Page 6 - Latest Updates on GST Revamp

Efficient administration: GST Appellate Tribunal needs close monitoring

The launch of the GST Appellate Tribunal marks a key reform in India's tax system, but its success will hinge on capacity, efficiency, and fair handling of disputes

ITC upbeat on festive demand with GST relief, but flags inflation risks

Leading FMCG player ITC expects a surge in the festive demand this season after the GST rate cut, and reduced prices will have a multiplier impact on volumes for the packaged food industry, a senior company official said. However, the FMCG major is also cautious about the existing inflation on some products, its Executive Director and Divisional Chief Executive of the Foods Business Division, Hemant Malik, said. ITC, which owns popular brands as Aashirvaad, Sunfeast, Bingo!, and B Natural, has already passed on the benefits of the GST rate cuts applicable from September 22, and expects a boost in consumption and investment as well as a multiplier impact on the economy. "A lot of expenditure by consumers is also driven by sentiment. When the message reaches consumers that prices have come down, it does allow people to open their purses. Once that happens, it is a multiplier impact in terms of volume increase It has a multiplier impact on the economy, both from the aspect of employme

Digital payments jump to ₹11 trillion on first day of new GST rates

Digital payments surged to ₹11 trillion on the first day of new GST rates, with RTGS, UPI, NEFT, IMPS, debit and credit card transactions all seeing sharp increases

GST rate cut from 12% to 5% poised to brighten India's art landscape

Auction houses, galleries say the rate cut from 12% to 5% will boost liquidity, attract younger collectors, fuel growth

GSTAT rollout from Oct to ease GST litigation and unlock business capital

The GST Appellate Tribunal will begin phased rollout in October 2025 with digital filing, faster appeals, and backlog clearance to ease GST litigation and free up capital

No major rise in insurance sales despite zero GST, say distributors

The industry, however, believes that it is too early to see a proper trend

GSTAT launch: One forum for state, Centre GST appeals, says FM Sitharaman

Sub heading: 4.8 lakh pending appeals to be heard, says GSTAT Head Mishra

GST invoices getting smarter from October: Here's what you need to know

According to a recent advisory issued by the GSTN, the changes are aimed at reducing disputes, lowering the compliance burden, and increasing transparency in the return filing process

Industry has room to factor in costs in terms of ITC accumulation: Official

The official added that businesses should act in good faith, keeping their bona fide intent in mind. The accumulation of ITC has arisen because GST rates on final products have been cut under GST 2.0

Banking system liquidity turns deficit amid tax payments, GST outflows

Experts said the liquidity crunch is expected to be temporary and will pick up on the back of government expenditure

Car dealers take ₹2.5K cr cess blow, turn to original equipment makers

Industry estimates impact for every dealer at ₹3-5 crore

Several FMCG brands are ditching 'magic' price points: Here's what they are

Following the rationalisation of rates under the new GST reforms, most daily-use items have shifted to the lower 5 per cent tax slab, creating a challenge for FMCG firms

GST cuts to fuel 15-20% festive sales surge in electronics: Analysts

GST cuts have lowered electronics prices by 7-9 per cent, fuelling festive demand as consumers trade up to premium TVs and appliances and e-commerce giants push discounts

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