Daily Headlinez Top News Updates
By Anshul Aggarwal and Kunal KohliOptically, the 56th GST Council Meeting is nothing less than a full-fledged Budget announcement from a GST perspective. Convened at a time when global indicators point to a broader economic slowdown — alongside rising trade pressures— the Finance Minister’s address to India’s 140 billion economy reaffirms the strength and credibility…
The central government is likely to propose legislation during Parliament’s winter session to implement a tax on tobacco and related products, potentially replacing the existing GST compensation cess levied on these items.The present compensation cess, applied alongside the 28% GST, is expected to remain for a minimum of three months, allowing the government to complete…
Congress President Mallikarjun Kharge and Prime Minister Narendra Modi (Image/Agencies) NEW DELHI: Congress on Thursday took a swipe at the Centre, accusing it of “celebrating” the Goods and Services Tax “as if collecting taxes from the common people were some great achievement.”Congress president Mallikarjun Kharge also accused the government of turning the vision of “One…
NEW DELHI: Individual health and life insurance has been made GST free, finance minister Nirmala Sitharaman announced on Wednesday. It comes as a big relief as the rate has been brought down from 18%.“Insurance services from 18% currently will go into two, three different categories. Exemption of GST on all individual life insurance policies, whether…
Finance Minister Nirmala Sitharaman on Wednesday announced major Goods and Services Tax (GST) rate cuts, saying that with the two-tier tax rate system approved, the common man will benefit greatly. The GST Council approved the two-tier rate structure of 5% and 18%. The GST rate rationalisation will be implemented from September 22, according to a…
NEW DELHI: The Goods and Services Tax (GST) Council on Wednesday is likely to have approved key changes to tax rates on footwear and apparel, providing relief to consumers and the industry, sources told news agency PTI.As part of the changes, footwear and apparel priced up to Rs 2,500 are likely to be moved into…
Modi government’s proposal on GST rate cuts and slab changes includes consolidating the tax brackets to three levels – 5%, 18% and 40%. (AI image) The Goods and Services Tax (GST) Council meeting began on Wednesday to decide on rate cuts and slab changes for a majority of items under the indirect tax. The 56th…
CHENNAI/NEW DELHI: Ahead of a crucial meeting of the GST Council starting Wednesday, finance minister Nirmala Sitharaman on Tuesday said the proposed rollout of next generation reforms in eight-year-old indirect tax will make an economy absolutely open and transparent and further lower the compliance burden, helping small businesses thrive.At an event organised by City Union…
The Centre is set to push for a 5 per cent tax on electric vehicles (EVs) as part of its ambitious overhaul of the Goods and Services Tax (GST) that seeks to lower tax rates on daily-use items ranging from butter to electronics. The all-powerful GST Council, chaired by Union Finance Minister Nirmala Sitharaman and…
NEW DELHI: The GST Council will discuss a plan to slash levies on a host of products including cement, mass-consumption services such as salon and beauty parlours as well as individual life and health insurance plans when it meets early next month.Also on the agenda will be a proposal to move all food and textiles…
