Latest Updates on GST Revamp

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

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

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