Page 3 - Latest Updates on GST Revamp

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

GST reform drives record surge in Policybazaar's insurance traffic

Policybazaar sees highest-ever health and term insurance traffic after GST exemption on premiums, with demand rising up to 2.5x since the policy rollout

Consumers struggle to get GST rate cut benefits on food, medicines: Survey

Despite lower GST rates on most food items and medicines, many consumers report only partial or no price relief, highlighting gaps in implementation and last-mile enforcement, a recent survey said

GST changes, ITC removal may have weighed on insurers' profitability in Q2

Analysts see 50-150 bps VNB margin compression for life insurers and sustained combined ratios for general insurers after GST rate changes and ITC removal

Healthcare industry welcomes faster GST refunds, seeks broader reform

The Central Board of Indirect Taxes and Customs (CBIC) recently announced that 90 per cent of GST refunds will now be released upfront for low-risk taxpayers

Moglix adopts supply-chain hedging as India eyes chip self-reliance

B2B platform Moglix is securing global suppliers for critical components as it aligns with India's expanding semiconductor and electronics ambitions

GST cuts, Navratri drive 5.8% surge in passenger vehicle sales: Fada

Sales were muted in the first three weeks of September but surged after September 22, when the revised goods and services tax (GST) rates took effect, the association said

GST 3.0: Govt plans automated refunds on lines of income-tax system

Priya, however, refused to give a deadline. "We will have consultations to be done, adequate safeguards have to be put in place

Dabur India flags short-term sales disruption in Q2 amid GST reforms

The company said in a statement that it expects second quarter revenue to grow in mid-single digits, with operating profit to grow at a similar pace

Marico's Q2 volume growth in high single digit despite GST disruption

Marico's domestic business logged a volume growth of high single digit in the second quarter of the current fiscal, despite facing a transitory impact from the disruption created by the implementation of new GST slabs. However, Marico "expects modest operating profit growth on a year-on-year basis" as it extended discounts on the pipeline inventory to its channel partners during the two weeks leading up to the effective date of the GST rate changes and high commodity prices, the company said in its latest quarter updates. The government announced the Next-Generation (GST 2.0) reforms on September 4, lowering tax on most daily essentials, including food and personal care products, which took effect from September 22. The GST rationalisation has benefited 30 per cent of its India business, which will stimulate demand and help in long-term growth in the FMCG sector, said Marico. "In line with the intent of the government's measures, we have passed on the benefits of revised GST rates