Page 10 - Latest Updates on GST Revamp

No need to relabel existing medicine stock: FinMin on new GST rates

Finance Ministry clarified that medicines released before Sept 22 need not be recalled or relabelled under GST 2.0, with compliance ensured via revised price lists at retail level

FMCG majors cut prices as firms pass on GST benefit to consumers

Mother Dairy, Hindustan Unilever and others announced price cuts across dairy, foods, ice creams, soaps and shampoos, as GST benefits are passed on to consumers from September 22

GST rejig: No input tax credit for insurers on brokerage, CBIC clarifies

The CBIC has clarified that taxes paid on inputs like brokerage and commission for individual life or health insurance policies cannot be claimed as ITC

Commerce ministry tells retailers to highlight discounts from GST rate cuts

The commerce and industry ministry has directed physical retail chains to prominently display and advertise discounts due to the recent GST rate rationalisation. In a communication to the Retailers Association of India, Department for Promotion of Industry and Internal Trade (DPIIT) said retailers should reflect the GST reduction in the receipt / bill as GST discount and major focus be given on high impact products. "Prominently display and advertise 'Discount due to GST' through their networks. For example - posters / flyers and ads (print, TV and online) through their own retail networks," it said. The department has also suggested that sales figure be monitored during this festive season and highlighted through various channels. Nearly 400 products - from soaps to cars, shampoos to tractors and air conditioners - will cost less when the rejig of the GST is effective from the first day of Navaratri on September 22. Starting September 22, the GST slab structure will change - 5 pe

FIIs under-own India; consumption next rally driver: LKP Sec's Ashwin Patil

India remains under-owned: FIIs hold 19 per cent of equities, lagging emerging market averages and FIIs have broadened exposure into small-and mid-caps

Govt proposes tax exemption of up to 20 years for data centre developers

Incentives in Meity's draft include GST input tax credit on assets

UBL targets 6-7% growth this year, bets on GST reforms to boost demand

Leading beer maker United Breweries Ltd (UBL) expects a 6 to 7 per cent volume growth this fiscal despite the impact of rains in some of the key states during the second quarter, said its Chief Executive Officer and Managing Director Vivek Gupta. Besides, premiumisation is also expected to grow by 25 per cent and the long-term outlook for UBL, now controlled by Dutch multinational brewing company Heineken NV, is "very strong", Gupta told PTI. He expects recent GST reforms, in which the government is lowering the taxes on most consumer goods and some services, effective from September 22, will also help increase the consumption of alcoholic beverages. However, this will also depend on state governments. If they "work objectively, where they do not just increase taxes (excise) because they feel about a revenue shortfall coming of GST (changes), I think it should help in consumption of Alco-Bev because consumers will spend money on coming together, connecting together, going outside, .

Hyundai looks at 'double engine' boost on growth post GST rate cut

With the GST rate cuts expected to bring domestic sales back on a growth path, Hyundai Motor India Ltd is looking to ride on a 'double engine' drive of accelerated sales in the home market and continued momentum in exports, according to a top company official. In the last six to eight months, when the domestic market was slightly sluggish, the company had pressed the accelerator on exports in contrast to the last few years when the focus was on meeting demand in India due to capacity constraints, Hyundai Motor India Ltd (HMIL) Whole-time Director and Chief Operating Officer Tarun Garg said in an interaction. The company's domestic sales in the April-August period this fiscal were down 11.2 per cent at 2,20,233 units as against 2,47,992 units in the same period last fiscal. On the other hand, exports in the April-August period this fiscal grew by 12.45 per cent at 80,740 units as compared to 71,800 units in the year-ago period. "We have been very strong in export, but in the last fe

CBIC clarifies GST on post-sale discounts, no ITC reversal for buyers

The circular also stated that post-sale discounts given by manufacturers to dealers would not be treated as consideration for services

NPPA asks pharma firms to pass on GST rate cut benefits from Sept 22

The National Pharmaceutical Pricing Authority has asked pharmaceutical companies and medical device makers to pass on the benefit of reduced GST rates to consumers with effect from September 22. "The benefit of reduction in GST rates shall be passed on to consumers/patients effective from September 22, 2025. All the manufacturers /marketing companies selling drugs/formulations shall revise theP of drugs/formulations (including medical devices) accordingly, with effect from September 22," the authority said in an order. The manufacturer and marketing companies shall issue a revised price list or supplementary price list to the dealers, retailers, state drug controllers and the government, reflecting the revised GST rates and revisedP, the National Pharmaceutical Pricing Authority (NPPA) stated. Manufacturer and marketing companies shall take immediate measures to sensitise dealers, retailers, and consumers about the reduction in GST rates through all possible channels of communicatio

Govt seeks monthly reports on pricing after GST rate cuts from Sep 22

In the circular, which is seen by Business Standard, the CBIC directed principal chief commissioners to compile commodity-wise price data from trade associations

Insurance policy renewals see delay ahead of GST reforms' implementation

Fresh issuances stay steady as customers weigh renewal options before GST reform

Major ecommerce firms complete tax-system overhaul ahead of festival season

Companies update platforms, train sellers on new tax codes

ED claims MNC firms gained from fake input tax credit scam worth crores

The Enforcement Directorate (ED) on Friday said its preliminary probe into a multi-crore pan-India alleged fake input tax credit (ITC) fraud has found that "big MNCs" were benefiting from these illegal transactions. The Itanagar (Arunachal Pradesh) office of the federal probe agency carried out searches in this case on Thursday and covered about 10 premises in the northeastern state apart from Delhi, Haryana, Tamil Nadu and Telangana. The raids were undertaken in connection with a multi-crore fake ITC fraud following registration of a case under the Prevention of Money Laundering Act (PMLA), it said in a statement. ITC is a legal mechanism in the Goods and Services Tax system that allows business entities to reduce their tax liability by claiming credits on GST paid for business-related purchases. The case stems from a complaint against a company named Amit Traders, located in Assam's Guwahati, the agency said. The company was found to be "non-existent" at its declared address, it

GST cut to lift housing demand, boost festive season sales: Credai

Indian government's decision to cut GST rates on various products will increase purchasing power of consumers and boost demand for residential properties in the upcoming festive season, according to realtors' body CREDAI. The association, which has a 13,000 members from across India, said the construction cost is expected to come down because of reduction in GST rates on cement and few other building materials. The association, which is organising its annual event CREDAI-NATCON here, asserted that the benefit of GST rationalisation would be passed on to customers, provided cement companies and other manufacturers of building materials bring down their rates. New GST rates are applicable from September 22. Addressing a press conference on late Thursday, CREDAI Chairman Boman Irani said, "GST rationalisation has generated feel good factor among people. There is a positive sentiment among consumers, which is a good sign ahead of festival season". CREDAI President Shekhar Patel said th

Big boost to tractor, entry-level motorcycle tyres from GST cut: Ceat CEO

We expect sales of commuter motorcycles to go up in semi-urban and rural households, and farm sales also could go up, Arnab Banerjee said

Tariffs to dent India Inc's Q2; Fed cut to benefit India most: Swastika MD

Recent US tariffs of up to 50 per cent on over half of India's exports are creating significant headwinds for Q2 FY26 corporate profits, says Nyati

Pharma, medtech bodies seek transition time and simpler refunds

Industry bodies asked the govt for a three-month transition period, use of old packaging, and a simpler GST refund mechanism to avoid supply chain disruptions in healthcare

Gadkari seeks extra discounts for buyers with vehicle scrapping certificate

Speaking at Siam's event, Nitin Gadkari said he has requested PM Modi and FM Nirmala Sitharaman to offer GST relief to customers buying a new vehicle after scrapping their old one

Govt asks firms to share revised prices after GST reductions for consumers

The said list will be displayed on the official GST website, thereby helping consumers to see the relief they can expect as the next generation GST reforms are set to kick in on September 22