Page 14 - Latest Updates on GST Revamp

KPCC chief admits error over GST 'Bidis and Bihar' social media post

The KPCC president, Sunny Joseph, on Saturday admitted that there was a "mistake" and "lack of caution" while posting the "bidis and Bihar" jibe on the social media handle of the party's state unit, a day after it was deleted following a political backlash. Joseph said the 'X' post was deleted and an apology was tendered by the social media team as directed by the state leadership. Kerala state unit of the Congress in a recent post on X, allegedly drew parallels between Bihar and Bidi (a tobacco product) in the wake of the recent GST reforms, and triggered sharp reactions from the BJP. The now deleted post said, "Bidis and Bihar start with B. Cannot be considered sin anymore". "The post has been deleted. The responsible persons - admin of the social media handle and the person who operates it, withdrew it and tendered an apology. The Congress does not endorse that," Sunny Joseph told a TV channel. While replying to a question, he also said there was a mistake and a lack of caution

Mahindra passes on GST cuts; Tata, Renault follow with price reductions

Automakers slash prices up to ₹1.56 lakh as GST 2.0 rationalises tax slabs, with Mahindra leading the move ahead of the September 22 deadline

Industry body hails agri input GST cuts, seeks similar relief for seeds

The Federation of Seed Industry of India (FSII) on Saturday welcomed the GST Council's decision to slash rates on key agricultural inputs while urging similar relief for the seed sector. The move to cut GST on fertiliser raw materials, bio-pesticides, micronutrients and farm machinery will substantially lower input costs and create economic momentum, the industry body said. "This is a transformative step for Indian agriculture. The government has directly empowered farmers and strengthened the rural economy," said Ajai Rana, FSII Chairman and CEO of Savannah Seeds. However, FSII flagged that similar reforms are overdue for the seed sector. Currently, GST exemption on seeds denies the industry input tax credit (ITC) benefits on most inputs and services. Items like packaging, logistics, warehousing and chemical treatments attract standard GST rates, creating a higher tax burden on seeds versus other agri inputs with concessional rates. The body urged the government to either fully .

Centre may introduce Bill in winter session to replace tobacco GST cess

New levy could follow full repayment of GST compensation loans, keeping overall tax incidence on tobacco products high

From automobiles to agriculture, EY analysis on impact of GST rate change

Relief from long-pending disputes around GST rates on auto components with a single GST slab of 18%

GST reforms expected to lower inflation, create room for rate cut

A rate cut will also depend on how the central bank assesses growth, post the 50 per cent tariff imposed by the US, with the additional 25 per cent came into effect from late August

Markets log best week in 2 months as GST revamp boosts growth hopes

Benchmark indices end the week higher, posting their best gains in over two months, with optimism from GST reforms on everyday goods

If OEMs pass on benefits, freight costs may go down: Transporters

According to Singal and several other truck operators, the road logistics sector is so competitive that passing on benefits is really quick

Moderate impact of GST cuts on fiscal deficit; inflation may lower 50-90bps

Besides, a cut in the tax rate on nearly one-fourth of the essential and household items contained in inflation basket may lead to a moderation of 50-90 bps in retail inflation over next 12 months

Maruti to Tata Motors: Auto companies start passing on GST cut to buyers

Maruti's Alto could see a price drop by ₹40,000-50,000, while the entry-level Wagon R may see reductions between ₹60,000 and ₹67,000

GST 2.0: ITC, VST Industries shares fall as Govt eyes extra tobacco tax

Tobacco stocks like ITC, VST and Sinnar Bidi fell up to 5 per cent today after govt signaled an extra GST cess on cigarettes and bidis, raising margin risks. Analysts suggest stock strategy ahead

GST 2.0: Food-delivery giants face new ₹500 cr tax bill, margin crunch

Platforms must pay 18% GST on behalf of delivery workers, a move that could squeeze margins and raise consumer costs as growth slows

3-day registration for GST, 90% provisional refunds from November 1

CBIC Chairman Sanjay Kumar Agarwal said the scheme will cover both central and state jurisdictions, and apply in cases where applicants are assessed to be low-risk

GST cut on health insurance: Policyholders may use free-look period option

Policyholders may delay their insurance purchases using the free look period option to benefit from the nil GST on premiums, effective from September 22

Why your alcohol, fuel bills won't see any reduction under GST 2.0 reforms

Despite sweeping reforms to the goods and services tax, alcohol and petrol remain outside its ambit, shielded by Constitutional provisions and states' heavy dependence on excise revenues

Tata Motors to cut passenger vehicle prices by up to ₹1.45 lakh from Sep 22

Tata Motors on Friday said it will cut passenger vehicle prices ranging between Rs 75,000 and Rs 1.45 lakh effective September 22 to pass on the full benefit of GST reduction to customers. The Mumbai-based auto major said that its small car Tiago will see a price drop of Rs 75,000, Tigor Rs 80,000, and Altroz Rs 1.10 lakh. Similarly, the price of compact SUV Punch will come down by Rs 85,000 and that of Nexon by Rs 1.55 lakh. Mid-sized model Curvv would also see a price cut of Rs 65,000, Tata Motors said in a statement. Prices of company's premium SUVs - Harrier and Safari, wll see a price reduction of 1.4 lakh and Rs 1.45 lakh respectively, it added. "In line with the Hon'ble Prime Minister's vision, the Hon'ble Finance Minister's intent and our Customer First philosophy, Tata Motors will fully honour the intent and spirit of this reform by passing on the entire benefit of the reduction in GST to our customers," Tata Motors Passenger Vehicles MD Shailesh Chandra said. The reduct

GST reforms bring major relief to diamonds and jewellery sector: GJEPC

The Gem and Jewellery Export Promotion Council (GJEPC) on Friday said GST reforms have brought significant relief to the diamonds and jewellery sector. The government's decision to exempt imports of natural cut and polished diamonds up to 25 cents under the Diamond Imprest Authorisation Scheme (DIAS) from IGST (previously 18 per cent) will ease working capital pressures and support manufacturers and exporters engaged in small-diamond processing, it said. In addition, the reduction of GST on jewellery boxes from 12 per cent to 5 per cent will lower costs for retailers and exporters, while making packaging and gifting more affordable for consumers - benefiting both businesses and buyers alike. "These measures will stimulate domestic demand and provide a cushion to our export supply chains, which are under pressure due to global challenges," GJEPC Chairman Kirit Bhansali said. The diamonds and jewellery sector remains committed to ensuring that the benefits, including reduced costs fo

Stock Market Close Highlights: Sensex, Nifty end flat; Auto, Metal shares shine; IT, FMCG lag

Stock market close highlights on September 5: On the BSE, M&M, Maruti Suzuki and Reliance Industries were the top gainers while ITC, HCL Technologies and TCS were among the major laggards.

GST cut to drive 200 bps boost in two-wheelers, 100 bps in PVs: Crisil

GST Council's two-rate tax structure to cut vehicle prices by up to 10%, supporting festive auto sales for two-wheelers, small cars, and compact SUVs

New GST reforms to cause ₹3,700 cr revenue loss to govt: SBI report

The State Bank of India (SBI) in its latest research report said that reforms in GST through reduction in rates will cause a minimal revenue loss of Rs 3,700 crore. The government estimates the net fiscal impact of GST rates rationalisation will be Rs 48,000 crore on an annualised basis. According to the report, given the growth and consumption boost, the minimal revenue loss is estimated at Rs 3,700 crore and will have no impact on the fiscal deficit. At the 56th meeting of GST Council held few days ago, the current four-tier structure has been replaced with a two-tier one, with a standard rate of 18 per cent and five per cent, and de-merit rate of 40 per cent on selected few goods and services. The report said that the GST rate rationalisation will largely have a positive impact on the banking sector due to meaningful cost efficiencies. GST rate rationalisation has also brought down the effective weighted average rate from 14.4 per cent at the time of inception in 2017, which is