on tobacco. The 'Health Security se National Security Cess Bill, 2025', will replace the compensation cess on pan masala. It seeks to "augment the resources for meeting Security expenditure on national security and for public health, and levy a cess for the said purposes on the machines installed or other processes undertaken by which specified goods are manufactured or produced". Currently, Goods and Services Tax (GST) at 28 per cent

GST rate cuts boost consumption, India set for steady growth: FinMin report

The GST rate rationalisation gave a "measurable" boost to consumption, and the Indian economy is on a stable footing to navigate risks and maintain growth momentum through the current fiscal, a finance ministry report said on Thursday. The Finance Ministry's Monthly Economic Review for October said that with inflationary pressures easing and recent tax reforms boosting household disposable incomes, the near-term consumption outlook appears increasingly positive. Retail inflation has reached an all-time low in the current series, dropping to 0.25 per cent in October 2025, down from 1.44 per cent in September 2025. The decline can largely be attributed to the complete impact of reduced GST rates, a favourable base effect, and significant falls in food inflation, the ministry said. "The rationalisation of GST rates has provided a measurable boost to consumption, as reflected in the strengthening of high-frequency indicators, including higher e-way bill generation, record festive-seaso

Bima Sugam will make insurance inclusive, affordable, transparent: Experts

Leaders called Bima Sugam a tool for transparency, affordability and inclusion

FMCG sales see slow growth to 5.4% in Q2 amid GST rejig: NielsenIQ

Sales growth in Indian FMCG sector slowed to 5.4 per cent in volume during September quarter mired by disruptions due to GST rate changes, though value growth jumped to 12.9 per cent, according to the latest report from data analytics firm NielsenIQ. The rural market also slowed down from 8.4 per cent to 7.7 per cent year-on-year, but continued to outpace the pace of sales in urban areas for the seventh consecutive quarter, the report said. "The market recorded a 5.4 per cent rise in volume alongside a 7.1 per cent increase in prices, with unit growth outpacing overall volume growth signalling a stronger consumer preference for smaller packs," it said. Urban market, which forms bulk of fast-moving consumer goods (FMCG) demand, is recovering moderately, particularly in smaller towns. Sequentially, it experienced slowdown. Rural market, which is of small packets, is driven by affordability, accounts for around 38 per cent of the FMCG demand. "Rural India has recorded a 7.7 per cent

GST transition sparks short-term FMCG demand dip in Sep quarter: Report

FMCG volumes eased to 5.4% in Q2 as GST transition caused a brief slowdown, though rural markets continued to outpace urban areas and overall sector growth stayed strong at 12.9%

GST cut lifts life, retail health insurance growth: Irdai member Sood

Deepak Sood says zero GST on life and health insurance has sparked strong growth, with demand set to accelerate in H2FY26 as the industry pushes for deeper penetration and better distribution

GST reforms to propel India's FY26 GDP growth to 7.4%, says NIPFP

NIPFP pegs India's FY26 GDP growth at 7.4% - higher than RBI's 6.8% forecast - citing GST reforms, robust investment, and strong US economic performance

GST collections dip in 20 of 36 states and Union Territories in October

Twenty of India's 36 states and UTs saw GST revenue decline in October 2025 - the weakest month of FY26 - as businesses adjusted to the GST 2.0 rate cuts implemented in late September

Awareness, risk management key to insurance growth: Leaders at BFSI Summit

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

Overhaul of GST processes in works for easier compliance, faster refunds

The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs

No extra GST on tobacco; Centre plans new levy as cess period nears end

Tobacco products currently fall under the highest GST slab of 28 per cent, along with a compensation cess that varies depending on the product type

GST cut, festival demand fuel two-wheeler sales boom in October

Hero, Honda lead record monthly sales as consumers snap up bikes

All GST benefits will go to customers: HDFC Life Insurance MD & CEO

HDFC Life sees 50% surge in retail term sales after GST cut; CEO Vibha Padalkar outlines margin recovery, product mix shift, and strategies to offset ITC impact

J&K rolls out GST 2.0 reforms, adopts 7-step consumer benefit protocol

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 ...

NCH receives 3K GST-related complaints post tax cuts: Consumer Affairs secy

Consumer Affairs Secretary Nidhi Khare on Monday said the government's National Consumer Helpline (NCH) has received 3,000 complaints related to GST since the implementation of reduced taxes. "We have so far received 3,000 consumer complaints. We are sending them to the CBIC (Central Board of Indirect Taxes and Customs) for further action," Khare told reporters on the sidelines of an event. The Consumer Affairs Ministry is closely monitoring instances where consumers are being cheated through misleading discount practices to avoid passing on the benefits of reduced GST rates, she said. The ministry is deploying artificial intelligence and chatbot technology to get a clearer picture of complaints across various sectors, she added. The complaints mechanism comes amid concerns that retailers may not be fully passing on the benefit of GST rate reductions to consumers, prompting the government to strengthen its monitoring systems.

MPC should wait for more clarity on inflation before deciding on rate cuts

With GST cuts fuelling festive demand and growth holding strong, the RBI's MPC is likely to stay cautious on rate cuts as it weighs inflation risks and uncertain global trade headwinds