The GST Council’s 56th meeting has paved the way for a simplified tax regime with just two main slabs–5 per cent and 18 per cent– and a special 40 per cent rate exclusively reserved for “sin goods” and ultra-luxury items. Effective September 22, this marks a major overhaul after the removal of the Compensation Cess,…
Union Minister for Commerce and Industry Piyush Goyal on Thursday termed the reforms made in Goods and Services Tax (GST) as a step towards ‘Atmanirbhar Bharat’ and called upon 140 crore Indians to come together with the collective resolve to make India Viksit Bharat by 2047. In a landmark move, the GST Council rationalised the…
In a rare 10 pm press briefing on Thursday, September 3, Finance Minister Nirmala Sitharaman unveiled major tax changes impacting the public at large. The late-night announcements immediately set off interpretation across consumers, corporates, policymakers, and experts. First things first, here’s some food for thought. What comes to mind when you think of the Union…
After the GST Council approved historical changes to India’s indirect tax structure, several daily-use goods will become cheaper from September 22. The long-running debate over how popcorn should be taxed under the Goods and Services Tax (GST) has finally been settled. At its 56th meeting, which was held on Wednesday and concluded on Thursday, the…
According to market expert Anil Singhvi, the government’s recent GST reforms amount to a mini budget, delivering one of the biggest tax relief packages since the 2019 corporate tax cuts. These sweeping GST rate reductions cover almost all sectors where relief was expected and promise to stimulate consumption, business growth, and market confidence. “This is…
The upcoming next-generation Goods and Services Tax (GST) reforms will further simplify tax processes and reduce compliance burdens, particularly for small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday. The finance minister was speaking at the 120th Foundation Day Celebrations of City Union Bank in Chennai. GST Council meet on September 3-4 This comes…