Implemented on 1st July 2017, GST i.e. Goods and Service Tax is a multi-stage tax system that aims to comprehensively replace and consolidate all indirect taxation systems in India, like VAT (Value Added Tax) and more. The seeds of its conception were sown in 2000, by Atal Bihari Vajpayee, the then Prime Minister of India. Earlier, there used to be different tax regimes, varying state-wise. Under the current system, there are 4 categories of GST, namely Central GST, which is levied on intra-state supply of products and services, State GST, which is charged on intra-state sale of the same, Integrated GST, which is calculated on inter-state transactions and UTGST, which is levied on supply of goods and services within an UT. Under the GST system, each taxpayer is allocated a 15-digit distinctive code, namely GSTIN, which is provided based on the state you live in and your PAN card number. As per rules, any business with an annual turnover of Rs 20 lakhs or more should be registered under this system. The taxation rates are determined by the GST council in predetermined slabs, namely 5%, 12%, 18%, and 28%. Some products are also exempted from this list. More
Insurance agents are seeking intervention from the government after insurers slashed commissions following the GST rate rejig, however, one official said the issue does not warrant council's intervention as the matter is a business arrangement within the industry.
GST collections in October, in gross terms, rose 4.6 percent to about 1.95 lakh crore compared to about 1.87 lakh crore in the same month last year
October also extended the run of high inflows, making it the tenth consecutive month that revenues remained above the Rs 1.8 lakh crore mark
The humongous workload is the surest indicator, if one was needed, that India’s newest disputes-resolution tribunal needs to adopt a radically different approach
In the pre-Budget memorandum shared with the Revenue Secretary Arvind Shrivastava, Assocham said the direct and indirect tax systems need procedural clarity, consistency and reduced compliance costs to make India’s manufacturing globally competitive.
India’s GST cuts have boosted consumption, but rising imports threaten domestic industry. To harness this demand, India must strengthen manufacturing through import substitution, PLI schemes, and strategic trade partnerships
Strong performance in the industries and services sector, along with a stable labour market, will further enhance domestic demand, the ministry's monthly economic review has said
The tax incidence on tobacco-related items is about 53 percent, while it is 88 percent on pan masala – comprising 28 percent GST and a compensation cess
Simplified GST registration from November 1 to benefit 96 percent of new applicants; Sitharaman urges shift away from ‘GST 1.0 mindset’
GST reforms came into effect in India on September 22, following the 56th GST Council meeting
Toothbrush has seen the highest pass through of the GST rate cut with prices dropping by nearly 5 percent more compared to the expected figure of 6.25 percent, followed by dried fruits and clinical diapers.
"The consumption story will continue. We have corrected most of inverted duty structure," Sitharaman said.
Eternal expects demand recovery in Blinkit from Q3FY26 after GST rate cuts on essentials, but food delivery growth took a short-term hit as the new levy was passed on to customers.
Uneven pass-through of GST rate cuts in essential goods segments
MC Pro’s Research team has built the Diwali 2025 portfolio to help investors ride out the current uncertain market environment
Many merchants say they prefer a phased approach by starting with staples like flour, pulses, soap and extend cuts to the rest over weeks or months, depending on cash flows and demand
The company said in a statement that it expects second quarter revenue to grow in mid-single digits, with operating profit to grow at a similar pace
The auto component maker expects the 2025 GST overhaul to spur growth in tractors and two-wheelers, which contribute 40% of its revenue.
While strict cost caps has forced private insurers to pass GST burden to agents, PSUs like LIC, New India Assurance, Oriental and United India have decided to absorb loss
Large-screen television sets, water purifiers, dishwashers, washing machines and fashion wear — tier 2 and 3 towns are loading their shopping carts like never before
Understanding how GST rate reductions impact prices can help buyers make smarter spending decisions.
The retailer plans to increase its inventory priced below Rs 1,000, from the current 15 percent to 20 percent and experiment with more variety, CFO Anand Agarwal tells Moneycontrol
Collections have stayed above Rs 1.8 lakh crore for nine straight months
The Rs 2.7 lakh crore dividend transfer from the Reserve Bank of India has helped provide some cushion, but international agencies are expecting a slippage in this year's fiscal deficit.
According to ED, the accused issued bogus GST invoices, fraudulently generating and passing on fake Input Tax Credit valued at over Rs 734 crore.The fraud spans three states and involves 135 shell companies