Shimla: The state government, opposition, and farmers’ body have hailed the decision to slash Goods and Service Tax (GST) on several items and eliminate 28 per cent and 12 per cent slabs, describing it a big relief to people. “The Congress party has been pressing for these reforms for a long time, and finally, the…
New Delhi: Prime Minister Narendra Modi on Thursday hailed GST 2.0 as a double dose of support and growth for the nation and asserted that the series of next-generation reforms to make India self-reliant will not stop. In an interaction with the winners of the National Teachers Awards, Modi said he had promised “double dhamaka”…
New Delhi: The government’s move to cut GST on medicines and medical devices while exempting lifesaving drugs from the levy is a bold step that will bring direct relief to patients and families while significantly reducing financial strain on them, pharmaceuticals and healthcare industry players said on Thursday. The bold reforms will improve accessibility of…
New Delhi: The GST rate reduction on cement will not only support domestic manufacturers but also accelerate the pace of infrastructure development and catalyse industrial expansion in India, industry players said on Thursday. A reduction in GST is expected to enhance the competitiveness of the Indian cement industry by creating a level playing field with…
Mumbai: Benchmark equity indices Sensex and Nifty surged in early trade on Thursday as investors became cheerful after the GST Council approved a complete overhaul of the tangled Goods and Services Tax regime. The 30-share BSE Sensex jumped 888.96 points to 81,456.67 in opening trade. The 50-share NSE Nifty surged 265.7 points to 24,980.75. Common…
New Delhi: India Inc on Thursday hailed the GST Council’s “forward-looking decisions” –moving to two rates of 5 per cent and 18 per cent from 22 September, simplifying refunds and MSME procedures, and exempting individual life and health insurance from the indirect tax regime. Industry bodies said the clarity will ease compliance, reduce litigation, and…
New Delhi: Small cars and entry-level bikes are set to get cheaper as the GST Council on Wednesday approved a complete overhaul of the tangled Goods and Services Tax (GST) regime. The GST Council approved limiting slabs to 5 per cent and 18 per cent, effective from September 22, the first day of Navaratri. Petrol,…
New Delhi: The Goods and Services Tax Council on Wednesday decided to reduce tax rates on several dairy products, fertilisers, biopesticides, and agricultural equipment, providing relief to farmers and consumers ahead of the festive season. The 56th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, approved significant rate cuts for the…
New Delhi: Common use items from roti/paratha to hair oil, ice creams, and TVs will cost less, while tax incidence on personal health and life insurance will be brought down to nil after the all-powerful GST Council on Wednesday approved a complete overhaul of the tangled Goods and Services Tax (GST) regime. The GST Council…
New Delhi: The 56th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on Wednesday started deliberations on ‘next-gen GST’ reforms, which will lower tax rates on items of mass consumption, remove duty inversion in sectors like textiles, and ease compliance burden for MSMEs. The Council, over the next…
