India's Goods and Services Tax (GST) collections soared by 23 per cent year-on-year to over Rs 2.31 lakh crore in October, marking the second-highest monthly mop-up ever, primarily driven by robust festive buying and strong domestic demand.
The Central Board of Indirect Taxes and Customs (CBIC) has issued new guidelines for GST officers, mandating year-wise demand breakdowns in multi-year notices, clarifying registration procedures, and streamlining export rules to reduce litigation and improve taxpayer clarity.
A Goods and Services Tax inspector in Gurugram was caught red-handed by the Haryana State Vigilance and Anti-Corruption Bureau while accepting a bribe of Rs 7,000 from a businessman for issuing a GST registration number. The inspector, Shruti Rani, had allegedly withheld the businessman's file, prompting him to complain to the ACB.
A simplified GST registration facility for small e-commerce sellers, allowing them to register in other states by declaring the e-commerce platform's warehouse as their principal place of business, will be enabled from November 1. This move aims to encourage small businesses to expand beyond their home states.
The GST Council is set to consider a proposal allowing businesses to file for GST registration in multiple states via a single application and standardise the documents required by tax officers, aiming to enhance ease of doing business.
The GST Council has approved significant reforms including removing the arrest power of tax officials, raising the prosecution threshold fivefold to Rs 5 crore, and introducing faster, largely automated refunds for taxpayers. These changes, aimed at fostering trust and easing business, will be implemented from April 1, 2027.
The GST Council, chaired by Finance Minister Nirmala Sitharaman, has begun deliberations on significant reforms, including decriminalising nine offences, softening provisions for 24, and raising the threshold for criminal prosecution to Rs 5 crore. The proposed changes also include scrapping the arrest powers of GST officers and introducing an 'invoice matching system' to combat fake input tax credit claims, aiming for a trust-based taxation approach and enhanced ease of doing business.
India's Goods and Services Tax (GST) receipts, after accounting for refunds, surged by 18.1 per cent annually to approximately 1.77 trillion in September, marking its fastest growth in six months. This increase was primarily driven by a significant rise in tax revenue from imports, which grew 26 per cent annually.
Punjab's Finance, Excise and Taxation Minister Harpal Singh Cheema announced the unearthing of a Rs 429.30 crore GST fraud, leading to an FIR in Ludhiana. The investigation, initiated after intercepting a vehicle on September 30, revealed a syndicate of 62 interconnected firms across multiple states using non-genuine documents to evade taxes.
The Goods and Services Tax (GST) Council is set to discuss proposals aimed at transforming the complex indirect tax system into a more business-friendly regime, focusing on simplifying compliance, reducing administrative burdens, and potentially raising the prosecution threshold.
A year after GST rates were rationalised, retail growth in automobiles has sustained beyond the initial festival surge, led by two-wheelers and passenger vehicles (PVs), with the Fada data showing rural markets emerging as a key driver of the post-GST demand recovery.
The GST Council is set to discuss the application of GST on merchant fees for UPI transactions exceeding Rs 2,000. This comes as a new Merchant Discount Rate (MDR) of 0.4% (capped at Rs 300) is effective from October 15 for such transactions, which, as a service, would typically attract an 18% GST levy. The Council's decision is anticipated to consider consumer interests, with merchants potentially able to claim Input Tax Credit.
Across all 10 schemes from FY24 to FY26, print media captured 58.8 per cent of the total ad spending, followed by electronic media at 19.5 per cent, digital media at 14.6 per cent, and outdoor media at 7.2 per cent.
India's Next-Gen GST reforms are proving instrumental in driving robust economic growth, simplifying tax compliance, and fostering a more inclusive business environment across the nation, aligning with the vision of a 'Viksit Bharat', writes Finance Minister Nirmala Sitharaman.
The Rajasthan Anti-Corruption Bureau arrested two middlemen and detained a Central GST superintendent for allegedly demanding and accepting a Rs 25 lakh bribe to settle tax evasion matters and activate a firm's account.
India's GST Council has approved changes allowing small online sellers to register in states without physical premises by using an e-commerce operator's warehouse as their principal place of business, aiming to boost national sales for small businesses.
The GST Council has approved a proposal allowing pharmaceutical companies to claim Input Tax Credit (ITC) on free samples and goods destroyed or written off due to expiry, effective from the next fiscal year. This move aims to support manufacturing, liquidity, and exports within the sector.
Industry is pushing for GST reforms that would let companies use unused tax credits from one state to pay GST liabilities in another, potentially freeing up working capital trapped across state registrations.
Tax experts clarify that merchants will pay 18% GST on Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, effective October 15. However, registered merchants can claim Input Tax Credit (ITC), mitigating the tax burden. This move is expected to generate significant GST revenue for the exchequer while funding payment infrastructure.
Merchants will be subject to an 18 per cent Goods and Services Tax (GST) on the Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, but can mitigate this burden by claiming input tax credit (ITC), according to tax experts.
Finance Minister Nirmala Sitharaman announced that the Goods and Services Tax (GST) Council's October 7 meeting will focus on 'GST 2.0' process reforms, including e-invoicing and input tax credit rules, while also addressing complex issues surrounding the taxation of the digital economy and cryptocurrency.
India's gross Goods and Services Tax (GST) collections saw a significant 14.8 per cent year-on-year increase in August, reaching approximately Rs 2 lakh crore, with import revenue contributing substantially to this growth.
India's leading two-wheeler manufacturers, including TVS Motor, Bajaj Auto, and Hero MotoCorp, are preparing for a deceleration in growth during the second half of financial year 2026-27 (H2FY27). This anticipated slowdown is attributed to a high base effect from last year's GST rate cut, inconsistent rural demand, and a growing disparity between premium and entry-level segments.
GSTAT has crossed 75,000 filings but disposed of only 83 cases, highlighting the huge backlog facing India's new GST appeals tribunal.
Fino Payments Bank reported a net loss of Rs 21 crore for the second quarter ended September 2026, a significant drop from the Rs 15 crore profit in the previous year. This comes as the bank operates under an interim CEO following the arrest of its former MD & CEO, Rishi Gupta, on charges of GST violations linked to online money gaming.
Indian benchmark indices, Sensex and Nifty, closed significantly higher, with the Sensex rallying 1,233 points and the Nifty climbing to 23,440.80. This surge was primarily fuelled by a sharp increase in Reliance Industries' share price following strong quarterly earnings and a notable decline in crude oil prices.
The Telangana Civil Supplies Department conducted a week-long crackdown on traders manipulating rice prices and creating artificial scarcity. Inspections revealed irregularities like weight manipulation, price sticker fraud, PDS rice hoarding, and operating without proper licenses. The department has fixed maximum retail prices for various rice varieties and is pursuing legal action, including invoking the PD Act against repeat offenders.
Rural commercial vehicle (CV) registrations have consistently outpaced urban sales from April to July 2026, driven by a significant diversification of the rural economy and the positive impact of GST-led consumption, according to experts and data from Fada.
India's automobile retail sales saw a 23.8 per cent year-on-year decline in October to 31.72 lakh units, primarily due to the shift of major festivals like Dhanteras and Diwali to November this year, according to the Federation of Automobile Dealers Associations (FADA). Despite the overall dip, electric vehicle sales reached an all-time high, and commercial vehicles, three-wheelers, and tractors recorded their best-ever October sales.
Credit card spending in India experienced its first year-on-year decline since February 2021, falling 5.9 per cent to approximately 2.04 trillion in September, primarily due to a high base from the previous year's early festive sales and GST rate cuts.
Honda Motorcycle and Scooter India has maintained its position as the top-selling player in the retail two-wheeler market for the fourth consecutive month in October, intensifying its challenge to long-time leader Hero MotoCorp. This consistent performance, driven by strong scooter sales and shifting market dynamics, has significantly narrowed the gap between the two giants, with Honda now clearly establishing itself as a formidable contender for the market leader slot in the coming years.
A 42-year-old man, Paramjeet Dhankhar, was shot dead in Gurugram by his neighbour Monu Sharma over a parking dispute. The accused had allegedly threatened the victim at a police post hours before the murder, but officials reportedly considered the threat hollow and facilitated a compromise.
The Delhi High Court has granted bail to former Director General of Health Services Dr Vatsala Aggarwal and ex-head of the Central Procurement Agency Dr Vinod Kumar Ranga in an alleged corruption case involving irregularities in procuring medical supplies for Delhi government hospitals. The court noted that continued custody was not necessary as the case relies on seized official records and the accused are not flight risks.
India's passenger vehicle wholesales increased by 12.4 per cent year-on-year in October, reaching 528,384 units, driven by robust festival demand, GST rate cuts, income-tax relief, and low interest rates, which collectively improved vehicle affordability.
India's auto sector has reported robust vehicle deliveries during Dhanteras, with major automakers like Maruti Suzuki, Tata Motors, and Hyundai India experiencing significant growth across two-wheeler, passenger vehicle, and commercial vehicle segments. This strong momentum is expected to continue through Diwali, driven by positive market sentiment and high demand, even in the pre-owned car market.
Buying silver on Dhanteras may carry cultural significance, but investors should not confuse the tradition with a financial strategy.
India's gross Goods and Services Tax (GST) collections surged by 15.4 per cent to over Rs 2.11 lakh crore in July, driven by increased mop-up from both domestic transactions and imports.
The Goods and Services Tax (GST) Council has announced that Input Tax Credit (ITC) will now be available on health and life insurance policies provided by employers to their employees, a move expected to significantly reduce costs for businesses, especially MSMEs.
The INDIA bloc is making extensive preparations for its November 1 rally at Ramlila Maidan in Delhi, demanding the resignation of Chief Election Commissioner Gyanesh Kumar over alleged electoral irregularities. CPI(M) MP John Brittas claims 10 lakh people will attend, despite alleged attempts by authorities to prevent participants from reaching the capital. The rally will be preceded by a symbolic public impeachment of Kumar.
India's banking system liquidity surplus has significantly narrowed due to tax outflows, including GST payments, and higher cash reserve ratio balances. This tightening liquidity has pushed the weighted average call rate closer to the RBI's marginal standing facility rate, with market participants anticipating a persistent deficit in the coming months.
