Rate rationalisation is welcome, but more work is needed to eliminate cascading taxes
Barring a dozen-odd items, almost all goods and services are being clubbed under two slabs - 5 per cent and 18 per cent
Simplifying the GST structure is not the only reform on the government's agenda.
The GST Council's efforts at rationalisation have steadily lowered the system's complexity while sustaining revenue buoyancy
MG Motor said it will extend the full benefit of the GST reduction across its SUV portfolio, with price cuts ranging from ₹54,000 to ₹3,04,000, effective from September 7
Hyundai, Tata Motors, Mahindra, Maruti and Renault have announced steep cuts across cars and CVs, with reductions ranging from ₹30,000 to ₹4.65 lakh from September 22
According to another official, Finance Ministry is eager to re-examine certain sectoral issues if directed by the Prime Minister's Office
Such changes have received sufficient media coverage, and so, I will focus more on certain other aspects
One of the best ways to judge the impact of any policy is to check its effect on stock prices of companies, supposedly benefiting
To ensure the 56th GST Council is remembered as the most transformative since 2017, the proposed changes must be implemented in spirit, and what must happen next for promises to become policy
Benchmark indices end the week higher, posting their best gains in over two months, with optimism from GST reforms on everyday goods
CBIC Chairman Sanjay Kumar Agarwal said the scheme will cover both central and state jurisdictions, and apply in cases where applicants are assessed to be low-risk
Policyholders may delay their insurance purchases using the free look period option to benefit from the nil GST on premiums, effective from September 22
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 Council's two-rate tax structure to cut vehicle prices by up to 10%, supporting festive auto sales for two-wheelers, small cars, and compact SUVs
This courageous move signals the emergence of a stronger economy, clearly indicating that India is firmlyset on a path of progress and growth
The GST Council's decision to retain the 5% tax rate on electric vehicles (EVs) reassures manufacturers, but competition from small petrol and diesel cars with lower taxes looms
Enhance sum insured on base health policy, buy add-on cover
The breadth and depth of the new rate cuts, analysts at Bernstein said, especially in the fast-moving consumer goods (FMCG) categories saw rate reductions well beyond what they thought was possible
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