The Centre has proposed exempting life and health insurance policies for individuals from GST, Bihar Deputy Chief Minister and convenor of insurance GoM Samrat Choudhary said on Wednesday. Currently, health and life insurance premium attracts 18 per cent GST.
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.
Monday's protests in Nepal may become the forerunner to many more agitations in future since social media interests and national efforts to regulate them will often be in conflict, alerts Biswajit Dasgupta.
'States should be compensated for the revenue loss for at least five years or beyond till the revenue stabilises.'
'Ek baar aap GST dekh lo!' - Prime Minister Narendra Modi's gentle nudge to Finance Minister Nirmala Sitharaman in December last year sparked the beginning of a mammoth exercise to overhaul the tangled goods and services tax regime. And the final outcome is a significantly simplified system with lower tax rates and easier compliance for businesses.
GST Reform 2.0, which trims tax slabs from four to two, signals a push for demand-led growth, and together with recent income tax cuts, sets the stage for sustained economic growth, experts said. The Goods and Services Tax (GST) Council on September 3 approved an overhaul of the indirect tax regime by taxing essentials at 5 per cent and other goods at 18 per cent. A new 40 per cent tax will be applicable on luxury and sin items.
Recent developments - proposed changes to the goods and services tax (GST) rates and S&P Global Ratings' upgrade of India's long-term sovereign credit rating to BBB, with a stable outlook, - may not be enough to bring foreign investors back to Indian markets in a rush, feel analysts.
Consumer durables makers are hopeful that the government's proposal to reduce goods and services tax (GST) on air conditioners and television panels above 32 inches to 18 per cent would help revive the sector.
India's goods exports rebounded in July after two months of contraction, with outbound shipments rising 7.3 per cent to $37.24 billion, led by a surge in exports to the United States before the country's reciprocal tariff kicked in and bolstered by a recovery in exports to other key markets.
Addressing the nation on 79th Independence Day, Modi said the time has come to undertake reforms in GST as the indirect tax regime has completed 8 years.
GST 2.0 may cushion consumers against US tariffs, but like the 2019 corporate tax cut, it risks being another tactical fix rather than a structural growth strategy, expects Debashis Basu.
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.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
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.
Gross GST collection increased 7.5 per cent to about Rs 1.96 lakh crore in July on higher domestic revenues and taxes from imports. Gross Goods and Services Tax (GST) mop-up was Rs 1.82 lakh crore in July 2024. Last month, the collection was Rs 1.84 lakh crore.
The proposed reforms in goods and services tax (GST) announced by the government last week, coupled with the eighth pay commission dole-out, is likely to push consumption-driven stocks - such as air conditioners (ACs), select automobiles, fast-moving consumer goods (FMCG), retail, and counters of quick-service restaurants (QSRs) - into higher orbit over the next few months, believe analysts.
The 2023-2024 figures showed that the size of the industry, excluding those having an annual turnover of Rs 20 crore, could be Rs 30,652 crore, assuming no tax evasion.
The textile and apparel sector is India's second-largest employment provider, after agriculture, and it is now caught in a wave of uncertainty following the Donald Trump administration's tariff policy.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
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.
'There is responsibility to make great games that are played by audiences, that fill the gap from an entertainment perspective.'
The Indian government is studying the implications of US President Trump's announcement to impose tariffs on Indian goods and remains hopeful of concluding a bilateral trade agreement.
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.
India's 18 largest states, accounting for over 90 per cent of the country's gross state domestic product (GSDP), are likely to record a marginal uptick in revenue growth to 7-9 per cent this year, from 6.6 per cent clocked in 2024-25 (FY25), rating agency Crisil said in a report on Tuesday. This growth, slower than the decadal average of about 10 per cent, would lift these states' cumulative revenue to around Rs 40 trillion in FY26 from Rs 37.26 trillion in FY25.
India's economy is expected to grow 6.4-6.7 per cent during the current financial year driven by strong domestic demand, even as geopolitical uncertainty poses downside risks, the newly appointed CII president Rajiv Memani said on Thursday.
India will take all necessary steps to safeguard and promote national interest, Commerce and Industry Minister Piyush Goyal said on Thursday, a day after US President Donald Trump announced 25 per cent tariffs plus penalty on domestic exports to America from August 1.
'Just as we cannot surrender the interests of our farmers and dairy industry, Trump is also looking for markets for the produce of the farmers in the Midwest, which are his support base.'
GST Network on Saturday said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file
GST, net of refunds, now yields close to 20 trillion to both the Centre's and states' exchequer.
Andhra Pradesh will establish two expansive integrated space cities in Lepakshi and Tirupati, spanning around 33,000 acres.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
Commerce Minister Piyush Goyal assures Parliament that India will take necessary steps to protect its national interests following the US announcement of tariffs on Indian goods. The government is assessing the implications and engaging with stakeholders.
Brazilian President Luiz Inacio Lula da Silva on Wednesday (local time) issued a firm response to United States President Donald Trump's announcement of a 50 per cent tariff on Brazil by invoking the country's 'Economic Reciprocity Law', while asserting Brazil's sovereignty and rejecting 'any form of tutelage' in what he described as Trump's attempts to interfere in the country's internal judicial affairs.
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.
Gross GST collections increased by 6.2 per cent to over Rs 1.84 lakh crore in June but slipped below the Rs 2 lakh crore mark recorded in the previous two months. Gross GST collections stood at Rs 173,813 crore a year ago, as per government data released on Tuesday.
'India is a big market for StanC, and it is also fastest growing economy in the world.'
Despite the benefits of hybrid technology, a lack of government backing and few launches have kept the segment from gaining ground.
Delhi high court ruling on numbers as trademarks could be a trendsetter.
Experts say the state's economy is grappling with hidden debt, rising welfare costs, and lack of transparency.
'You've got to understand it is not easy to die by suicide.' 'People commit suicide only when they lose everything and find no other way to live.'
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances