The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.
What has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
Asian Paints reported a good performance for the second quarter (July-September) of 2025-26 (Q2FY26), with some help from base effects, despite strong competition and extended monsoon. Volume grew in low double digits in the key domestic decorative paints, and value in that segment grew by 6 per cent. Ebitda (earnings before interest, taxes, depreciation, and amortisation) grew 21 per cent year-on-year (Y-o-Y), and PAT (profit after tax) grew 14 per cent. Asian Paints also defended market share better after several quarters where it had lost ground to Birla Opus.
'We expect this festival buying spirit to continue in October as well, with upcoming festivities including Dhanteras and Diwali, which traditionally witness spirited buying from customers.'
India's housing market has remained resilient this festival season (Dussehra-Diwali period), despite global macroeconomic challenges, tech-sector layoffs, and affordability pressures, with developers reporting 10-25 per cent year-on-year (Y-o-Y) rise in home sales across major cities.
GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the finance ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.
Goods and Services Tax (GST) collection rose 12.6 per cent Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April, which the government said shows resilience of the Indian economy and the effectiveness of cooperative federalism. The gross GST mop-up was Rs 2.10 lakh crore in April 2024 -- the second highest collection ever since GST was rolled out on July 1, 2017. The net mop-up was Rs 1.92 lakh crore.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
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'We are not asking for incentives, but at least taxation can be aligned such that the rupee tax on consumers remains the same.'
Traders in Karnataka are raising concerns over GST demand notices based on UPI transaction data. A tax official defends the action, stating it's within the law and recipients can respond with documentation.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
Gross GST collections remained above the Rs 2 trillion mark for the second month in a row, rising 16.4 per cent in May to over Rs 2.01 lakh crore. Goods and Services Tax (GST) collection had touched a record high of Rs 2.37 lakh crore in April. In May, 2024, the mop up was Rs 1,72,739 crore.
'Today, we have 2 million active drivers earning through our platform every month.'
Union minister Nitin Gadkari on Monday asked the industry not to perennially demand a reduction in taxes as the government needs funds to implement welfare schemes for the poor. Addressing an event, the road transport and highways minister said the logistics cost in India will come down to 9 per cent within two years.
The wife of a deputy commissioner of GST in Ghaziabad, who allegedly committed suicide, has claimed that her husband was under "immense work pressure" and denied that he had stage four cancer. The incident took place on Monday when Sanjay Singh (59) jumped from the 15th floor of a building. Singh's wife, Aparna Singh, told reporters that he was a "victim of the system." His cousin, Dhananjay Singh, confirmed that Singh had been diagnosed with prostate cancer at an early stage and had been cured.
'Non-compatible with Western Civilization' is about as vague and jingoistic as it gets and Trump saying this gives full license to his acolytes to go full throttle on making life as difficult and scary as possible for as many non-white people as possible,' notes Sree Sreenivasan.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Reduction of GST on health insurance premium from 18% to 0% looks like a straight 18% reduction in what consumers pay. The truth, however, is...
'The government is putting insurance in the same category as food, which is essential for life.' 'Now this is an opportunity for the sector to focus on the consumer.'
In addition, exporters will also get a refund on the service tax paid on courier services used by them to transport goods and documents.
'Within India, people want high-quality, personalised banking services, and the demand for such services has exploded.'
The government has no say in where the country's refiners source oil from because these are commercial transactions.
On the back of robust tax collection, the ratio of direct taxes to gross domestic product (GDP) this financial year is likely to be the highest in this century so far. This, along with strong goods and services tax (GST) collection, may drive up receipts from central taxes as a proportion of GDP to the highest level or close to the highest since 2008-09 despite subdued excise and customs duty receipts. This will be due also to lower nominal GDP projected in the first advance estimates for 2023-24.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
The US remains the largest market for IT outsourcing, and for Indian giants TCS, Infosys and Wipro, it contributes around 40 per cent of their top line.
Despite the benefits of hybrid technology, a lack of government backing and few launches have kept the segment from gaining ground.
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The average Indian worker must labour for an extraordinary 160 full working days to afford Apple's latest iPhone 17 Pro.
Victory wrested from regime that only listens when forced, the TMC said on GST exemption on insurance.
'I am doing the drive in making sure that people pass this on. So the drive is not with distrust. The drive is just in case.' 'Just in case it doesn't get passed on, I am here.'
'It was like rigorously preparing for a solid, good exam...' 'I don't know what marks I will get, but I felt the rigorous preparation of an exam.' 'You may sweat, but I feel rejuvenated.'
Experts say the state's economy is grappling with hidden debt, rising welfare costs, and lack of transparency.
'In the long run, India's strong growth story and reforms to make assets globally attractive will determine the rupee's resilience.'
Term life insurance policies, and senior citizens' health insurance premium are likely to be exempted from GST as most members of a state ministerial panel favoured cutting taxes to benefit the common man, an official said on Saturday. The GoM to decide on GST on health and life insurance premiums in its meeting on Saturday decided to exempt GST on premiums paid by individuals, other than senior citizens, for health insurance with coverage of up to Rs 5 lakh. However, 18 per cent GST will continue to be levied for health insurance cover of over Rs 5 lakh.
India needs Goods and Services Tax (GST) Council-like common platforms between states and the Centre in areas such as land clearances, power, and water to fast-track infrastructure projects to achieve double-digit growth going ahead, said Praveer Sinha, chief executive officer and managing director of The Tata Power Company.
The decision to hike US H-1B visa application fee to $100,000, trade talks and the GST rate cut will be the key drivers for stock market movement this week, analysts said.
Finance Minister Pranab Mukherjee on Wednesday proposed a three-rate structure for the Goods and Services Tax -- which will simplify the indirect tax regime -- under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent.
Commerce and Industry Minister Piyush Goyal will accompany Prime Minister Narendra Modi to London for the signing of the free trade agreement between India and the UK on July 24, an official said on Monday. The two countries announced the conclusion of the negotiations for the trade agreement on May 6.
The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.
