Page 5 - Gst Council

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

Economic matters should transcend political divides: Nirmala Sitharaman

BS Manthan: Union Finance Minister Nirmala Sitharaman described the ongoing global turbulence as a "splashing" of forces, urging India to actively participate rather than remain a bystander

GST Council to soon take decision on rates, number of slabs: FM Sitharaman

The GST Council will soon take a decision on having fewer and lower rates as the review work is almost complete, Finance Minister Nirmala Sitharaman said on Tuesday. Currently, Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are taxed at the highest bracket of 28 per cent, while packed food and essential items are in the lowest 5 per cent slab. The Council, chaired by Sitharaman and comprising her state counterparts, has set up a group of ministers (GoM) to suggest changes in GST rates as well as reduce slabs. "To be fair to the GST and the ministers who are all in the council, the work on rationalizing and simplifying GST rates has already commenced. In fact, it had commenced nearly three years ago," she said at the India Today-Business Today Post Budget Round Table. Sitharaman said later the scope was widened and now the work is almost complete. Mentioning that she told ministers in the Council to have a

Simplification of policies to be govt's focus for taxation in 2025

Simplification of direct and indirect tax policies will be the main focus area for the government in the New Year after beginning the review of the six-decade-old income tax law and rationalisation of the GST rate in 2024. With monthly gross GST collections stabilising at around Rs 1.8 lakh crore and gross direct tax collections steadily rising at 20 per cent rate, the effort to ease compliance burden for individuals as well as corporates will gain traction. On the GST front, individuals are awaiting a tax cut in life and health insurance premiums, which will bring down the cost of insurance, while businesses are awaiting the operationalisation of the GST Tribunal for faster dispute resolution. Also, the work on rationalising GST rates and slabs has been put in motion with a group of ministers (GoM) deliberating on the changes, but a final decision is expected only by the GST Council, comprising the Centre and state finance ministers. Currently, GST is a four-tier tax structure wit