Page 6 - Latest Updates on GST Revamp

GST rate cut draws shoppers to electronics stores, sales stir slowly

However, sales are yet to see a significant pick-up

Datanomics: Is it time for the private sector to step up investments?

It is widely believed that investments these days are generally driven by the government as the private sector is yet to show its animal spirit

GST 2.0: Pent-up demand behind spike in insurance sales on day one

The insurance industry has passed on the full reduction in GST to customers without changing product prices for now

Amazon and Flipkart showcase GST deals as festival shopping begins

Amazon India has introduced a GST storefront to display reduced prices from tax cuts on key categories, aiming to capitalise on festive demand with offers, discounts and bank deals

PM's open letter: GST reforms will add up to ₹2.5 trn in savings for people

PM Modi said GST reforms and income tax cuts will save citizens Rs 2.5 trillion, urged celebration of GST Savings Festival and promotion of swadeshi products during festivities

AC, TV sales surge on day one as lower GST rates boost festive buying

As lower GST rates take effect on Monday, sales of air-conditioners, TV sets surged dramatically with buyers rushing to grab cheaper deals offered by retailers at the beginning of the Navratra festival. Neighbourhood kirana stores also witnessed a modest rise in sales of daily essentials as well as food items. The new two-slab GST (goods and services tax) structure of 5 per cent and 18 per cent has replaced the earlier four-rate duty regime following GST Council's sweeping reform aimed at boosting consumption across the country. This led to price cuts of most of the common-use items ranging from foods, toiletries and cosmetics to white goods such as TV and air-conditioners from Monday, which also coincides with the beginning of the nine-day annual Navratra festival. Dealers of home appliance segment said room-air conditioning (RAC), which has come under 18 per cent tax rate from 28 per cent earlier, witnessed almost double sales on the very first day. "Trends of primary regular sa

A simplified GST structure: Revenue collection must be closely tracked

A simplified GST structure will help all stakeholders. The government expects that lower GST rates, along with income-tax relief, will boost consumption

GST 2.0: BJP leaders celebrate, opposition alleges 'undue credit'

Congress accused that the 'limited' reform comes eight years too late; Vaishnaw pointed to the significantly higher tax rates under the UPA government

ReNew Energy cuts solar module and cell prices as GST rates fall to 5%

ReNew Energy Global Plc (ReNew) has reduced rates of its solar modules and cells in line with lower GST slab taking effect from Monday. Earlier this month, the GST Council approved slashing GST rates on a number of items. The council recommended the duty on renewable energy products to be reduced to 5 per cent from 12 per cent to help the industry shift towards green power. In a statement, ReNew announced price reduction in its solar modules and cells, effective September 22. This development will translate into substantial savings for utility-scale developers, rooftop solar consumers, and farmers under flagship schemes like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM, further democratizing access to clean energy. Sumant Sinha, Founder, Chairman and CEO of ReNew, said, "As India's largest integrated solar manufacturer, we believe this move will catalyze adoption across segments from large-scale developers to rooftop consumers and farmers." ReNew's clean energy portfolio of 18.2 G

BASAI seeks govt clarification on GST rates for biostimulants products

The Biological Agri Solutions Association of India (BASAI) on Monday said it has sought clarification from the government over GST applicable on biostimulants. Biostimulants, which aid plant growth, have been regulated under the Fertiliser (Control) Order (FCO) 1985 since 2021. As of August, the government has officially notified and fully approved 146 biostimulant products under the FCO. Addressing a media conference, BASAI President and Chairperson Sandeepa Kanitkar said biostimulants are the need of the hour amid climate change challenges. "The tool box of the farmer now has to be changed. If it is not changed, then we will end up having the same kind of productivity," Kanitkar said. Listing out challenges in the sector, BASAI CEO Vipin Saini said there is confusion over GST for biostimulants. "At some places, biostimulants are classified under 5 per cent GST category and in some places under 18 per cent. I believe it should be under 5 per cent category." There is misinterpreta

JP Nadda meets Amar Colony retailers as new GST rate cuts take effect

JP Nadda visited Amar Colony market as new GST rates came into effect, urging retailers to pass on benefits to consumers and promote Swadeshi products this festive season

Next-gen GST reforms to boost savings, benefit all sections: PM Modi

PM Modi said that the reforms will boost savings and directly benefit every section of society

Power cost to drop 17-18 paise per unit as GST Council scraps coal cess

The GST Council's decision to remove the Rs 400 coal cess will lower electricity generation costs, ease liquidity for coal companies and make domestic coal more competitive

UPA regime unleashed tax terror: Ashwini Vaishnaw hits out at Opposition

During a press conference at Bharatiya Janata Party (BJP) headquarters in New Delhi, Vaishnaw said the entire nation is celebrating the reforms introduced in recent budgets

Rajasthan govt seizes 17 vehicles, seals warehouses in tax evasion drive

The official further said that a two-day operation was carried out to inspect the warehouses, where an initial assessment revealed the market value of goods to be millions of rupees

Market Close Highlights: Sensex slumps 466 pts, Nifty holds 25,200; IT index cracks 3% on H-1B rule

Sensex Today | Stock Market Close Highlights, Sept 22: US President Donald Trump's new H-1B visa fees rule triggered panic selling among investors, especially IT shareholders, on D-Street today

Inherent habit of Congress to abandon difficult development work : PM Modi

Prime Minister Narendra Modi on Monday alleged that the Congress has an "inherent habit" of abandoning any development work that is difficult, and this caused significant harm to the Northeast. Addressing a rally at the Indira Gandhi Park in Itanagar after unveiling development projects worth over Rs 5,100 crore, Modi said he knew that the Northeast couldn't be developed from Delhi, and so, he sent ministers and officers more frequently to the region, and he himself came here more than 70 times. "One inherent habit of Congress is that they never take up development work which is difficult to do; they abandon it. This habit of Congress caused significant harm to Arunachal Pradesh and the entire Northeast. In the hilly and forested areas, where development work was challenging, Congress would declare the regions backward and simply forget them," he claimed. The PM said that with the launch of GST reforms on the first day of Navratri, people will receive a "double bonanza" this festive

New GST reforms could boost India's GDP by 0.8%, says Hardeep Puri

He said all sections, particularly lower middle class, economically weaker sections will benefit

GST 2.0: Big relief for commuter bike buyers, premium ones get pricey

Commuter bikes, scooters see ₹10k-₹25k price drops; Himalayas, KTM, Triumph get costlier by ₹20k-₹33k

People will save on 99% of daily use items: Vaishnaw hails GST reforms

Ashwini Vaishnaw met shopkeepers in the national capital and raised awareness regarding the next-generation GST reforms