The proposed 'Next Gen GST' with sweeping reforms, lower tax rates, and just two slabs, aims to boost the economy amid tariff threats and set the stage for a single tax rate regime by the time India becomes a developed nation, government sources said.
The trade policy specifies that "for all goods and services exported from India, services received, rendered abroad, wherever possible, shall be exempted from service tax".
The Indian government has expressed its disagreement with the IMF staff's 'baseline' assumption that the 50 per cent US tariffs on its goods exports 'would remain in place indefinitely', based on which the staff pegged the country's GDP growth at 6.6 per cent this year, and pared its 2026-27 projection by 20 basis points to 6.2 per cent.
Gross GST collection rose 9.1 per cent to over Rs 1.89 lakh crore in September on the back of increased sales due to rate rationalisation, as per government data released on Wednesday.
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.
Providing relief to exporters hit by the rise in rupee value, the government on Monday announced they would be exempted from tax on services rendered by ports, road transport and railways.
Get ready to shell out more for your movie tickets, cricket matches or visits to amusement parks as all recreation services will come under service tax later this year.
After issuing notices to hotels across the country for allegedly underpaying goods and services tax (GST) on restaurant services, the revenue department has now widened its scrutiny by seeking information from online travel platforms.
Recent years have been turbulent for the insurance industry due to direct and indirect tax reforms, regulatory overhaul and other external pressures. The events cumulatively slowed growth rate to single digits from the high teens seen earlier.
India's manufacturing sector activity eased to a nine-month low in November, mainly owing to softer rise in sales and production amid reports of challenging market conditions, a monthly report said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) falling to 56.6 in November from 59.2 in October, highlighted the slowest improvement in operating conditions since February.
The consolidated net profit of Marico, the maker of Parachute coconut oil, declined 0.7 per cent in the second quarter (July-September) of 2025-26 (Q2FY26).
In October, small car wholesales of the auto industry -- excluding Tata Motors -- went up by 8.4 per cent Y-o-Y to 116,601 units, the data showed. However, the utility vehicle (UV) segment which includes sports utility vehicles (SUVs) as well as multi-purpose vehicles (MPVs), saw a bigger growth in October.
The reduction in the goods and services tax (GST) rates has increased the momentum in India's economic activity both on the supply and demand sides, while robust agricultural activity - reflected in the strong onset of rabi sowing and adequate reservoir levels - has reinforced the outlook for food supply and rural incomes, the finance ministry said on Thursday.
India's manufacturing sector activity eased in September, as new orders, output and input buying rose at the slowest rates in four months, while job creation retreated to one-year low, a monthly survey said on Wednesday.
The World Bank on Tuesday raised India's growth forecast for the current fiscal to 6.5 per cent from 6.3 per cent estimated earlier, and said the country is expected to remain fastest-growing major economy, underpinned by continued strength in consumption growth.
ICICI Bank on Wednesday said tax authorities have slapped a demand notice of Rs 49.11 crore on it for alleged short payment of GST.
Customs duty cannot be levied on electricity supplied from a special economic zone (SEZ) to the domestic market, ruled the Supreme Court on Monday while upholding Adani Power's appeal against a 2019 judgment of the Gujarat high court. The 2019 judgment had denied relief to Adani Power from Customs duty on electricity supplied from its Mundra SEZ unit to the domestic tariff area (DTA).
State FMs okay list of tax-exempt services with certain riders.
These losses increase insurance premiums for customers and reduce insurer margins on the other.
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
The change in the government's engagement with the economy's need for reforms is more nuanced than how analysts have so far perceived it, points out A K Bhattacharya.
Both the life and non-life insurance segment posted over 20 per cent premium growth in November for the first time in this financial year (FY26), supported by the reduction in goods and services tax (GST) on premiums from 18 per cent to zero and a favourable base effect.
India Inc on Tuesday sought tax cuts in the forthcoming Budget, even as it asked the government to move towards an effective goods and services tax rate of 15 per cent in the next few years.
Even as non-life insurers reported muted premium growth in October, standalone health insurers saw a robust 38 per cent year-on-year (Y-o-Y) surge. This growth was driven by pent-up demand in the retail health insurance segment.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
'This is not a case of tax evasion but the result of long-standing ambiguities in GST rules and unawareness.'
While GST on ICE vehicles was brought down significantly, for electric cars it remained at 5 per cent.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
Shiv Sena (UBT) and MNS release a joint manifesto for Mumbai civic polls, promising free power, allowances for domestic helps, and property tax waivers.
Recalling or relabelling medicines already in the supply chain before September 22 will not be mandatory, the finance ministry said on Tuesday, issuing a fresh set of frequently asked questions (FAQs) to address industry concerns following the announcement of goods and services tax (GST) revisions.
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To get what it thinks are its dues, its brass have directed; construction, realty, renting of property, personnel supply, security & goods transport among those under lens
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
The core dilemma remains: Why provide further stimulus to an economy that is already booming at an 8 per cent growth rate? asks Rajeswari Sengupta.
India's manufacturing sector activity strengthened in October, buoyed by Goods and Services Tax relief, productivity gains and tech investment, even as international sales rose at a weaker pace, a monthly survey said on Monday.
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
Former IPS officer Amar Singh Chahal allegedly shot himself after claiming he was duped of Rs 8.10 crore by cyber thugs. He was one of the accused in the 2015 police firing cases related to anti-sacrilege protests in Faridkot.
Fast-moving consumer goods (FMCG) companies are expected to report mid-single-digit revenue growth in the July-September 2025-26 quarter, according to their quarterly updates. Most companies also noted that supply chains were focused on liquidating existing stock ahead of the implementation of new goods and services tax (GST) rates in categories where the tax was lowered.
Following Axis Max Life Insurance's second-quarter results for 2025-26, Sumit Madan, managing director and chief executive officer of the company, speaks to Aathira Varier and Subrata Panda/Business Standard about growth aspirations, strategies to offset the impact of the input tax credit (ITC) withdrawal, reverse merger plans, and more.
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