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The increase of the 5% limit for garments from ₹1,000 each to ₹2,500 is a positive move, said the Cloth Manufacturers Association of India (CMAI). File | Photo Credit: The Hindu The textile industry, which welcomed the revision of GST rates for the textile value chain in both manmade fibre and cotton sectors, expressed disappointment…
The Goods and Services Tax (GST) Council, during its 56th meeting, decided to revamp the tax structure into a primarily two-rate system, as proposed by the Central government, Union Finance Minister Nirmala Sitharaman announced on Wednesday. She added that the decisions would come into effect from September 22 for most items. Only tobacco and tobacco-related…
Read More “GST Council approves two-rate tax slab effective September 22” »
Highlighting the devastating impact of the Pahalgam terror attack on the economy of Jammu and Kashmir, Chief Minister Omar Abdullah on Wednesday (September 3, 2025) sought the Centre’s support to deal with the situation. The Union Territory (UT) was facing a severe fiscal crisis as its public revenues had “collapsed” in the aftermath of…
The system shall be based on a Unique Identification Marking which shall be affixed on the said goods. Jaisalmer: In a significant move to plug leakage, the GST Council on Saturday approved a proposal to implement ‘Track and Trace Mechanism’ for specified evasion-prone commodities, under which a unique mark will be affixed on such goods…
Read More “GST Council Approves ‘Track And Trace Mechanism’ For Evasion-Prone Commodities” »
The Council clarified that no GST is payable on ‘penal charges’ levied and collected by banks. Jaisalmer: From reducing GST rate on fortified rice kernel (FRK) to fully exempt GST on gene therapy, the 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, on Saturday made some key recommendations to provide relief to…
Several proposals of Fitment Committee, comprising officials from the Centre and States GST Department would come up for review before the Council. File | Photo Credit: The Hindu The 55th GST Council meeting which is expected to decide on reducing tax rate on health and life insurance, besides considering rate rejigs on 148 items began…
Read More “GST Council meet to decide on lower taxes on insurance policies, ATF inclusion” »
The GST Council on Monday (September 9, 2024) is expected to deliberate on a host of issues, including taxation of insurance premium, GoM’s suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources claimed the fitment committee, comprising Centre and State tax officials, will present a report on GST levied on…
Read More “GST Council to deliberate on taxation of insurance premium, report on online gaming” »
Union Finance Minister Nirmala Sitharaman chairs the 53rd GST Council meeting, in New Delhi on June 22, 2024. | Photo Credit: PTI Union Finance Minister Nirmala Sitharaman said the 53rd GST council has taken a lot of decisions relating to trade facilitation and easing the compliance procedures for small businesses, MSMEs and other taxpayers. Services…
Bharatiya Janata Party (BJP) leader Nirmala Sitharaman arrives to assume charge as the Union Finance Minister, at the Ministry of Finance in New Delhi on June 12, 2024. | Photo Credit: ANI The Centre has decided to convene a meeting of the Goods and Services Tax (GST) Council on June 22, eight-and-a-half months after its last…
Read More “GST Council to meet on June 22: What will be the agenda?” »