Page 2 - Gst Rate Cuts

GST reforms: Some correctives a new move to strengthen the framework

However, while evaluating the GST reforms, the fundamental goal must not be forgotten. It was to raise the GST tax-to-GDP ratio by widening the tax base, by improving compliance

Q2 results preview: Destocking prior to GST 2.0 may impact FMCG sales

FMCG companies face muted sales in July-September as distributors slow purchases ahead of GST-driven MRP cuts, with Hindustan Unilever citing a short-term impact

GST rate cuts likely to ease inflation, boost growth, says FinMin report

Recent GST rate cuts will help lower inflation over the next year and also bring a further upside bias to the country's growth prospects, the Finance Ministry said in its monthly report. However, "this is not the time to drop our guard. Uncertainties and risks persist," it said, adding that for now, the risks appear manageable, but they are there. If tariff uncertainties persist, there will be an impact on export sectors, with spillover risk to domestic employment, income and consumption. The decision by the US government to impose a fee hike on new H1B visa-seekers is a reminder of the risks of trade uncertainties, affecting the hitherto unaffected services sector, the Finance Ministry said in its Monthly Economic Review. The central government's reform agenda is expected to cushion the economy against the adverse effects of trade disruptions, it added. "The near-term outlook, therefore, is characterised by steady, reform-driven growth rooted in macroeconomic discipline and adapti

No major rise in insurance sales despite zero GST, say distributors

The industry, however, believes that it is too early to see a proper trend

Industry has room to factor in costs in terms of ITC accumulation: Official

The official added that businesses should act in good faith, keeping their bona fide intent in mind. The accumulation of ITC has arisen because GST rates on final products have been cut under GST 2.0

GST rate cut draws shoppers to electronics stores, sales stir slowly

However, sales are yet to see a significant pick-up

Amazon and Flipkart showcase GST deals as festival shopping begins

Amazon India has introduced a GST storefront to display reduced prices from tax cuts on key categories, aiming to capitalise on festive demand with offers, discounts and bank deals

New GST reforms could boost India's GDP by 0.8%, says Hardeep Puri

He said all sections, particularly lower middle class, economically weaker sections will benefit

People will save on 99% of daily use items: Vaishnaw hails GST reforms

Ashwini Vaishnaw met shopkeepers in the national capital and raised awareness regarding the next-generation GST reforms

New GST reforms show PM Modi's resolve to serve poor, farmers: Amit Shah

The Next-Gen GST reforms are a testament to Prime Minister Narendra Modi's steely resolve to serve the poor, youth, farmers and women, Union Home Minister Amit Shah said on Monday as the new tax structure came into effect across the country. Shah also said that the new reforms will move the wheel of India's growth even faster on the path of becoming the most prosperous country in the world. "The #NextGenGSTReforms are a testament to PM Shri Narendra Modi Ji's steely resolve to serve the poor, youth, farmers, and women," he said in a series of posts on X in both English and Hindi with the hashtag 'GSTBachatUtsav'. The home minister said the Modi government is increasing the income of the middle class by opening plenty of opportunities for them and ensuring that their savings rise constantly through the Next-Gen GST reforms. He said the steep reduction in the GST rates of daily essentials, healthcare products, electronic appliances, and educational items will boost their disposable .

Farmers, consumers, shopkeepers cheer new GST rates, say it boosts savings

On Sunday, Prime Minister Narendra Modi, in his address to the nation, said that reform is a continuous process

New GST rates take effect: Full list of what gets cheaper from today

The NextGen GST reforms reduce taxes on several items spanning essentials, healthcare, education, electronics, automobiles, and farm equipment, while selectively increasing GST on sin, luxury products

GST rate cut will make medicines more affordable, accessible: IPA secy

With GST removed from 36 medicines and capped at 5 per cent on most others, IPA Secretary General Sudarshan Jain described the step as a boost for self-reliance and the healthcare ecosystem

Insurers to pass on GST cut, expect slight demand rise in policies

Insurers will implement GST-free rates from Monday and pass on the full benefit to policyholders, though withdrawal of input tax credit may impact margins over time

GST 'savings festival' begins tomorrow; PM pushes swadeshi, self-reliance

Urges citizens, state govts to embrace, promote 'swadeshi'

Healthcare set to be more affordable as new GST rate kicks in from Sept 22

Medicines, including some life saving drugs, and medical devices are set to become cheaper from Monday with the new GST rates kicking in, making healthcare more affordable and accessible for every citizen, according to industry players. With the landmark GST reforms announced by Prime Minister Narendra Modi come into effect from September 22, it will make healthcare more affordable and accessible for every citizen, Indian Pharmaceutical Alliance Secretary General Sudarshan Jain said. "Most medicines, earlier taxed at 12 per cent, will now attract just 5 per cent GST. In addition, 36 critical life-saving drugs for cancer, genetic and rare diseases, and cardiovascular conditions have been fully exempted," he added. The GST Council has also rationalised tax slabs on health and life insurance premiums, glucometers, and corrective spectacles, Jain said. "These measures mark a transformative shift in India's healthcare landscape, delivering direct savings to patients, easing the burden o

H-1B visa fee hike, GST cut, trade talks likely to steer markets this week

The decision to hike US H-1B visa application fee to USD 100,000, trade talks and the GST rate cut will be the key drivers for stock market movement this week, analysts said. Besides, trends in global equity markets would also be tracked by investors. "This week, markets will first react to the US imposing an annual fee of USD 100,000 on H-1B visas, announced late Friday. While export-driven sectors are already grappling with tariff-related pressures, this move could further weigh on IT services exporters at a sensitive time when trade negotiations remain underway," Ajit Mishra SVP, Research, Religare Broking Ltd, said. Globally, investors will be closely monitoring the performance of US markets in the aftermath of the Federal Reserve's rate cut, he added. Trouble mounted for the USD 285-billion Indian IT sector in its largest outsourcing market, as the US decided to hike H-1B visa application fee to USD 100,000 (about Rs 88 lakh), with apex body Nasscom warning that business ...

Navaratri bonanza for buyers as car, bike makers roll out price cuts

Buyers are in for a bonanza with leading automakers Maruti Suzuki, Tata Motors and Hyundai Motor India set to cut prices from Monday, coinciding with the first day of the auspicious Navaratri period. Luxury carmakers Mercedes-Benz and BMW as well as two-wheeler makers are set to reduce prices with new GST coming into force from September 22. Maruti Suzuki India, the country's largest carmaker, has cut vehicle prices by up to Rs 1.29 lakh to pass on the GST rate cut benefit to customers. The company has also decided to cut prices of its small cars over and above the GST benefit of 8.5 per cent to make vehicles attractive for two-wheeler users to switch to four-wheelers. The prices of entry-level model S Presso will go down by up to Rs 1,29,600; Alto K10 by up to Rs 1,07,600; Celerio by Rs 94,100; Wagon-R by up to Rs 79,600 and Ignis by up to Rs 71,300. Price of premium hatchback Swift is reduced by up to Rs 84,600; Baleno by up to Rs 86,100; Tour S by up to Rs 67,200; Dzire by up t

GST rate cut kicks in from Monday, goods, services to become cheaper

Prices of kitchen staples to electronics, from medicines and equipment to automobiles, will get cheaper from Monday as the reduced GST rates on about 375 items come into effect. In a bonanza to consumers, the GST Council, comprising Centre and states, has decided to reduce tax rates on goods and services, from September 22 -- the first day of the Navaratri. Mass consumption items like ghee, paneer, butter, 'namkeen', ketchup, jam, dry fruits, coffee and ice creams, and aspirational goods like TV, AC, washing machines will become cheaper. Various FMCG companies have already announced reduction in prices in view of GST rationalisation. With GST on most drugs and formulations, and medical devices like glucometers and diagonistic kits reduced to 5 per cent, the cost of medicines will come down for the common man. Also, home builders will benefit as GST on cement has been cut to 18 per cent, from 28 per cent. The government has already directed pharmacies to revise their MRP or sell ..

Lower GST rates to ease tax burden, boost MSMEs, aid formalisation: Report

The government's announcement of GST 2.0 will not only ease tax burden on households, empower MSMEs, and accelerate formalisation, but also bring India closer to the dream of a single tax regime, a report said. The GST overhaul will nearly triple the share of items taxed at 5 per cent, rising from 54 consumption categories to 149 categories under GST 2.0, FICCI's Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE) said in a report. For rural households, the share of exempt and merit goods in their consumption basket is expected to rise sharply from 56.3 per cent to 73.5 per cent, while for urban households, this share is likely to increase from 50.5 per cent to 66.2 per cent, it said. "As a result, effective GST incidence for rural families falls from 6.03 per cent to 4.27 per cent, while for urban households it reduces from 6.38 per cent to 4.38 per cent. This means more disposable income in the hands of consumers, which in turn will fuel ...