Indian Tax Reform

Sweets and namkeen makers ask for GST reduction to 5% citing jobs, margins

In its note, the federation said that these changes would reduce litigation, stabilise margins, boost employment and align with India's ambition of becoming a global food hub

Auto body knocks on finmin door for faster GST reforms, compensation cess

M&M stops wholesale supply of high-ticket ICE vehicles on sales drop, fear of cess loss

GST reform: Turning crisis into opportunity for India's growth story

The finance ministry is clear in its message that the reforms would be comprehensive, going beyond rate rationalisation. The question is how the government should go about it

GST rationalisation could boost India's revenue in long term: S&P

S&P Global Ratings analysts say that the GST rationalisation reforms could boost India's fiscal revenues over the long term due to simpler implementation and clearer accounting processes

Sika sees major growth opportunity in India amid infra, tax reforms

About 3 per cent to 4 per cent of Sika's revenue comes from India and that could grow to double digits over the next 10 years

What did Modi govt do for middle class? NDA shares 11-year report card

New report outlines middle-class gains under Modi govt in areas such as taxation, pensions, infrastructure, affordable healthcare, skill training, and digital access

Govt must cut tariffs to progress, says Niti Aayog CEO BVR Subrahmanyam

Tariff does not protect any country and India needs to cut tariffs for its own good, irrespective of who tells India to do so, NITI Aayog CEO BVR Subrahmanyam said on Friday. Addressing the 69th Foundation Day of All India Management Association (AIMA), Subrahmanyam further said that being open to the world has to be among the top five priorities of India if it wants to become a developed country. To cut tariffs, India must complete trade agreements with the European Union, the United Kingdom and other major economies, he added. The Niti Aayog CEO stressed that deregulation at both centre and the state levels are critical for making India a part of the global supply chains. There is interest in India but people visit, see and fly to other countries, he said. Subrahmanyam pointed that Indonesia, Vietnam, Turkey and others have been beneficiaries of 'China plus one' strategy of global companies. He argued that global value chain needs more than PLI (production linked incentive) --

Govt proposes new tariff lines for rice, makhana products in Union Budget

The government on Saturday proposed to create new tariff lines for makhana products and rice based on process and varieties. These changes under the Customs Tariff Act 1975 will come into effect from May 1, this year. According to the Budget document for 2025-26, the government has proposed provision for creating new tariff items for rice based on process (paraboiled, others) and on variety (rice recognised by geographical indications registry, basmati and others) under sub-headed HS code 1006-30. The government has proposed creating new tariff items and supplementary notes for identification of certain technical-grade pesticides and certain goods covered by international conventions. It also provided for the provision to separately identify waste oils containing different levels of concentration of levels of polychlorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs) or polybrominated biphenyls (PBBs) under sub-heading HS code 2710-91. A tariff line is a specific entry in

From new slabs to crypto tax: 10 key tax reforms in recent Union Budgets

Budget 2025: Union Finance Minister Nirmala Sitharaman is set to make history today as she presents her eighth consecutive Union Budget

Union Budget 2025 Expectations highlights: Automotive sector calls for tax rebates, AI push

Union Budget 2025 Latest Updates: Catch all the latest developments related to Union Budget 2025 here

Budget 2025: Govt's third shot at tax reform shouldn't miss the target

Nearly 47 million, or 63 per cent of those who did file returns last year, paid nothing

Advancing tax administration: Role of technology in India's tax ecosystem

Transforming tax administration in India: Technology-driven reforms redefine compliance, efficiency, and strategic decision-making

How to tax popcorn? FM's formula sparks outrage against GST system

A finance ministry spokesperson, the GST Council Secretariat and a spokesman for the ruling Bharatiya Janata Party did not respond to requests for comment on the controversy

Holistic new tax code needed for Viksit Bharat, say experts ahead of Budget

There is a need for a holistic new Tax Code with a focus on lower rates, widening base, improved collections and compliance for a Vikshit Bharat, experts said ahead of Budget. A new philosophy of keeping it FLAT, with Fewer and lower tax rates, Litigation reduction, an All-inclusive wider tax base, and Tax collection without withholding it, is urgently needed to increase net tax revenues while energising the economy and realising the vision of a Vikshit Bharat by 2047, they said. Budget 2025-26 is expected to be tabled in Parliament on February 1. "It is certainly not a good situation that we have so many tax rates under GST. Ideally, GST should be one tax rate, but in our country, it is not possible to have one tax rate," former chairman Central Board of Indirect Taxes and Customs P C Jha said. Three tax slabs can be considered (5 per cent, 16 per cent and 28 per cent) and 12 per cent and 18 per cent can be merged into a single rate of 16 per cent, he said while participating in a

India's high tax curbing soft drinks segment reach potential: ICRIER report

Carbonated soft drinks segment in India is unable to reach its potential in terms of scale expansion due to barriers such as high taxation under the GST regime despite government's initiatives like 'Make in India' and 'Aatmanirbhar Bharat', according to a report by economic think tank ICRIER. The cross-country comparative data on sugar-sweetened beverages (SSB) taxes collated by the World Bank shows that India has one of the highest tax rates for carbonated soft drinks (CSDs) at a total tax rate of 40 per cent as of 2023. Over 90 per cent of countries that tax SSBs have a lower tax rate than India, as per the report titled 'Carbonated Beverages Industry in India: Tax Policy to Promote Growth, Innovation and Investment'. Consumers, globally and in India, are shifting towards low-sugar and no-added sugar varieties of beverages amid heightened health awareness. "The CSD market is also changing from its traditional high sugar carbonated beverages to low-sugar and fruit-based and/or ...

India Inc seeks tax reforms, R&D incentives in upcoming interim Budget: EY

EY said that no major tax amendments or reforms are expected in the upcoming Budget as evidenced from the previous Interim Budgets of 2009, 2014 and 2019

Personal guarantee to attract 18% GST in exceptional considerations

Centre to issue circular soon outlining scenarios, which could trigger tax liability

Taxes must be low in low-trust India

But politicians are using taxpayer funds to get elected, making a low-tax regime difficult

India will not merge GST tax rates in 2023-24: Revenue Secretary Malhotra

"Right now, we are just looking to maintain stability (in tax rates), a stable tax regime. Minor changes will always be there... major taxation change like merger of tax rates

Budget 2023 a roadmap for resurgent India; aims to get fiscal house in order

Budget 2023: This budget may galvanize an effective AI ecosystem necessary to nurture buoyancy in GST revenues and improve taxpayer morale and trust in the system