Tariffs
Piyush Goyal, Commerce and Industry Minister, expressed confidence that India's exports in the current financial year will surpass those of 2024-25, despite challenges posed by high US tariffs, as the government pushes for faster diversification of markets and products. Goyal highlighted the industry's commitment to pass
Tariffs
The Indian government has approved a major overhaul of the Goods and Services Tax (GST) structure, reducing the current rate structure into two slabs of 5% and 18%. This move, set to come into effect on September 22, has been hailed by business leaders as a major step to stimulate
Tariffs
India has simplified its Goods and Services Tax (GST) by reducing the tax slabs from four to two, with a 5% and 18% rate, and introducing a 40% tax on sin goods like cigarettes. The move aims to boost consumption and mitigate the impact of US tariffs, with Finance Minister
Prime ministers
Prime Minister Narendra Modi on Thursday highlighted the benefits of the Goods and Services Tax (GST) reforms, saying they will bring a "double dose of happiness" to citizens ahead of Diwali and Chhath Puja. The reforms, which include slashing taxes on goods spanning household essentials, medicines, small cars,
Tariffs
The Indian government has unveiled a two-tier Goods and Services Tax (GST) structure, along with a 'sin goods' slab, which will come into effect from September 22. Finance Minister Nirmala Sitharaman has stated that the decision was made after one-and-a-half years of deliberation, and not influenced by the
Tariffs
Finance Minister Nirmala Sitharaman unveiled a raft of tax cuts on various consumer items, including soaps, small cars, and televisions, in an effort to boost domestic demand amidst economic uncertainties triggered by US tariffs. The move comes as the 50% US tariffs took effect last month, raising concerns about an
Cabinet officials
Punjab Finance Minister Harpal Singh Cheema has urged the Centre to pay the state government a total of Rs 60,000 crore, including GST compensation and other outstanding funds. He criticized the Centre's "arbitrary" rationalization of GST tax slabs as a "gamble" and accused
Cabinet officials
Telangana has shown strong support for the proposed Goods and Services Tax (GST) rate rationalisation, emphasizing the need for a balanced approach that reduces the tax burden on citizens while safeguarding state revenues. Represented by Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka, the state highlighted the importance of
Cabinet officials
The much-anticipated overhaul of the Goods and Services Tax (GST) in India has taken a significant step forward with the Group of Ministers (GoM) on GST rate rationalization agreeing to the Centre's proposal to reduce the tax slabs from four to two main categories of 5% and 18%
Cabinet officials
The central government has proposed an exemption for health and life insurance policies for individuals from the Goods and Services Tax (GST), which will cost the exchequer Rs 9,700 crore annually. This move is expected to benefit health and life insurance policy holders, who currently pay 18 per cent
Fraud
The State Goods and Services Tax (SGST) department in Kanpur has uncovered a massive GST fraud, where multiple firms registered under fictitious addresses allegedly siphoned off Rs.130 crore by falsely claiming input tax credit (ITC). The department has lodged several FIRs at the Kalyanpur police station, and further investigations
Fraud
A disturbing case of identity theft and document fraud has come to light in India, involving a labourer who was mistaken for a business owner and accused of evading crores in goods and services tax (GST) payments. The labourer, Kartick Ruidas, 34, was at work when a six-member revenue department
