Page 21 - Latest Updates on GST Revamp

CII suggests reforms in GST; trade policy, jobs to achieve 'Viksit Bharat'

Industry lobby CII on Sunday unveiled a reform roadmap to accelerate India's economic transformation, pitching for a simplified GST structure, expanded coverage to petroleum and real estate, rationalised tariff structure, national employment and gig economy policies. The Confederation of Indian Industry (CII) in its report "Policies for a Competitive India", presents over 250 actionable recommendations across 14 critical reform areas. Developed through wide-ranging consultations with industry leaders, economists, and policy experts, the blueprint is aligned with the government's Viksit Bharat vision, it said. CII President Rajiv Memani said, "These recommendations are closely aligned with the government's reform trajectory and are in support of the Prime Minister's call for bold and transformative change. As a live document, policies for a Competitive India will continue to evolve, bringing fresh ideas to support policymakers." The reform areas include fiscal prudence, inflation ..

Vegetable oils body IVPA urges govt to lift GST refund restrictions

Vegetable oil industry body IVPA has urged the government to lift restrictions on tax credit refunds in place since July 2022, saying the curbs are straining working capital and deterring investment in the sector. The Indian Vegetable Oil Producers' Association (IVPA) said the Goods and Services Tax (GST) Council's restriction on refunds of accumulated Input Tax Credit (ITC) under the inverted duty structure was causing cash flow problems, particularly for small and medium enterprises. Under the current system, edible oil attracts 5 per cent GST while input materials such as packaging, chemicals and processing materials are taxed at 12-18 per cent, leading to substantial accumulation of unutilised tax credits. "With refunds blocked, companies face working capital shortages and disrupted cash flows, making operations less viable, especially for MSMEs and domestic manufacturers," the IVPA said in a statement. The association said that higher costs due to unrecovered tax credits are

GST reforms: FMCG distributors write to FM, flag supply-chain risks

Request for guidelines for smooth transition

Rupee weakens tracking rise in dollar index ahead of Powell's speech

The rupee depreciated by 0.3% as the dollar strengthened, amid concerns over upcoming US tariffs and ahead of Jerome Powell's speech at Jackson Hole

Markets halt six-day winning streak; Sensex, Nifty 50 drop close to 1%

Sensex and Nifty fell nearly one per cent amid FPI selling, but managed to rise for the second consecutive week, supported by gains in auto and consumer stocks

GST Council to meet on Sep 3-4 to discuss key reforms in tax system

The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, will discuss major reforms, including rate rationalisation and compensation cess.

Bond yields rise to around five-month high on fears of increased supply

Market participants said that the yield on the benchmark 10-year bond might rise to 6.58-6.60 per cent during the next week

GST cuts could make Indian hospitality globally competitive: Industry body

Hotel Association of India on Friday said the government's step to rationalise GST slabs has the potential to transform Indian hospitality into a globally competitive force, hoping for a tax rate of 5 per cent with input tax credit across hotels, restaurants, and tourism services. Welcoming the announcement by Prime Minister Narendra Modi on August 15 to bring next-generation GST reforms that will reduce the tax burden across the country, Hotel Association of India (HAI) said such reforms are essential to position India as a top tourism destination globally. It will ensure competitiveness vis--vis other international destinations and help in achieving India's goal of attracting 100 million foreign tourists annually by 2047, HAI said in a statement. "GST rationalisation has the potential to transform Indian hospitality into a globally competitive force. While we welcome the (GST) Council's consideration of a simplified structure, it is equally critical to align tariff thresholds with

GST 2.0, S&P upgrade may spur FII reweighting to India: Motilal Oswal AMC

Market outlook: We believe the market will reward companies that consistently deliver strong earnings growth, regardless of whether they are large-cap, mid-cap, or small-cap, says Ajay Khandelwal

Tariff worries? Allocate 40-50% to Sensex or Nifty basket: G Chokkalingam

The continued normal monsoon, falling inflation, and the S&P Global Ratings upgrade also contributed to the market recovery despite the US tariff threats, said Chokkalingam

GoM backs GST rejig; states flag risk to revenue ahead of Council meet

The GoM of state finance ministers endorsed the Centre's proposal for a two-tier GST structure with 5 and 18 per cent slabs and a 40 per cent levy on sin and luxury goods

Auto firms split over GST rejig impact on car and two-wheeler sales

Maruti Suzuki India Chairman R C Bhargava said that GST on cars is currently 28 per cent, with a cess on larger cars pushing the total burden to 40-45 per cent

Need GST Council-like bodies to boost infra growth: Tata Power CEO Sinha

Sinha says power sector requires ₹3 trn in funding over 5 years

FHRAI seeks GST rationalisation to boost India's tourism competitiveness

FHRAI urges the government to rationalise GST to make India's tourism sector globally competitive, aligning with Vision 2047 and attracting more investment to the economy

Parliament passes Online Gaming Bill to ban real money gaming nationwide

The legislation aims to prohibit real money gaming-related issues such as addiction, money laundering, suicides, and financial fraud

Jinxed? Dream11 joins list of BCCI team sponsors to face legal troubles

With Dream11 now facing legal trouble, they are part of an unwanted list of BCCI team sponsors to find themselves in some sort of operational trouble

GST rationalisation: GoM backs Centre's proposal to end 12%, 28% tax rates

The Group of Ministers on Thursday accepted the Central government's plan to replace current GST rates of 12% and 18% for most items with a much-lower 5% and 18% slabs, as well as a steep 40% levy on

GoM on rate rationalisation meets to discuss Centre's GST rate cut proposal

A crucial meeting of the GoM of state finance ministers on GST rate rationalisation began on Thursday as they started deliberation on the Centre's proposal to reduce tax slabs to 5 and 18 per cent. The 6-member Group of Ministers (GoM) on rate rationalisation is chaired by Bihar Deputy Chief Minister Samrat Choudhary. The other members are Uttar Pradesh Finance Minister Suresh Kumar Khanna, Rajasthan Health Minister Gajendra Singh, West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda and Kerala Finance Minister K N Balagopal. The Centre has proposed reforms in GST by reducing the number of slabs under Goods and Services Tax (GST) to 2 (5 and 18 per cent) from 4 (5, 12, 18, and 28 per cent). "The rate rationalisation will provide greater relief to the common man, farmers, the middle class and MSMEs, while ensuring a simplified, transparent and growth-oriented tax regime," Finance Minister Nirmala Sitharaman had told the Group of Minister

GoM to propose GST exemption on health, life insurance for individuals

Telangana Deputy Chief Minister Mallu Bhatti Vikramarka, who is member of the GoM, said every state wanted health and life-insurance premiums to be exempt from GST

FM Sitharaman briefs GST GoMs on need for sweeping tax reforms

Finance Minister Nirmala Sitharaman on Wednesday presented to GoMs from states her government's plans for sweeping reforms in the GST regime that involves slashing tax rates and easing compliance burden for businesses. The GoMs on rate rationalisation, insurance taxation and compensation cess will over two days deliberate on the Centre's 'next-gen' GST reforms under which tax will be levied at 5 and 18 per cent rates. A special 40 per cent rate has been proposed on 5-7 items, including sin goods. GST is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent rate, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. The finance minister's address to the GoMs was for about 20 minutes during which she elaborated on the Centre's proposal, a source said. She explained the necessity for GST reforms to the states, the source added. The group of ministers (GoM) on compensation cess was set up to decide on the ..