Page 3 - Goods And Services Tax

Simplifying GST rates is welcome, but real competitiveness needs more

Rate rationalisation is welcome, but more work is needed to eliminate cascading taxes

Skoda, Volkswagen to cut prices to pass on full GST revamp benefits

Skoda Auto India on Wednesday said it will cut prices across its entire product portfolio by up to Rs 3.3 lakh to pass on the full GST reduction benefits to customers. Effective September 22, the price of Kodiaq SUV will be reduced by up to Rs 3,28,267, while that of compact SUV Kylaq by up to Rs 1,19,295. Similarly, SUV Kushaq will see a price reduction of up to Rs 65,828, while that of sedan Slavia by up to Rs 63,207, the company said in a statement. "The revised and simplified GST structure is a welcome step by the government of India, that works in favour of both the industry and our customers," Skoda Auto India Brand Director Ashish Gupta said. By improving accessibility in the volume segment and bringing clarity to the premium space, it gives buyers greater value in their purchase decisions, he added. "For us, this means our products are available at even more attractive prices, allowing the brand to reach a wider audience...," Gupta noted. The company further said is curre

India hoped for 'big' GST reform, received only a revised rate card

India's long-overdue GST cut is hailed by PM Modi as the nation's 'biggest reform', with carmakers cutting prices and asset managers calling it a 'landmark reset', yet markets stay muted

After cutting slabs and rates, GST Council must pursue deeper reforms

Barring a dozen-odd items, almost all goods and services are being clubbed under two slabs - 5 per cent and 18 per cent

Need proactive outreach for easy transition to new GST rates: CBIC chief

With the reduced GST rates on 375 items set to be effective from September 22, Central Board of Indirect Taxes and Customs (CBIC) Chief Sanjay Kumar Agarwal has underlined the need for "proactive outreach" by tax officers to handhold trade and industry in navigating the transition smoothly. He said greater awareness will not only minimise confusion but also enable businesses, particularly small traders and MSMEs, to adapt seamlessly and fully benefit from the reforms. The GST Council, in its meeting last week, has approved to make Goods and Services Tax (GST) a two-tier structure of 5 and 18 per cent, with a special rate of 40 per cent on tobacco and related products and ultra-luxury items. The new rates will be effective September 22, barring tobacco and related products, which would continue to be taxed at 28 per cent plus a compensation cess till December 31. Currently, GST is levied in the slabs of 5, 12, 18 and 28 per cent. In his weekly newsletter to tax officers, Agarwal sa

GST 2.0: Towards simpler and citizen-centric indirect tax regime

The GST Council's efforts at rationalisation have steadily lowered the system's complexity while sustaining revenue buoyancy

GST revamp to set off demand, investment, job cycle: FM Nirmala Sitharaman

Sitharaman says the govt will shift focus to speed up disinvestment

GST cut a partial cushion against trade headwinds, says Mahesh Nandurkar

GST rate cuts are definitely positive for consumption, especially with the festival season approaching, says Nandurkar

Bima Sugam can deepen insurance penetration, but must be fair, transparent

Bima Sugam aims to transform insurance with a digital one-stop platform for buying, managing, and claiming policies, targeting "Insurance for All by 2047

Defiance won't beget India respect, export-focused manufacturing base will

One of the best ways to judge the impact of any policy is to check its effect on stock prices of companies, supposedly benefiting

Industry body hails agri input GST cuts, seeks similar relief for seeds

The Federation of Seed Industry of India (FSII) on Saturday welcomed the GST Council's decision to slash rates on key agricultural inputs while urging similar relief for the seed sector. The move to cut GST on fertiliser raw materials, bio-pesticides, micronutrients and farm machinery will substantially lower input costs and create economic momentum, the industry body said. "This is a transformative step for Indian agriculture. The government has directly empowered farmers and strengthened the rural economy," said Ajai Rana, FSII Chairman and CEO of Savannah Seeds. However, FSII flagged that similar reforms are overdue for the seed sector. Currently, GST exemption on seeds denies the industry input tax credit (ITC) benefits on most inputs and services. Items like packaging, logistics, warehousing and chemical treatments attract standard GST rates, creating a higher tax burden on seeds versus other agri inputs with concessional rates. The body urged the government to either fully .

Markets log best week in 2 months as GST revamp boosts growth hopes

Benchmark indices end the week higher, posting their best gains in over two months, with optimism from GST reforms on everyday goods

Experts welcome GST Council move to ease post-sale discount disputes

GST Council amends rules on post-sale discounts to allow credit notes without invoice linkage, a change experts say will reduce litigation and benefit businesses

GST reforms to boost competitiveness of exporters across sectors

The removal of the value threshold for GST refunds will significantly benefit small and e-commerce exporters by making even low-value shipments eligible for refunds

Low prices, high GST: Double whammy for upstream energy companies

GST Council recommends raising GST on oil and gas exploration services from 12% to 18%, potentially impacting the margins of Indian upstream companies facing declining energy prices

GST exemption on life, health policies: Lock in lower term premiums now

Enhance sum insured on base health policy, buy add-on cover

A new GST: The indirect tax system simplified for greater efficiency

The removal of the 12 and 28 per cent slabs and the shifting of items from these slabs to 5 and 18 per cent will make a large number of consumer items cheaper

GST on luxury cars, SUVs now at 40%, but it's still good news for consumers

GST Council announcements: New two-slab GST system cuts tax on smaller cars to 18 per cent, trims luxury cars and SUVs to 40 per cent, making high-end vehicles slightly cheaper

Auto stocks rally on GST 2.0; Emkay sees M&M, Maruti as top beneficiaries

Auto stocks surged after the GST Council slashed tax rates across the automobile sector. Analysts at Emkay Global pick M&M, Maruti Suzuki, Hero MotoCorp as top auto stocks to buy

GST revamp may trim revenue but fiscal impact limited, says BofA Securities

GST Council approves two-slab system from September 22; BofA Securities says impact on GDP and government finances will be small, while consumption may get a boost