Page 3 - Latest Updates on GST Revamp

No extra GST on tobacco; Centre plans new levy as cess period nears end

Tobacco products currently fall under the highest GST slab of 28 per cent, along with a compensation cess that varies depending on the product type

GST cut on commercial vehicles to reduce fleet acquisition costs: Crisil

Crisil Ratings said post the rationalisation of GST on commercial vehicles, acquisition of new fleet by the operators would decline substantially. It said in a statement on Monday that GST on commercial vehicles has been reduced to 18 per cent from 28 per cent. "This will bring down the acquisition cost of fleet operators," it said. Domestic commercial fleet operators are expected to clock a revenue growth of eight per cent to ten per cent this financial year, according to the statement. Strong domestic demand and import-related fleet requirements will drive growth. Higher revenues and stable margins will result in improved cash flows, which will partially fund the incremental working capital requirement, the statement said. Dependence on external short-term debt will be limited, and operators will undertake additions to their fleets funded by long-term loans. Increased fleet utilisation will ensure operating margins to remain stable between eight per cent to 8.5 per cent, accordi

A month after GST rationalisation, affordability boosts insurance sales

Insurers pass on the full tax benefit to customers, but withdrawal of input tax credit is pushing them to trim commissions, rework product mix and absorb higher costs

GST cut, festival demand fuel two-wheeler sales boom in October

Hero, Honda lead record monthly sales as consumers snap up bikes

Double whammy hits Colgate: GST cuts, competition weigh on Q2 sales

Analysts largely agree that the toothpaste major's volumes and revenue were hit by a 'double whammy' of GST rate cuts and intensifying competition, with limited signs of a near-term recovery.

Simplified registration under GST 2.0 from Nov 1, says FM Sitharaman

The new GST 2.0 system promises faster registration, reduced human interface, and automated processes to simplify compliance and strengthen taxpayer trust

A month on, GST 2.0 positive for customers, insurers face teething issues

Sales and inquiries see a spike, even as insurers plan to use multiple levers, including renegotiating commissions with distributors, to reduce the impact of withdrawal of input tax credit (ITC)

Expect benefits of GST rate cut to accrue in coming quarters: Ceat MD & CEO

Tyre maker CEAT Ltd expects GST rate reduction to have structural positive impact in the coming quarters by aiding demand for two-wheelers, small cars and tractors, particularly in rural markets, according to its MD & CEO Arnab Banerjee. After posting a strong second quarter, in the third quarter, which is usually a subdued season for the tyre industry, topline may be equal to or slightly lower, Banerjee told PTI. "GST 2.0 came in at the fag end of the (second) quarter, so that will play out in subsequent quarters. We are positive on that development, that should aid demand for two-wheeler farms and small cars and their types primarily in smaller towns and rural, and in urban to a lesser extent," Banerjee said. He was responding to a query on how GST 2.0 impacted demand and overall growth in tyre offtake. Being "a structural change", GST rate reduction "will structurally impact demand as we go (along)" and there won't be a sudden spurt in demand. When asked about the third ...

GST reforms drive record festive demand, says FM Nirmala Sitharaman

She said this marginal deviation was due to cases where input taxes remained higher than output rates, leading to small adjustments before products reach consumers

GST cuts boost spending; festive, wedding season sales to cross ₹7 trn

The Centre said that the timing of the GST cuts just before the festival and wedding season proved ideal, boosting consumer sentiment across sectors

Added electronics consumption of ₹20 trn likely due to GST rejig: Vaishnaw

Additional electronics consumption worth Rs 20 lakh crore is expected to take place this year due to GST reforms rolled out by the government last month, Union Electronics and IT Minister Ashwini Vaishnaw said on Saturday. The minister said that data from all retail chains shows there were 20-25 per cent more sales in comparison to last Navaratri and there are many such categories, like 85-inch TV where stocks were completely sold out. "The increase in demand for electronics goods is directly impacting electronics manufacturing. Electronics manufacturing is now growing at a double-digit CAGR. It is very likely that the consumption will increase more than 10 per cent this year, which means, there is a high possibility of Rs 20 lakh crore extra consumption compared to last year," Vaishnaw said. He was speaking at a joint press conference with Finance Minister Nirmala Sitharaman and Commerce and Industry Minister Piyush Goyal on savings due to GST reforms which came into effect from .

GST rate cuts reaching consumers, reforms widely welcomed: Sitharaman

Sitharaman explained that while a few products witnessed a smaller-than-expected pass-through, overall, the rate cuts have effectively translated into lower prices for consumers

After hotels, online travel portals come under GST department lens

After probing hotels for GST underpayment, authorities now seek booking-level data from online travel portals to check possible double taxation

Delhi govt's GST refund gift to traders ahead of Diwali; ₹738 cr disbursed

Chief Minister Rekha Gupta on Friday said that her government has so far disbursed Rs 738 crore in goods and services tax (GST) refund to the city traders ahead of Diwali. The government earlier announced a GST refund of Rs 1,600 crore to city traders, pending since 2019. The process remains ongoing, with modern technology enabling faster and more efficient refund processing, Gupta said. Highlighting the government's efforts to ensure timely GST refunds, she said that the Trade and Taxes department has successfully cleared pending refund cases amounting to Rs 1,002 crore, of which Rs 738 crore has already been paid to business establishments and traders. So far, 8,259 refund applications have been processed, a record number, including 7,409 claims below Rs 10 lakh. The prompt disposal of these smaller claims has provided much-needed relief to small traders and business owners across Delhi, she said. The refund system has been fast-tracked with the Trade and Taxes department coming

CPSE bosses to travel in style as govt upgrades staff car purchase norms

The government has raised the engine cap for central public sector enterprises staff cars from 2,000 cc to 2,500 cc, allowing its executives to buy India-made vehicles under new guidelines

FHRAI urges FM Sitharaman to restore ITC, delink F&B GST from room tariffs

Hospitality body seeks regularisation of past GST dues, restoration of input tax credit for hotels, and flexibility in F&B taxation linked to room pricing