Any reduction on purifiers would need consensus among state finance ministers.
'Despite a challenging FMCG environment, ITC Foods has grown at or above the industry rate.'
Gross GST collections rose 6.2 per cent to a three-month high of over Rs 1.93 lakh crore in January, indicating increased consumption is making up for rate cuts late last year, sources said on Sunday.
Automobile retail sales rose nearly 18 per cent year-on-year to over 27 lakh units in January, led by continued post-GST momentum, healthy rural cash flows on the back of harvest and weddings, and sustained demand visibility across freight, dealer's body FADA said on Tuesday.
An investigation has been launched into the authenticity of the disability certificate of Prashant Kumar Singh, who resigned as GST Deputy Commissioner in protest against remarks made against Chief Minister Yogi Adityanath. The probe was initiated following a complaint filed in 2021.
The GST Council at its next meeting may consider a reduction in taxes on air and water purifiers as air quality across the country worsens and access to safe drinking water remains uneven.
'If a common man wants to buy an air purifier for Rs 10,000, then he will have to shell out Rs 11,800 with 18 percent GST.' 'If he is charged GST at 5 percent the same air purifier will cost Rs 10,500.' 'This saves a one time amount of Rs 1,300 -- and that too just to breathe clean air.'
Electric vehicle (EV) penetration in the luxury car segment has seen a drop by nearly 3 percentage points in the GST 2.0 era with the internal combustion engine versions offering better total cost of ownership, according to industry players. While the trend is also visible in the mass market segment, it is the entry luxury segment that is witnessing a more marked shift towards internal combustion engine (ICE) vehicles as price difference between EV and ICE widened under the new GST rates.
Gross GST collections rose 6.1 per cent to over Rs 1.74 lakh crore in December 2025, even as sweeping tax cuts slowed down growth in revenues from domestic transactions, according to government data released on Thursday.
The Delhi High Court has asked the central government why it cannot reduce the GST on air purifiers, considering the poor air quality in Delhi. The court's concern is that the current 18% GST makes air purifiers unaffordable for the common man.
ICICI Bank on Thursday said tax authorities have slapped a demand notice of Rs 238 crore on it for alleged short payment of GST.
A shift appears underway in India's tax landscape. States with relatively smaller tax collections like Odisha and Telangana are emerging as the fastest-growing contributors to indirect and direct tax collections, respectively.
Domestic passenger vehicle dispatches from companies to dealers rose 13 per cent year-on-year to 449,616 units in January with demand remaining robust owing to GST rate rationalisation and subsequent dip in prices, industry body SIAM said on Friday.
The Delhi High Court has directed the GST Council to consider lowering or abolishing the goods and services tax on air purifiers, citing worsening air quality in the national capital. The court has asked the council to meet at the earliest, even via video conference if necessary, to address the issue.
UltraTech Cement on Saturday said it has received a GST demand notice for a total payment of Rs 782.2 crore, which it plans to contest before the appropriate forum.
The life insurance industry recorded nearly 40 per cent year-on-year (Y-o-Y) growth in new business premiums (NBP), aided by the rationalisation of goods and services tax (GST) on individual life insurance premiums, which has made policies more affordable for consumers.
While GST on ICE vehicles was brought down significantly, for electric cars it remained at 5 per cent.
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
India's luxury auto market is rebounding after a slow start to 2025, with GST 2.0 emerging as the main catalyst.
A GST Deputy Commissioner, Prashant Kumar Singh, resigned in protest against Shankaracharya Avimukteshwaranand's remarks against Uttar Pradesh Chief Minister Yogi Adityanath, citing attempts to divide the nation on caste and religious lines.
JSW MG Motor India will launch four new models this year, and is planning to invest between 3,000 crore-4,000 crore in the country over the next couple of years. The new models include a plug-in hybrid, an electric vehicle, the Majestor SUV and one additional model yet to be disclosed.
The exemption of individual life and health insurance premiums from the Goods and Services Tax (GST) enables the insurance industry to make products affordable and attractive, said Ajay Seth, chairman of Insurance Regulatory and Development Authority of India (Irdai) at the Business Standard BFSI Insight Summit 2025.
'The market is still very bullish. The demand is so strong that for eight models, we have no units in our factories to dispatch to dealers,' said Partho Banerjee, senior executive officer, marketing & sales, Maruti Suzuki India (MSIL).
Various reforms, including GST, labour codes, and quality control order, have been rolled out since August 15.
Gross GST collection rose at a slower pace of 0.7 per cent in November at Rs 1.70 lakh crore, as domestic revenues declined, according to the government data released on Monday.
Banking sector has witnessed healthy growth in advances in the third quarter of financial year 2026 (Q3FY26) against the same period last year, as the full impact of goods and service tax (GST) rate cuts drove growth. Most of the lenders saw their credit growth outpace the deposit growth in the quarter.
Benchmark lending rates unchanged with repo rate at 5.25%
Two-wheeler (2W) major Bajaj Auto on Friday posted its highest ever quarterly revenue and profit during the third quarter of 2025-26 (Q3FY26). Bajaj Auto's consolidated net profit for the quarter grew by 25 per cent year-on-year (Y-o-Y) to Rs 2,749 crore, with the revenue also growing 23 per cent to Rs 16,204 crore.
Here are the key numbers to watch out for in the Union Budget for 2025-26:
The domestic cigarette industry is expected to see a 6-8 per cent volume contraction next fiscal following the imposition of additional excise duties and increase in goods and services tax (GST) rates from February 1, Crisil Ratings said on Wednesday.
Notwithstanding global headwinds, the Indian economy saw further momentum in October on the back of goods and services tax (GST) rate rationalisation and festival spending, as indicated by high-frequency indicators, the Reserve Bank of India's (RBI's) monthly State of the Economy report said.
'Growth will definitely continue to come most from the sub-four-metre SUV segment, primarily because that is where the heart of economy and affordability is. Naturally, that will keep pushing the share of that segment (in overall PV sales) higher.'
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
Since the Indian government reduced GST on small cars on September 22, the small car segment's share in Maruti's overall sales has risen to more than 25 per cent, up from 16.6 per cent earlier in FY26.
'In the January-August period, the share of hatchback in the overall PV industry sales was about 22.4 per cent. In the September-October period, the share of hatchbacks has come down to 20.4 per cent. In just October, their share was just 20 per cent. This is simple wholesale data from industry body SIAM.'
India's two-wheeler industry is seen growing 6-9% in 2026, though a proposed ABS mandate for sub-125cc models could push up prices and temper volumes.
Festive buying spree unleashed by lower tax rates pushed gross GST collection to about Rs 1.96 lakh crore in October, registering a 4.6 per cent year-on-year growth -- the slowest rate so far this fiscal.
Investors and startup executives are calling for extending the period for an entity to be recognised as a startup from 10 to 15 years for deep-tech companies.
The loss of input tax credit (ITC) following the rationalisation of the goods and services tax (GST) on individual life and health insurance from 18 per cent to nil is may weigh on the profits of life insurers in the third quarter (Q3) of 2025-26 (FY26).
The idea of back-loading the target of fiscal consolidation is perhaps guided by the government's desire to be prepared for any adverse developments in the coming year, points out A K Bhattacharya.
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