Page 2 - Goods And Services Tax

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

GST without a seamless input tax credit system fails its core principles

We are losing touch with the soul of the indirect tax

Reforms to boost growth, but tariff suspense a risk, says FinMin

Finance ministry warns tariff risks could hit jobs and consumption, while GST rationalisation and reforms are seen as key to sustaining India's growth amid global uncertainties

What are the best health insurance plans post-GST reforms for you

Under the new GST 2.0 set of reforms, holders of individual health and life insurance policies will no longer have to pay any tax on the premium amount

OECD lifts India's FY26 growth outlook to 6.7%; S&P retains at 6.5%

OECD expects global growth to soften in the second half of 2025 as front-loaded activity fades and higher tariffs in the US and China dampen investment and trade

Akhilesh questions BJP on GST collections, seeks clarity on usage of money

Samajwadi Party president Akhilesh Yadav has taken a swipe at the BJP government, asking where the GST collections over the past eight years have gone. The GST Council, comprising Centre and states, has decided to reduce tax rates on goods and services, from September 22 -- the first day of Navratri. "The public is asking where the money collected in the name of GST has gone," Yadav wrote, listing possibilities such as whether the total amount would be delivered in cash to people's homes like the "UP BJP government's Mahakumbh model", adjusted in the next insurance premium, credited directly to bank accounts as direct benefit transfer, or deducted from the "Rs 15 lakh" promised earlier by the BJP. In the post late Sunday night, Yadav further asked if the amount would be distributed along with the long-pending promise of subsidised LPG cylinders, paid using funds allegedly received by BJP from companies through "backdoor routes", handed out in cash on the eve of the next election, us

Goa committed to strengthening MSMEs under new GST reforms: Sawant

Goa Chief Minister Pramod Sawant has welcomed the launch of the next-generation GST reforms by Prime Minister Narendra Modi, saying the initiative would strengthen India's journey towards an Atmanirbhar Bharat 2.0. In a post on X on Sunday, Sawant said the prime minister had urged states to strengthen the ecosystem for micro, small and medium enterprises (MSMEs), build infrastructure to attract investment and enhance manufacturing competitiveness with the vision of Vocal for Local, Think Global. Goa is fully committed to this mission modernising infrastructure, simplifying processes and empowering our entrepreneurs so that Swadeshi products shine proudly in India and across the globe, the CM said. PM Modi on Sunday asserted that the GST reforms kicking in from Monday will accelerate India's growth story, emphasising that it is a big and important step for aatmanirbhar Bharat and linking a boost to 'swadeshi' products to the country's prosperity. Addressing the nation on the eve of

GST 2.0 rollout begins today: New rates, tax cuts, exemptions | Top updates

The GST Council has cut slabs from four to two - 5 per cent and 18 per cent - while keeping a special 40 per cent rate on 'sin goods' and select luxury items under the new GST 2.0 framework

GST 2.0 is 'bachat utsav' for citizens, will boost India's growth: PM Modi

PM Modi said GST 2.0 will cut tax slabs to 5% and 18% from September 22, marking a 'bachat utsav' that simplifies business, reduces prices, and strengthens 'Made in India'

Govt eases GST price label rules, scraps mandatory advertisements

Businesses can skip re-stickering and use old stock until March 2026

Bricks to continue under GST 2.0 special composition scheme at 12%

The GST Council has kept the special composition scheme for bricks unchanged, retaining 6% without ITC and 12% with ITC, with a Rs 20 lakh threshold, under GST 2.0

GST 2.0 promises relief on many fronts, but unfinished agenda persists

Despite the sweeping rate and slab reductions, several issues remain unresolved and need to be tackled in the next round of reforms to make GST more viable for businesses, say experts

Govt notifies revised CGST rate schedules, effective September 22

The Finance Ministry has notified revised CGST schedules covering seven categories of goods, effective September 22, with States set to issue matching SGST notifications

Medical device makers ask for extending ITC on services, capital goods

Industry body Aimed says proposed balanced reforms could help reduce healthcare costs for consumers

Foreign portfolio investors pull the ripcord, trade winds to blame

Rising indices push foreign investors into a controlled landing

CBIC promises faster GST refunds for micronutrient manufacturers

CBIC assures micronutrient makers of faster GST refunds to offset inverted duty structure, while ruling out refunds on dealers' stock-in-trade under current law