Page 10 - Latest Updates on GST Revamp

GST rate cuts impact Centre and states equally, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday made it clear that the Centre was not considering any compensation to states for potential revenue loss arising from the latest Goods and Services Tax (GST) rate cuts, stressing that the impact will be shared equally and given the devolution of taxes, while the Centre's share will be even smaller. The opposition was putting pressure on the BJP-led central government, seeking compensation of potential revenue loss from GST rationalisation. Speaking at a BJP-organised discussion on GST in Kolkata, Sitharaman said that during the GST Council meeting, several states, particularly those governed by opposition parties, raised concerns over the proposal to reduce rates, and asked what would happen if they led to revenue losses and how that gap could be filled. Sitharaman said that in response, she had explained that there is "no donor-donee relationship" within the GST Council. "If GST is divided 50/50 between the Centre and the states

Maruti passes GST restructuring benefits, cuts prices across models

With tax cuts ranging from ₹67,000 to ₹129,000, the firm is looking to boost sales momentum during the festive season while maintaining its dominance in the PV market

Govt should ensure policy gains do not evaporate in opaque tractor markets

The government can ensure trade accountability by making it mandatory for dealers to display MRPs for all models along with prices under GST 1 (12-18 per cent) and GST 2 (5 per cent)

Heritage Foods to cut dairy product prices following GST reduction

Dairy company Heritage Foods said on Thursday it would reduce prices across its product range following the government's decision to cut goods and services tax (GST) rates on dairy products. The company said it would pass on the full benefit of the GST Council's rate rationalisation to consumers ahead of the festive season, effective September 22. Heritage Foods reduced the maximum retail price (MRP) of long shelf-life UHT milk by Rs 3 per litre, while fresh milk prices remained unchanged as the category is exempt from GST, the company said in a statement. The company cut ghee prices by Rs 50 per litre and butter by Rs 50 per kilogram. Cheese prices were reduced by Rs 50 per kg, while paneer was lowered by Rs 25 per kg. In the ice cream segment, the company reduced prices by Rs 35 for 950ml packs and Rs 20 for 700ml packs. The price cuts come as India prepares for the festive season, when dairy consumption typically increases. Heritage Foods said the "consumer-first move" would h

FMCG firms may shift to new GST regime without changing current price tag

The govt could allow discounts to be reflected in the invoice during the transition

Spinny cuts used car prices ahead of GST change, up to ₹2 lakh off

Spinny has reduced used car prices ahead of GST reforms from September 22, offering buyers up to Rs 2 lakh savings and sellers up to Rs 20,000 higher resale benefit

GST 2.0 promises relief on many fronts, but unfinished agenda persists

Despite the sweeping rate and slab reductions, several issues remain unresolved and need to be tackled in the next round of reforms to make GST more viable for businesses, say experts

GST reforms infused ₹2 trillion in Indian economy: Nirmala Sitharaman

The finance minister also said the GST revenues grew to ₹22.08 trillion in 2025 from when it was introduced

Govt notifies revised CGST rate schedules, effective September 22

The Finance Ministry has notified revised CGST schedules covering seven categories of goods, effective September 22, with States set to issue matching SGST notifications

Ranbir Kapoor's ARKS targets ₹36 cr in FY26, to add 2 stores in 2025

Ranbir Kapoor's ARKS aims for Rs 36 crore revenue in FY26, with two new stores, SKU expansion, a fragrance line and plans for global shipping to boost its premium fashion brand

'Mid, smallcaps expensive, but smart stock picking can generate alpha'

With Dussehra and Diwali in October 2025, followed by the wedding season, we expect the benefits of pent-up demand to be fully captured during Q3FY26, says Agrawal

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