Page 3 - Goods And Services Tax

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

HC ruling on JDAs to ease costs, boost project viability, say developers

Legal experts caution of challenge in SC, also clarity would be needed for settling ITC

Pharma, medtech bodies seek transition time and simpler refunds

Industry bodies asked the govt for a three-month transition period, use of old packaging, and a simpler GST refund mechanism to avoid supply chain disruptions in healthcare

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