Two-wheeler sales volume is expected to grow by 5-6 per cent in the current fiscal year, due to the Goods and Services Tax (GST) Council’s decision to rationalise tax rates, Crisil Ratings said in a report. The rating firm said that the move is expected to provide a much-needed stimulus to the domestic automobile industry, particularly two-wheelers…
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,…
States are set to emerge as clear beneficiaries of Goods and Services Tax (GST) revenues in FY26, even after the proposed rate rationalisation. According to an SBI Research report released on Tuesday, states are projected to receive over Rs 10 lakh crore in State GST (SGST) along with an additional Rs 4.1 lakh crore through…
Goods and Services Tax (GST) collection in August grew by 6.5 per cent in gross terms to about Rs 1.86 lakh crore. This is more than the nearly Rs 1.74 lakh crore collected in the same month last year, according to official data released on Monday. In the month of August, the collection of Central…
The Government’s plan to simplify the Goods and Services Tax (GST) structure by replacing the existing four-slab GST system with a simpler two-slab GST system is set to bring considerable relief to consumers. Lower tax rates are expected to make a variety of goods more affordable, according to a new report. Bank of Baroda (BoB)…
Indian consumers are set to receive a significant boost as the government moves towards simplifying the Goods and Services Tax (GST) structure by reducing the number of tax slabs and lowering rates on several key items. The proposed overhaul aims to rationalise rates by migrating from the current four-tier structure to a simplified two-tier system….