Page 10 - Gst

New GST plan by Diwali: What is a GoM, how it works, and why it matters

Explainer: What the GST Council's GoM on rate rationalisation is, how it works, who its members are, and how its decisions could shape India's two-slab GST plan by Diwali 2025

Stock Market Close Highlights: Sensex gains 676 pts, Nifty tests 25K on GST rejig talk; Maruti up 9%

Stock Market Highlights on Monday, August 18, 2025: Auto, consumer durables (mainly electronics) and realty stocks were the big winners in market today on talks of restructuring GST slabs.

Congress claims vindication after PM Modi proposes next-gen GST reforms

The Congress on Monday said it stands vindicated on its criticism of the "flawed" Goods and Services Tax after Prime Minister Narendra Modi promised a simplified GST structure. Congress general secretary, communications, Jairam Ramesh claimed the economy has never recovered from the twin "Modi-inflicted shocks" of GST 1.0 and demonetisation. "It was the Vijay Kelkar Committee report of 2004 that led to the first announcement of GST in Mr. P. Chidambaram's Budget Speech of Feb 28, 2006. Here, Dr. Kelkar and his colleagues offer their suggestions for a transformed GST 2.0," Ramesh said in a post on X. "The Indian National Congress stands vindicated on its criticism of the flawed GST 1.0 that was pushed through on July 1, 2017, giving the economy its second serious shock after the notebandi of Nov 8, 2016. The economy has never recovered from these twin Modi-inflicted shocks," the Congress leader said in his post. The Congress has been alleging that the GST 1.0 is flawed and there ha

Sensex jumps 1,168 pts, Nifty tops 25k: Here's why markets are rising today

Sensex, Nifty rally: Twenty-five of the 30 Sensex constituents were trading in green, including Maruti Suzuki, Bajaj Finance, Ultratech Cement, Mahindra and Mahindra, Trent, and Hindustan Unilever

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

Want GST 2.0 to be Good and Simple Tax not Growth Suppressing Tax: Cong

The Congress Saturday demanded an official discussion paper on GST 2.0 soon for a wider debate on it and said the reform should be towards a "Good and Simple Tax" in letter, spirit, and compliance, and not the "Growth Suppressing Tax" it has become. The opposition party's assertion came a day after Prime Minister Narendra Modi announced that GST rates will be lowered by Diwali, bringing down prices of everyday use items, as his government looks to reform the eight-year-old regime that has been plagued by litigation and evasion. Congress general secretary in-charge of communications, Jairam Ramesh, said that for well over a year and a half at least, the party has been calling for a radically transformed GST 2.0. Noting that a transformed GST 2.0 was a key pledge in the Congress manifesto for the 2024 Lok Sabha elections, Ramesh on Friday said the prime minister seems to have finally woken up to the fact that economic growth will simply not accelerate unless this transformation takes

Insurers hopeful of reduction in GST on health and life premiums

Insurers hope for a reduction in GST on health and life insurance premiums, following PM Modi's announcement of GST relaxations, aiming to boost insurance penetration and make coverage more affordable

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

PM Modi unveils GST reforms with tax cuts, two-slab structure plan

PM Modi announced "next generation" GST reforms to lower taxes on essentials, simplify rates to two slabs, and ease compliance, with the GST Council to take up proposals soon

PM Modi's I-Day speech highlights: GST reforms, Sudarshan Chakra, and more

Here are the top highlights from PM Modi's Independence Day speech, which lasted for 103 minutes

SBI to impose nominal charges from Aug 15 on IMPS transfers beyond ₹25,000

The country's largest lender State Bank of India (SBI) has revised charges on fund transfers through the IMPS (Immediate Payment Service) effective from August 15. Although there is no change in charges for fund transfer through IMPS done via branch, fund transfer above Rs 25,00o would attract charges through the online channel from August 15, as per the information posted on the SBI website. Transactions above Rs 25,000 done through online channels will now attract nominal charges ranging from Rs 2-10 plus Goods and Services Tax (GST). Transfer of funds above Rs 25,000 but less than Rs 1 lakh would attract a service charge of Rs 2; for amounts of Rs 1-2 lakh, Rs 6, and for amounts of Rs 2-5 lakh, Rs 10. Salary package account holders continue to enjoy full waivers for online IMPS transfers. For corporate customers, revised service charges are going to be effective from September 8, 2025, it said. IMPS transaction charges waived for current account (Gold, Diamond, Platinum, Rhodi

India's tax reform needs more economic focus, less political manoeuvring

Over eight years later, GST has fallen short of expectations, prompting the government to appoint Home Minister Amit Shah to lead negotiations for its reform

Comprehensive land reforms key for India to become manufacturing hub: CII

Industry body CII on Sunday pitched for comprehensive land reforms such as the formation of a GST-like Council to enable coordinated and consensus-based reforms and uniform stamp duty rates of 3 to 5 per cent across the country for India to become a global manufacturing hub. While protectionism and trade wars pose a challenge, India's stable policy framework, strong industrial capabilities, large domestic market and a young workforce, coupled with its reputation as a trusted and capable partner among many nations, set it up as an attractive investment destination, it stated. The Confederation of Indian Industry (CII) has proposed establishing Integrated Land Authorities in each state, and also advocated full digitisation of the conversion process, besides suggesting rationalisation of stamp duty rates to a uniform range of 3 to 5 per cent across states. It also recommended that states should move to a conclusive titling system that ensures clear ownership. "The global landscape is

West Bengal's GST revenues rise 12% in July, Tripura leads with 41% surge

Several states posted double-digit growth in GST collections in July 2025, led by Tripura at 41 per cent. However, Mizoram, Jharkhand bucked the trend, reporting declines in revenue during the month

West Bengal records 12% growth in GST collection for July: CM Mamata

West Bengal has registered a 12 per cent year-on-year growth in gross Goods and Services Tax (GST) collections for July 2025, Chief Minister Mamata Banerjee said on Monday, citing provisional figures released by the Centre. In a post on X, Banerjee said the state collected Rs 5,895 crore in GST revenue last month, up from Rs 5,257 crore in July 2024. "Glad to share that West Bengal has reported a robust 12 per cent year-on-year growth in gross Goods and Services Tax (GST) collections for July 2025, recording collection of Rs 5,895 crore, compared to Rs 5,257 crore in the same month last year, according to provisional figures just released by the Government of India," she said. "Cumulative growth rate in our state's GST revenue till the month of July is 7.71 per cent. This marks a steady improvement in business and consumption in West Bengal, which is a sign of good economic health," she added. Banerjee's remarks come at a time when her government has been highlighting economic ...

Parl panel urges FinMin to expedite full enforcement of GSTAT benches

A parliamentary committee has asked the finance ministry to adopt a "time-bound" approach and "actively pursue and coordinate" with all states to make Goods and Services Tax Appellate Tribunal (GSTAT) benches fully functional across the country. GSTAT is a crucial body for resolving Goods and Services Tax (GST) related disputes and significantly reducing the burden on higher courts. The government has notified the principal bench, to be located at New Delhi, and 31 state benches at various locations across the country. In May last year, the government had appointed Justice (Retd) Sanjaya Kumar Mishra as the first President of the GST Appellate Tribunal (GSTAT). The government shall appoint the members in GSTAT on the recommendations of a search-cum-selection committee. The Standing Committee on Finance, chaired by BJP MP Bhartruhari Mahtab, in its report expressed 'concern' over GSTAT benches not being fully operational nationwide. Significant delays persist in appointment of Memb

India's net GST revenue rises 1.7% to ₹1.68 trillion in July; refunds surge

July's net GST kitty growth marks the slowest pace since last February from when disaggregated data on gross and net GST collections is available. In June, net GST revenues were up 3.3 per cent

India's top 18 states' revenues to grow 7-9% in FY26, says Crisil report

Crisil forecasts 7-9% revenue growth for India's top 18 states in FY26, driven by GST, liquor sales, and Centre support, with slower growth than the 10% decadal average

Govt won't pursue tax arrears on exempt goods, says CM Siddaramaiah

The move came after widespread concerns over tax notices issued based on Unified Payment Interface (UPI) data, which had prompted traders to plan a strike on July 25

Karnataka vendors demand relief after GST notice over UPI transactions

In Bengaluru and beyond, small vendors are switching to cash after receiving GST notices for UPI transactions over ₹40 lakh; associations call for urgent government intervention