GST Council – News Express

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Why India may raise GST on cigarettes and other tobacco products – The Times of India

adminFebruary 20, 202504 mins

Tobacco products, including cigarettes and pan masala, contribute substantially to government tax collections. (AI image) India may explore increasing the goods and service tax (GST) on tobacco products, including cigarettes, after it stops levying the compensation cess on them.Tobacco products, including cigarettes and pan masala, contribute substantially to government tax collections, with revenue reaching ₹72,788…

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Gem & Jewellery Domestic Council urges GST reduction on bullion to 1.25% – ET Retail

adminFebruary 7, 202506 mins

Representative Image Jewellery trade body All India Gem & Jewellery Domestic Council (GJC) has urged the government to rationalise the Goods and Services Tax (GST) on bullion and precious ornaments, reducing it to 1.25 per cent from the current 3 per cent to ease the burden on consumers and boost sales. When GST was first…

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More tax relief coming? After income tax slab changes in Budget 2025, Modi government eyes GST revamp – The Times of India

adminFebruary 4, 202503 mins

GST reforms: The primary objective will be to restructure the tax slabs to ensure meaningful outcomes. More tax relief coming soon? The Narendra Modi government, having provided substantial relief in personal income tax and customs tariff rationalisation in the Union Budget 2025, is now expected to initiate efforts to streamline the goods and services tax…

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Hiked GST on used cars explained: No worries for individual sellers – Times of India

adminDecember 27, 202403 mins

Used car GST hike explained. The GST Council recently announced a significant change in the taxation of used cars, raising the Goods and Services Tax (GST) rate from 12% to 18% for vehicles sold by businesses. This move, which includes electric vehicles (EVs), aims to bring a uniform approach to how used vehicles are taxed.But…

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Revenue secretary Sanjay Malhotra to be next RBI governor – Times of India

adminDecember 9, 202406 mins

Revenue secretary Sanjay Malhotra (File photo) NEW DELHI: Government on Monday sprung a surprise by naming revenue secretary Sanjay Malhotra, 56, as the 26th Reserve Bank of India governor to replace Shaktikanta Das, whose six-year stint on Mumbai’s Mint Road ends on Tuesday.After weeks of suspense, the appointments committee of cabinet zeroed in on Malhotra…

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GST cut on cancer drugs, namkeen & shared copter – Times of India

adminSeptember 10, 202405 mins

NEW DELHI: The GST Council on Monday reduced the levy on some cancer drugs and travel by helicopters on a ‘seat-share basis’ to 5%, and lowered the tax on namkeen (fried snacks) from 18% to 12%. It also agreed to Centre’s proposal to exempt research and development (R&D) funded by private and public sources, including…

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Buyers may not gain from lower insurance GST – Times of India

adminSeptember 6, 202404 mins

NEW DELHI: States are expected to move ahead with resolving the complaint of high GST on health and life insurance but fear that insurers may not pass on the benefit of lower levy to consumers in the absence of an anti-profiteering body.The issue of lower levies on life insurance is more or less settled as…

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August 2024 GST collections rise 10% YoY to Rs 1.75 lakh crore – Times of India

adminSeptember 1, 202403 mins

GST Collections: The Goods and Services Tax (GST) collections in August 2024 witnessed a 10% increase compared to the same period last year, amounting to Rs 1,74,962 crore. This growth was evident across all categories, including Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.In August 2023, the gross GST revenue collected was…

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States are also cautious on GST rate cuts: Sitharaman – Times of India

adminAugust 27, 202403 mins

NEW DELHI: Ahead of discussions on rate rationalisation by the GST Council, finance minister Nirmala Sitharaman on Tuesday said that even states were cautious on moving ahead with rate cuts.“I am not blaming them…they want revenue without burdening the people…when they sit there, they know their job is not to please anyone but protect revenue,”…