Page 16 - Latest Updates on GST Revamp

Low prices, high GST: Double whammy for upstream energy companies

GST Council recommends raising GST on oil and gas exploration services from 12% to 18%, potentially impacting the margins of Indian upstream companies facing declining energy prices

New GST rates: Govt bonds rally as revenue loss concerns subside

Government bonds rallied as the estimated revenue loss from GST tax cuts came in lower than expected, easing fiscal concerns. The yield on the benchmark 10-year bond eased to 6.49%

GST exemption on life, health policies: Lock in lower term premiums now

Enhance sum insured on base health policy, buy add-on cover

GST reforms boost cash flow, fueling co-working sector growth & innovation

GST reforms are set to accelerate India's co-working sector growth by reducing construction material costs, improving cash flow, & supporting demand from start-ups & enterprises, say industry experts

GST rate rejig may ease inflation by up to 75 bps in FY26: SBI Research

The GST rate rejig, which will bring down tax rates on essential household items and services, may help moderate retail inflation by 65-75 basis points in the next fiscal, SBI Research Report said on Thursday. The 56th meeting of the GST Council on Wednesday rationalised the current 4-tiered tax rate structure into a citizen-friendly 'Simple Tax' - a two-rate structure with a standard and merit rate of 18 per cent and 5 per cent, respectively. A special de-merit rate of 40 per cent has been set for a select few goods and services. The new tax rates will be effective from September 22, except for tobacco and related products, for which a date will be announced later. Of the 453 goods where GST rate has changed, 413 goods saw a decrease in rates, while only 40 goods witnessed an increase in rates. Almost 295 goods now have new GST rate of 5 per cent/NIL from earlier 12 per cent, the report said. "Since the GST rate of essential items (around 295 items) has declined from 12 per cent t

A new GST: The indirect tax system simplified for greater efficiency

The removal of the 12 and 28 per cent slabs and the shifting of items from these slabs to 5 and 18 per cent will make a large number of consumer items cheaper

IT, ITes, electronics industries welcome GST reforms strengthening exports

Nasscom and the electronics manufacturing industry have welcomed the GST reforms, highlighting the positive impact on exports, ease of doing business, and future opportunities for digital inclusion

India's exports to surpass 2024-25 levels, GST reforms to aid growth: Goyal

India's exports during the current financial year would be higher than 2024-24, said Union Minister Piyush Goyal on Thursday, while asserting the government is working at a fast pace for diversification of outbound shipments. The commerce and industry minister also said the industry has committed to pass on the benefits of the GST rate reduction to consumers. "This has been a very special year for consumers," he said while referring to the Income Tax benefits effected through the Union Budget and GST reforms announced on Wednesday evening. Talking to reporters here, the minister said the reforms announced on the GST front will have multiplier impact on the economy and help in keeping inflation at low levels. "Industry has committed they will pass on the benefits of GST rate reduction to consumers," Goyal said, adding he has spoken to industry associations and large corporates. The minister further said reduction in prices also benefits industry as it leads to higher demand which i

State govts welcome GST rate cuts, flag concerns over revenue loss

State governments, including from the INDIA bloc, welcomed the new GST rates but expressed concerns over potential revenue losses, calling for extended compensation and changes in tax provisions

Luxury car buyers may get 5-8% price benefit: Mercedes-Benz India MD & CEO

Mercedes-Benz India MD & CEO Santosh Iyer says GST rationalisation will boost festive sales, with buyers set to gain 5-8% price benefit

GST overhaul may reshape ecommerce strategy ahead of festival season

The simplified two-tier GST structure is expected to boost festive season sales by 15-20% as e-commerce platforms prepare for a surge in demand

Raymond Lifestyle to cut apparel prices after India's GST reduction

Industry watchers and corporate India executives expect prices on everything from small cars to everyday essentials to be slashed following the revision

GST hike to make premium air travel costlier; IATA expresses disappointment

GST on Premium Economy, Business, and First class air travel rises to 18%, while economy fares remain unchanged. IATA expresses disappointment, warning of negative effects on India's aviation sector

GST rate cuts to boost demand in India's ₹19 trillion dairy sector: Govt

The government on Thursday said the decision to ensure that most dairy products are now either exempt from tax or attract only a 5 per cent rate will boost demand in the Rs 19 lakh crore industry. In an official statement, the Ministry of Fisheries, Animal Husbandry & Dairying said the 56th GST Council, in its meeting held on Wednesday, approved sweeping tax rationalisations on milk and milk products. "These reforms mark one of the most comprehensive overhauls of GST rates in the sector, ensuring that most dairy products are now either exempt from tax or attract only a 5 per cent rate," it added. Under the revised structure, effective from September 22, 2025, the GST rate on ultra-high temperature (UHT) milk is reduced to nil from 5 per cent. The GST on paneer / chhena (Pre-packaged and labelled) has been reduced from 5 per cent to nil. Butter, ghee, dairy spreads, cheese, condensed milk, milk-based beverages will attract 5 per cent GST from 12 per cent. The GST on ice cream wil

No relief for brand M&As, purchases to continue attracting 18% GST

India will continue to impose 18% GST on standalone brand purchases, with no relief for companies involved in brand M&As. Business acquisitions, however, remain exempt under existing GST rules

GST cut brings hope to textile MSMEs; expensive garments to see price hikes

The new GST changes provide relief to textile MSMEs and consumers but could lead to higher prices for garments above Rs 2,500. Industry experts call for a relook at the pricing thresholds

Prices of diagnostic tests unlikely to change much despite GST rate cut

GST reduction on medical devices, diagnostic kits, and reagents is a welcome move, but leading diagnostic players believe test prices will remain largely unaffected due to minimal changes

FMCG companies to benefit as GST slashed to 5% on key daily essentials

GST on FMCG items including soaps, shampoos, biscuits, jams and noodles has been reduced to 5% from 18%, a move expected to spur rural demand and improve liquidity

Sitharaman delivers on PM's Diwali promise: Who are the winners and losers?

From daily staples like milk and paneer to small cars and two-wheelers, the new two-slab GST structure is set to make essentials more affordable while making luxury goods costlier

GST rejig to make entry-level cars cheaper by 8.5%: Crisil Intelligence

Under the new two-slab GST structure, small cars and mid-segment vehicles will see price cuts, while premium two-wheelers may get costlier