Page 3 - Gst Council

GST Council begins talks on two-rate structure, duty inversion fix

The 56th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on Wednesday started deliberations on 'next-gen GST' reforms, which will lower tax rates on items of mass consumption, remove duty inversion in sectors, like textiles, and ease compliance burden for MSMEs. The Council, over the next two days, will discuss reducing the number of slabs in GST to just two -- 5 per cent and 18 per cent -- and removing the 12 per cent and 28 per cent slabs. Also, a special 40 per cent tax has been proposed on a select few items, including tobacco and ultra-luxury goods. As per the sweeping rate change proposal put forth by the Centre and vetted by a group of state finance ministers, as many as 99 per cent of items in the 12 per cent category, such as butter, fruit juices and dry fruits, would move to a 5 per cent tax rate. Similarly, electronic items like ACs, TVs, fridges, and washing machines, as well as other goods like cement, will be .

Oppn-ruled states meet ahead of GST Council, seek revenue loss compensation

Finance ministers of opposition-ruled states on Wednesday met ahead of the crucial GST Council meeting, and decided to seek compensation for revenue loss incurred by all states following the implementation of GST rate rejig. Eight opposition-ruled states -- Himachal Pradesh, Jharkhand, Karnataka, Kerala, Punjab, Tamil Nadu, Telangana and West Bengal-- had met last week to decide on how their revenues could be protected once the 12 and 28 per cent slabs are removed. Jharkhand Finance Minister Radha Krishna Kishore said his state will suffer a Rs 2,000 crore revenue loss if the Centre's GST reform proposal of reducing the number of slabs is implemented. "If the Centre agrees to compensate us for whatever loss we would incur, turn we have no issues in approving the agenda before the Council. I don't think the issue will come up for voting, as in a federal structure, it is the responsibility of the Centre to compensate states for revenue loss," Kishore told reporters here after the ...

Rollout of GST reforms to bring transparent economy: FM Sitharaman

The 56th GST Council meeting, scheduled for September 3-4 in New Delhi, is set to discuss one of the biggest tax overhauls since the GST regime was rolled out in 2017

A GST reset: Simplify the tax structure to boost revenue collection

Prime Minister Narendra Modi had announced in his Independence Day address that the GST system would be rationalised

GST Council meet Sept 3-4: Rate cuts, rationalisation on the agenda

The 56th GST Council meeting on September 3-4 may decide on rate rationalisation, tax cuts on essentials, and compensation measures for states. All you need to know

Artisans, weavers bodies urge Centre to scrap GST on textiles, handicrafts

Artisans and weavers seek zero GST on handlooms and handicrafts citing sectoral distress, while the fertiliser industry urges GST rate cut on inputs and refund of blocked tax credits

GST Council to meet on Sep 3-4 to discuss key reforms in tax system

The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, will discuss major reforms, including rate rationalisation and compensation cess.

Bond yields rise to around five-month high on fears of increased supply

Market participants said that the yield on the benchmark 10-year bond might rise to 6.58-6.60 per cent during the next week

GoM backs GST rejig; states flag risk to revenue ahead of Council meet

The GoM of state finance ministers endorsed the Centre's proposal for a two-tier GST structure with 5 and 18 per cent slabs and a 40 per cent levy on sin and luxury goods

Auto firms split over GST rejig impact on car and two-wheeler sales

Maruti Suzuki India Chairman R C Bhargava said that GST on cars is currently 28 per cent, with a cess on larger cars pushing the total burden to 40-45 per cent

Need GST Council-like bodies to boost infra growth: Tata Power CEO Sinha

Sinha says power sector requires ₹3 trn in funding over 5 years

India's GST cuts to lift festive e-commerce sales by up to 20%: Executives

India's GST overhaul is expected to drive festive e-commerce sales higher by 15-20% in electronics and other categories, as lower tax rates put more money in consumers' hands

New GST plan by Diwali: What is a GoM, how it works, and why it matters

Explainer: What the GST Council's GoM on rate rationalisation is, how it works, who its members are, and how its decisions could shape India's two-slab GST plan by Diwali 2025

Slabs, cess, and trade-offs: India's GST faces a fork in the road

With rate slabs ripe for consolidation and the compensation cess at a crossroads, India's GST revamp must balance political economy, revenue stability, and taxpayer fairness

GST Council's likely agenda: Intermediaries may get exporter status

"With the Law Committee's approval expected shortly, the GST Council's final decision in its next meeting could mark a turning point for India's intermediary-driven export sectors," said the official

DroneAcharya, ideaForge, Paras Defence gain upto 5% on March 21; here's why

The surge in these stocks followed the news that the Goods and Services Tax (GST) Council is likely to announce a uniform 5 per cent GST rate on all commercial-use drones in its upcoming meeting

GST Council meet: Uniform 5% rate on drones for business use on agenda

This could be a major relief to India's burgeoning drone industry, which consists of around 488 drone companies that have collectively secured $518 million in funding so far

Can GST rate rationalisation make India's tax system truly simple?

The Union government plans to propose GST rate and slab cuts to the GST Council. Can this reform make India's indirect tax system truly simple?

Very close to decision on reducing GST rates & slabs: Nirmala Sitharaman

Speaking on the ongoing efforts to simplify the GST structure, Nirmala Sitharaman said, 'We are very close to closing in on a final call on the reduction in GST rates and slabs'

GST Council revamps GoM for sector-specific tax policy suggestions

The GST Council has reconstituted the Group of Ministers on GST revenue analysis which will suggest sector-specific issues that need policy intervention, and the feasibility of a unified enforcement platform to check tax evasion. The GST Council, in its 55th meeting on December 21, 2024, had decided to reconstitute the Group of Ministers (GoM) on GST revenue analysis with a revised ToR. The GoM was first set up in 2019. The reconstituted GoM on 'Analysis of Revenue from GST' under Goa Chief Minister Pramod Sawant, would have nine members including from the states of Bihar (Samrat Chaudhary), Chhattisgarh (O P Choudhary), Gujarat (Kanubhai Desai), Andhra Pradesh (P Keshav), Maharashtra (Ajit Pawar), Punjab (Harpal Singh Cheema), Tamil Nadu (Thangam Thennarasu) and Telangana (M B Vikramarka). As per the expanded ToR, the GoM would analyse the state-wise revenue collection trend, including the identification of revenue patterns across sectors and regions. It would also review details