Page 4 - Gst Council

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

Diwali shopping cart reimagined with GST relief on sweets, ACs and SUVs

GST 2.0: From mithai and jewellery to cars and consumer durables, here's what changes for Diwali buyers

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

Cheaper cement, lower costs: GST cuts could revive affordable housing

GST Council has cut cement tax to 18% and reduced rates on key building materials, easing costs for developers and homebuyers. Experts say the move could revive affordable housing, fuel jobs

Popcorn finally pops into one GST slab: Now 5% across the board

The GST Council has moved all popcorn varieties-salted, packaged, caramel-into the 5% slab, effective September 22, simplifying tax rules and cutting prices for consumers

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

TVs, ACs, dishwashers GST cut may brighten Diwali for consumer electronics

GST Council has reduced rates on TVs, ACs and dishwashers to 18% from 28% which may boost consumer demand ahead of Diwali

GST on lifesaving drugs reduced to nil: Check full list of tax on medicines

GST Council meet outcome: GST on various medical apparatus and devices used for medical, surgical, dental or veterinary usage has been reduced to 5% from 12%

Farm machinery, tractors, fertilisers now attract 5% GST: Check full list

GST Council meet: GST on farm machinery, tractors, fertilisers and other agri items cut to 5 per cent from higher rates, giving relief to farmers

GST Council clears 2-slab system: Full list of items under 5% and nil rates

Under the two-slab system, the GST Council has scrapping 12 per cent and 28 per cent rates. Now, essential items like food, medicines, and books fall under zero and 5 per cent rates

New GST rates to come into effect from Sept 22: Your top questions answered

The GST Council's 56th meeting has notified sweeping changes effective September 22, impacting goods and services from milk and medicines to cars, coal and casinos

GST Council fast-tracks refunds under inverted duty structure: What to know

From Nov 1, firms facing an IDS will get 90% refunds upfront. Here's all you need to know about inverted duty structure & changes made during the 56th GST Council meet

Chidambaram welcomes new GST reforms but says move is '8 years too late'

In a post on X late Wednesday, the former Union finance minister said the current GST design and rates should not have been introduced in the first place

Festival cheer: Two-rate GST structure approved; new rates from Sep 22

The GST Council has approved a simplified two-rate structure, cut tax on essentials and exempted life and health insurance premiums, though opposition states flagged revenue concerns

GST Council clears 2-slab structure: What gets cheaper, what gets expensive

Finance Minister Nirmala Sitharaman announces GST overhaul with zero tax on breads and life-saving drugs, lower duty on cement, soaps and tractors, and higher rates on TVs and cars

Are markets overoptimistic on GST rate overhaul as council meet gets going?

Any disappointment on the rate front, analysts believe, could trigger a knee jerk correction fall in the stocks and sectors that have seen a good run in the last few weeks

Two-rate GST structure approved; new rates to kick-in from Sept 22: FM

GST on buses, trucks, and ambulances has been reduced to 18% from 28%. Uniform rate of 18% on all auto parts has been decided

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