Page 17 - Latest Updates on GST Revamp

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

Goyal urges industry to pass on GST rate cut benefits to consumers

The industry must pass on to consumers the full benefits of the GST rate reductions, the "biggest ever reform" since India's independence, Union Minister Piyush Goyal said on Thursday. Union Commerce and Industry minister said the GST reforms would boost demand in almost all sectors, supporting the economic growth of the country. He urged the industry to encourage the sale of products made in India in a big way. The minister addressed a joint event of the 2nd edition of India MedTech Expo 2025 and IPHEX 2025, which is the 11th international exhibition on pharma and healthcare. He also spoke at Bharat Nutraverse Expo 2025. Talking about India's growth story, Goyal said the country in the next two years would become the third largest economy. India will grow from a USD 4 trillion economy to a USD 30 trillion economy by 2047. "Yesterday's reform in indirect taxes in GST, coming on the back of several initiatives over the last 11 years, is transformational in nature, significantly ...

GST on hotel rooms under ₹7,500 cut to 5%, Indian travellers to benefit

The GST Council has slashed tax from 12% to 5% on hotel rooms priced below ₹7,500 per night, offering relief to travellers and giving a push to domestic tourism

Why India's GST began with so many slabs and why it's being simplified now

The GST Council has cut slabs from five to two, aiming to reduce compliance costs, simplify taxation, and align India's indirect tax regime with global practice

From cancer drugs to glucometers, patients to save more after GST cuts

GST Council removed tax on 33 life-saving drugs and slashed GST on all medicines and medical devices to 5%, easing treatment costs and improving healthcare access

GST cut makes cars, bikes, tyres cheaper, Diwali comes for Auto Inc

GST Council cut rates on small cars, bikes, SUVs and tyres, slashing levies to 18% and rationalising slabs, a move hailed as transformative for the auto industry

5% GST cut to make salons, gyms and yoga services cheaper from Sept 22

From haircuts to toothpaste, the GST Council's rate cut could ease monthly household budgets, though experts caution benefits may vary depending on service providers