Page 15 - Latest Updates on GST Revamp

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

New GST rates: Tax relief for India's cement industry comes at a cost

GST rate cut on cement from 28% to 18% is expected to benefit cement companies in the medium term, though margins may face pressure in the near term as benefits are passed on to consumers

GST cut to boost FMCG demand; Britannia, Nestle among top Nomura picks

The GST Council has the rates on several staple and essential categories from 18 per cent to 5 per cent

ITC shares drop 2% amid GST tweaks; Analysts decode impact, stock strategy

Emkay retained an 'Add' rating on ITC with a target price of ₹475, noting that the stock offers decent upside potential

GST cuts fuel festive demand: Cars, bikes and gadgets set for sales boom

Electronics and auto makers raise output after GST cuts, expecting higher festive sales as small cars, two-wheelers, TVs and ACs turn cheaper from September 22

GST revamp a growth reform, says Motilal Oswal; M&M, HUL among top bets

According to Motilal Oswal Financial Services, this measure could trigger a positive shift in Indian equities, which have underperformed over the past year

GST revamp: Motorcycle may become ₹5,000-15,000 cheaper, says Bajaj Auto

Rakesh Sharma said there are multiple other drivers of conversion to electric vehicles, including operating economics, convenience, freedom from the monthly fuel budget and improved technology

GST cut will reduce prices of Alto, Wagon R: Maruti chief R C Bhargava

Small car market likely to grow by over 10% this year, says R C Bhargava

Sin goods to face extra levy over 40% GST: CBIC chief Sanjay Kumar Agarwal

CBIC chief says repayment of compensation cess loan likely to be completed by Dec-end

The steepest GST cut? Fiscal discipline opens door for tax rationalisation

The GST by its design was a destination-based tax, making it self-enforcing and addressing concerns of tax cascading

Input tax credit removal blunts impact of GST waiver on insurance

While the GST exemption on health and life insurance premiums will lower costs for consumers, insurers will absorb some impact due to the removal of input tax credit (ITC)

Celebrations commence with GST reform announcements, marking economic shift

This courageous move signals the emergence of a stronger economy, clearly indicating that India is firmlyset on a path of progress and growth

GST cuts boost auto sector, dealers hope for quick cess resolution

Auto dealers expect a boost in the second half of FY25 following GST cuts on vehicles and parts, which aim to improve affordability