Page 22 - Latest Updates on GST Revamp

GST on life, health insurance may be scrapped as Centre pushes exemption

The Centre has proposed exempting life and health insurance premiums from the current 18% GST; the GoM will submit its report to the GST Council, which will take the final decision

Centre for exempting insurance premium from GST: Samrat Choudhary

The Centre has proposed exempting life and health insurance premium from GST, Bihar Deputy Chief Minister and convenor of insurance GoM Samrat Choudhary said on Wednesday. Currently, health and life insurance premium attracts 18 per cent GST. The Group of Ministers (GoM) on life and health insurance will submit its report to the GST Council. The report will also include views and concerns expressed by some state finance ministers, he said. "The Centre's proposal is clear that the insurance sector's individual and family (policies) should be exempt from GST. This has been discussed and the GoM report will be presented to the Council," Choudhary told reporters here after the meeting of the GoM. "All members have given their approval for lowering rates. Some states have given their own views," he said, adding a final call on rates will be taken by the Council. Choudhary is the convenor of the 13-member state GoM on health and life insurance. The Centre's proposal on insurance is par

Godfrey Phillips India shrugs off sin tax worries; zooms 17%, hits new high

Godfrey Phillips had delivered robust domestic cigarette sales volume growth in the April to June 2025 quarter (Q1FY26)

Explainer: Why govt disbanded the NAA and why GST 2.0 may revive it

The Centre is considering reviving anti-profiteering provisions for two years to ensure consumers benefit from GST rate cuts

GoM meet today: What's on agenda as Centre pushes 2-slab GST reform plan

Finance Minister Nirmala Sitharaman to explain Centre's plan for two GST slabs of 5 per cent and 18 per cent, with a 40 per cent rate on select goods

Govt likely to revive anti-profiteering rules under GST 2.0 overhaul

Anti-profiteering provisions were first introduced in 2017, when GST replaced multiple indirect taxes and several items had lower tax incidence

Datanomics: GST rate-cut move chases push akin to the Laffer curve

GST collections expanded just 1.7 per cent in July, the slowest growth rate since the Centre began publishing monthly net receipts

Traders likely to keep input tax credit on old stocks in GST revamp

The GST Council is also likely to update the tax administration system to ensure a smooth transition and shield businesses from additional costs

GST revamp brings price cuts on ACs, mobiles. Check full list of items

PM Modi announced new GST rates as a Diwali gift, cutting prices on many goods. ACs, snacks, mobiles, soaps and cement will get cheaper. Check full list of items here

GST overhaul: Most items to attract 5%, 18% tax; luxury goods may touch 40%

Nearly 99 per cent of items currently taxed at 12 per cent are expected to move to the 5 per cent slab, while most of the goods in the 28 per cent bracket would fall under the 18 per cent rate

Rahul Gandhi deserves credit for GST revamp: Congress

Gandhi's immense popularity in poll-bound Gujarat dwindled the list of 28% tax slab

GST revamp will benefit people, strengthen tax structure: Modi

recommendations made by the GST Council are in spirit of the continuous feedback we are getting from various stakeholders on GST

Eating out set to be cheaper after biggest GST revamp: All you need to know

A uniform 5% tax was prescribed for all restaurants, both air-conditioned and non-AC