Page 11 - Latest Updates on GST Revamp

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

GST rate cut to inject fresh growth momentum into auto sector: Siam

The recent reduction in GST rates on automobiles will inject fresh growth momentum into the Indian automotive sector, make vehicles more affordable and enable broader access to personal mobility, industry body SIAM said on Thursday. Addressing the annual convention of the auto industry body, Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra also welcomed the government's move to "suitably amend some of the procedural issues which would greatly help in supporting the ease of doing business". "The automobile industry is immensely grateful to the government of India for the recent landmark decision to reduce GST rates on vehicles, which will bring renewed cheers to consumers and inject fresh growth momentum into the Indian automotive sector," Chandra said. He further said, "Making vehicles more affordable, particularly in the entry-level segment, it will significantly benefit first-time buyers and middle-income families, enabling broader access to personal ..

HMSI to cut model prices by up to ₹18,800 to pass on GST rate cut benefit

Honda Motorcycle & Scooter India (HMSI) on Thursday said price of its models up to 350 cc would come down by up to Rs 18,800 with it passing on the GST rate cut benefit to customers. The company will pass on full benefits of the recent GST rate reduction to its customers across its product portfolio, the company said in a statement. This will include both scooters and motorcycles up to 350 cc category, it added. Following the GST Council's decision to reduce GST on two-wheelers from 28 to 18 per cent, the customers will now enjoy significant ex-showroom price savings of up to Rs 18,800, depending on the model, HMSI said. "The reduction in GST on two-wheelers and spare parts is a timely and forward-looking step, making vehicles more affordable and strengthening the overall ecosystem," HMSI Director, Sales & Marketing, Yogesh Mathur said.

Insurance executives knock on FinMin door for input tax credit fix

The insurance chiefs in a letter submitted to the finance ministry officials on Friday sought for implementation of the new GST rates on a prospective basis, while allowing for ITC on renewal premiums

Simplifying GST rates is welcome, but real competitiveness needs more

Rate rationalisation is welcome, but more work is needed to eliminate cascading taxes

GST rate cut to lower cement prices by ₹30 to 35 per bag, reports Ind-Ra

The GST rationalisation will bring down the prices of cement by Rs 30-35 per 50 kg bag and lower the cost of construction, a report from India Ratings and Research (Ind-Ra) said. Last week, the GST Council decided to overhaul the current GST regime into a two-slab structure -- 5 per cent and 18 per cent. From September 22, cement will be taxed at 18 per cent, instead of 28 per cent now. The report said the revamp is a "structural positive" for the cement sector and could support demand in the affordable segment, which has been tepid in recent times. Ind-Ra believes companies will likely largely pass on this benefit by reducing selling prices which will help lower construction costs for infrastructure and housing projects. "With the rate cut likely to be passed on due to high competition, cement prices for consumers would soften while net realisations for cement companies may remain range bound," it said. However, Ind-Ra maintains its cement demand growth forecast at 5-7 percent ..

Shoppers hold tight to purses, awaiting new GST rates to take effect

Shradh season adds to caution, slowing retail demand

India's reforms give cushion against global uncertainty: CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran said GST overhaul and structural reforms will strengthen India's resilience to global risks and help meet the fiscal deficit target

No GST from today: Health and life insurance premiums get cheaper early

Insurers and brokers roll out GST-free health and life policies ahead of Sept 22, letting buyers lock in cheaper cover now with premiums reflecting only the base cost.

GST reforms to cushion Indian economy from US tariffs, says CEA Nageswaran

Chief Economic Adviser Anantha Nageswaran said the GST reforms would help counter the effect of US tariffs by stimulating domestic demand and mitigating risks to capital formation

Stock Market Close: Sensex adds 324 pts, Nifty at 24,973; IT, PSBs shares outperform; auto falls

Sensex Today | Stock Market Highlights: Among the broader markets, the Nifty Midcap 100 and Nifty Smallcap 100 indices settled with gains of 0.83 per cent and 0.73 per cent, respectively

Skoda, Volkswagen to cut prices to pass on full GST revamp benefits

Skoda Auto India on Wednesday said it will cut prices across its entire product portfolio by up to Rs 3.3 lakh to pass on the full GST reduction benefits to customers. Effective September 22, the price of Kodiaq SUV will be reduced by up to Rs 3,28,267, while that of compact SUV Kylaq by up to Rs 1,19,295. Similarly, SUV Kushaq will see a price reduction of up to Rs 65,828, while that of sedan Slavia by up to Rs 63,207, the company said in a statement. "The revised and simplified GST structure is a welcome step by the government of India, that works in favour of both the industry and our customers," Skoda Auto India Brand Director Ashish Gupta said. By improving accessibility in the volume segment and bringing clarity to the premium space, it gives buyers greater value in their purchase decisions, he added. "For us, this means our products are available at even more attractive prices, allowing the brand to reach a wider audience...," Gupta noted. The company further said is curre

GST revamp to drive macro tailwinds; Antique backs consumer discretionary

The GST 2.0 is expected to deliver a significant consumption boost of around ₹2.8 trillion, equivalent to 0.7 per cent of GDP, Antique Broking said

Hero MotoCorp, Royal Enfield to reduce prices to pass on GST cut benefits

Two-wheeler maker Hero MotoCorp on Wednesday said it will cut prices of its various models by up to Rs 15,743 to pass on the full benefit of the GST rate reduction to customers. The new pricing will be effective from September 22, Hero MotoCorp said in a regulatory filing. Customers can now avail price benefits of up to Rs 15,743 on select models (ex-showroom Delhi), making motorcycles such as the Splendor+, Glamour, Xtreme range and scooters like the Xoom, Destini and Pleasure+ even more accessible, it added. Welcoming the GST rate reduction, Hero MotoCorp CEO Vikram Kasbekar said the government's next-gen GST 2.0 reforms will boost consumption, empower GDP growth, and accelerate India's journey to a USD 5 trillion economy. "In addition, more than half of the Indian households use two-wheelers for their daily needs, making it critical for mass mobility," he said, adding that the timing is opportune and ahead of the festive season. It makes two-wheelers more affordable and accessi