India's political landscape is ablaze with activity! From the ongoing debates surrounding the new farm bills and their impact on rural India, to the upcoming state elections shaping the national narrative, the stakes couldn't be higher. Key political figures are maneuvering strategically, with alliances shifting and power dynamics constantly in flux. The opposition's challenge to the ruling party is intensifying, sparking vigorous debates on crucial policy matters including economic reforms and social justice initiatives. Parliamentary proceedings are filled with heated exchanges, reflecting the deep divisions within the nation. This evolving political climate directly impacts the lives of every Indian citizen, influencing everything from economic opportunities to social welfare programs. Stay informed about the latest developments in Indian politics, from crucial legislative decisions to grassroots movements, by exploring Abtak.com for in-depth analysis and breaking news updates. Understanding the intricacies of our political system is crucial; stay engaged, stay informed, and stay ahead.
New Delhi: The Central Board of Indirect Customs and Taxes (CBIC) has directed its field formations to track price changes for various commodities before and after the goods and services tax (GST) rate rationalisation, effective September 22, 2025. This price tracking will continue for at least six months. In a letter dated September 9, the CBIC instructed field formations to submit a report by the 20th of each month on approximately 54 commodities, including toiletries, consumer durable items, medicines, toys, and stationery items, among others. The move aims to monitor the impact of GST rate changes on the prices of goods and services. The CBIC is also convening a series of meetings with industry associations and trade bodies to discuss the implementation of GST reforms and rate rationalisation. Meanwhile, the apex indirect tax body has asked field formations to assist businesses to ensure a smooth transition. "This directive aligns with the broader narrative of the Government, which has consistently emphasized the need for industry to ensure that the benefit of GST rate reductions is passed on to consumers," says Abhishek Jain, Indirect Tax Head & Partner. "With expectations of close monitoring by the authorities, businesses would be well-advised to proactively revisit their pricing and implement robust mechanisms to ensure that the benefits of the rate revisions are appropriately and transparently passed on," he added.
New Delhi: With 15 million registered taxpayers and robust growth in the revenue receipts, the Goods and Services Tax (GST) ecosystem is continuing to evolve with a focus on ease of doing business, better compliance and wider economic participation, the finance ministry said on Monday as the indirect tax system completed eight years. Annual revenue from GST, introduced on 1 July 2017, has doubled to ₹22.08 trillion in FY25 from five years ago and micro, small and medium enterprises are finding easier access to credit, the ministry said. In FY21, the combined Central and state GST revenue coll ...Read More >
New Delhi: Prime Minister Narendra Modi has remarked that eight years since GST was introduced, it stands out as a landmark reform that has reshaped India's economic landscape. "By reducing the compliance burden, it has greatly improved the Ease of Doing Business, particularly for small and medium enterprises", Shri Modi stated. The Prime Minister posted on X: "Eight years since it was introduced, GST stands out as a landmark reform that has reshaped India's economic landscape. By reducing the compliance burden, it has greatly improved the Ease of Doing Business, particularly for small and me ...Read More >
MUMBAI: The proposed GST reforms, announced by the prime minister to be rolled out by Diwali, halving the current four-rate tax structure into two-tier regime at lower rates, though will lead to an estimated average revenue loss of Rs 85,000 crore per annum, will give a big boost to the for-long sagging consumption story to the tune of Rs 1.98 trillion, a report has said. The current GST structure consists of four main rate slabs: 5, 12, 18 and 28%. These rates apply to most goods and services. In addition to these main slabs, there are three special rates as well: 3% on gold, silver, diamond ...Read More >
New Delhi: The Goods and Services Tax (GST) on July 1 2025, marks eights years since its launch. GST was introduced in 2017 and was a landmark reform taht simplified India's complex indirect tax system by bringing multiple state and central taxes under one roof. It aimed to make tax compliance easier, reduce business costs, and enable smoother movement of goods across states. Over the years, GST has boosted transparency, improved efficiency, and strengthened the foundation of a more unified national economy. Prime Minister Narendra Modi had called it "a path-breaking legislation for New India ...Read More >
Mumbai : Tesla's long awaited India debut finally took place with chief minister Devendra Fadnavis inaugurating its showroom in Mumbai on Tuesday. The Elon Musk-led car maker unveiled its Model Y compact all-electric SUV at its 'Experience Centre' in Bandra-Kurla Complex with the CM describing it as the "right city and the right state" for the launch."Mumbai stands for innovation and sustainability. In 2015, when I went to the US, I had my first ride in a Tesla, and then I thought we need such a vehicle for mobility in India. But it took 10 years for it to come to India. But we are very happy ...Read More >
Gross Goods and Services Tax (GST) collections rose 7.5 per cent year-on-year to Rs 1.96 lakh crore in July (for sales in June), data released by the government on Friday showed. Even though the pace of growth in gross GST collections picked up to 7.5 per cent in July from 6.2 per cent, this is the second consecutive month wherein the growth rate has been in single digits and much lower after posting double-digit growth in the first two months of the ongoing financial year. ARTICLE CONTINUES BELOW VIDEO Net GST collections, after accounting for refunds, took a hit by growing by just 1.7 per ...Read More >
India's Goods and Services Tax (GST) collections have doubled in the past five years, reaching a record ₹22.08 lakh crore in FY25, a 9.4% year-on-year growth. The average monthly GST collection in FY25 stood at ₹1.84 lakh crore, improving from previous years. Since its launch in 2017, GST has seen consistent growth, with registered taxpayers rising to over 1.51 crore.India's gross Goods and Services Tax (GST) collections have doubled over the past five years to reach a record ₹22.08 lakh crore in the financial year 2024-25, up from ₹11.37 lakh crore in FY21, according to government data releas ...Read More >
New Delhi: India's goods exports in June fell a tad from a year earlier, but a sharper drop in imports aided the trade deficit to narrow to a four-month low. Exports reduced 0.05% year-on-year to $35.14 billion, a seven month low, while imports fell 3.71% to $53.92 billion, leaving a trade deficit of $18.78 billion compared with $20.84 billion in June last year. Exports to the US in the past month rose sharply to $25.52 billion from $20.89 billion, despite the base tariff on Indian goods shippe ...Read More >
The CBIC has clarified that businesses receiving post-sale discounts via credit notes without tax adjustments don't need to reverse input tax credit (ITC). This circular aims to reduce uncertainty and disputes regarding post-sale discounts under GST. GST will only apply to promotional activities with separate agreements and defined consideration, providing clarity on ITC entitlement and tax liability. Businesses receiving post-sale discounts in the form of financial or commercial credit notes wi ...Read More >
New Delhi, September 30 (IANS): As the India-European Free Trade Association (EEFTA) Trade and Economic Partnership Agreement (TEPA) comes into effect from October 1, the India-EFTA Desk has been inaugurated as a single-window platform to facilitate EFTA investments in renewable energy, life sciences, engineering, and digital transformation, while fostering joint ventures, SME collaborations, and technology partnerships, the government said on Tuesday. The TEPA establishes India's first FTA with four developed European nations and commits $100 billion in investments and 1 million direct jobs ...Read More >
India's UPI system, despite its global success, faces backlash as small vendors receive GST notices based on digital transaction data. This has led to a shift back to cash transactions, with vendors fearing tax scrutiny. Concerns rise that aggressive formalisation efforts may push the informal economy further underground, undermining the goals of financial inclusion and transparency. By all official accounts, India's digital payments revolution is a runaway success. The Unified Payments Interfac ...Read More >
In the fiscal year 2025-26 that ended on Tuesday, the state government's own internal resources through revenue collection from major departments looked positive with an estimated collection of ₹56,000 crore as against the target of ₹59,520 crore for the current FY, officials in the state finance department said. The highest collection is from commercial taxes department, which has achieved a growth of 9.20% in state GST collection in FY 25-26 from last year FY 24-25. The total revenue colle ...Read More >
New Delhi: The Central Board of Indirect Taxes & Customs (CBIC) is set to hold a meeting with industry associations and trade bodies to discuss the implementation of recent GST reforms and rate rationalisation. CBIC chief Sanjay Kumar Agarwal has also urged field formations for proactive outreach to assist businesses in ensuring a smooth transition. Starting Wednesday, the meeting will bring together key ministries and sectors to facilitate seamless implementation, address technical queries, and ...Read More >
GST 2.0 simplifies India's indirect tax regime with two core rates of 5% and 18%, plus a 40% de-merit slab. Insurance premiums become GST-exempt, renewables gain from lower costs, and consumer electronics see relief. The reform aims to boost compliance, influence spending patterns, and realign sectoral margins. India's indirect tax regime has undergone a structural shift. Announced on September 5, 2025, and scheduled to take effect from September 22, GST 2.0 rationalises the current four-tiered ...Read More >
New Delhi: On July 1, 2025, the Goods and Services Tax (GST) will complete eight years since its rollout. It was introduced in 2017 as a major step towards economic integration. GST replaced a maze of indirect taxes with a single and unified system. It made tax compliance easier, reduced costs for businesses and allowed goods to move freely across states. According to the government, by improving transparency and efficiency, GST helped lay the foundation for a stronger and more integrated economy. A recent survey report by Deloitte claims that 85 per cent of respondents reported a positive ex ...Read More >
Senior union ministers credit GST overhaul for lifting consumer sentiment, driving double-digit growth in electronics and sparking broad-based festive demand. New Delhi: Senior Union ministers on Saturday said the Next Gen GST Reforms, rolled out on 22 September 2025, are already producing wide-ranging benefits. From cheaper daily-use goods to record-high electronics and automobile sales, setting the stage for stronger consumption and investment growth in the months ahead. Commerce and Industry ...Read More >
New Delhi: With the completion of eight years, implementing the goods and services tax (GST) -- one of the country's biggest tax reforms, India has broken all the stereotypes by showcasing a perfect balance between Centre and state administrations and coming together to make decisions and resolve issues as well. Back on July 1, 2017, the GST was rolled out with a promise that the country will bring 'one nation, one tax' by merging various indirect taxes under one umbrella. As of today, it is part of every common man's daily lives; from a cup of tea to a car almost everything he/she buys has a ...Read More >
Addressing the inauguration event of the Uttar Pradesh International Trade Show 2025 in Uttar Pradesh's Greater Noida, the Prime Minister said the structural reforms in GST are set to give new wings to India's growth story Prime Minister Narendra Modi on Thursday said that his government's next-generation goods and service tax (GST) reforms have drastically reduced the tax burden on the poor as well as the middle class. Addressing the inauguration event of the Uttar Pradesh International Trade ...Read More >
NEW DELHI: India's imports of telecom equipment from China rose to $6.37 billion (about ₹59,500 crore) in 2023-24, up from $5.55 billion in 2019-20, Minister of State for Communications Chandra Sekhar Pemmasani informed the Parliament on Wednesday. Pemmasani, in a written reply to Lok Sabha, said that total imports in the telecom equipment category rose from $13.33 billion in 2019-20 to $17.01 billion in 2023-24. "The imports under the principal commodity 'telecom instruments' have increased from $13,333 million in 2019-20 to 17,010 million in 2023-24. Further, the import from China during t ...Read More >
SRINAGAR, July 11: Director General of Police (DGP), J&K, Nalin Prabhat today chaired a high-level security review meeting in South Kashmir to assess the arrangements for the ongoing Shri Amarnathji Yatra. The meeting was attended by DIG South Kashmir Range Javed Mattoo, SSPs of South Kashmir districts, and senior officers from the Indian Army, CRPF and BSF. Addressing the meeting, the DGP lauded the dedication of all security forces in ensuring the safe conduct of the Yatra. He stressed the importance of regular contingency drills, identifying and addressing security gaps, and updating res ...Read More >
A Think Change Forum report advocates for GST 2.0 to adopt just two slabs -- 5% and 18% -- capping the peak rate at 18% to simplify the tax system. The report, released ahead of a GST Council meeting, suggests this move would boost consumption, improve compliance, and generate higher revenues by eliminating anomalies and reducing litigation. The long-term success of Goods and Services Tax (GST) depends on moving towards a single nationwide rate, and GST 2.0 should be the first step by adopting o ...Read More >
New Delhi, Jun 30 (PTI) Gross GST collections doubled in five years to reach an all-time high of Rs 22.08 lakh crore in the 2024-25 fiscal year, from Rs 11.37 lakh crore in FY21, government data showed on Monday. The gross goods and services tax (GST) collections touched its highest-ever level of Rs 22.08 lakh crore in 2024-25, registering a 9.4 per cent growth over the previous fiscal year. The average monthly collection stood at Rs 1.84 lakh crore in FY25, up from Rs 1.68 lakh crore in FY24 and Rs 1.51 lakh crore in FY22. In eight years, the number of registered taxpayers under GST has ri ...Read More >
The industry has called for a cut in GST from 12 per cent to 5 per cent. "I have asked them to share the details with the Union finance ministry also. I will also talk and see how to bring (products) in the 5 per cent (GST) bracket... we will try to find a solution to this," he said, while addressing FTII Traders' Conclave in Srinagar. On Kashmiri apples, he said the industry has requested for more protection on this fruit, which at present attracts a minimum import price (MIP) Rs 50 per Kg and ...Read More >
India's Goods and Services Tax (GST) collections closed FY2025-26 on a steady note, with March revenues crossing the ₹2 lakh crore mark, underscoring resilient consumption, strong import activity, and improving compliance even amid global economic uncertainty. Official data show gross GST collections for March 2026 at ₹2,00,064 crore (about $24 billion), marking an 8.8% year-on-year increase from ₹1,83,845 crore a year earlier. Net collections for the month rose 8.2% to ₹1,77,990 crore ($21.4 billion), reflecting sustained underlying momentum despite higher refunds. For the full fiscal year, ...Read More >
Bhopal: A search by the Meghalaya police in a flat of father-in-law of Shalom James, an Indore-based property dealer arrested on charges of destroying evidence in the killing of Raja Raghuvamsi allegedly by his wife Sonam during their honeymoon in Shillong last month, in Ratlam in Madhya Pradesh, has yielded a laptop, a pen drive, jewelry and incriminating documents, believed to be belonging to the couple, sources said on Monday. The search was conducted in the flat of Manoj Gupta, father-in-law of James, on Sunday following inputs received during the interrogation of the latter, a crime bran ...Read More >
NEW DELHI, Aug 15 (Reuters) - Indian Prime Minister Narendra Modi said on Friday the goods and services tax (GST) would be reformed and taxes lowered by Diwali, the Hindu festival of lights, set to be celebrated in October this year. "This Diwali, I am going to make it a double Diwali for you. Over the past eight years, we have undertaken a major reform in goods and services tax. We are bringing next-generation GST reforms that will reduce the tax burden across the country," he said during a spe ...Read More >
India's merchandise exports in September rose 6.75 per cent to $36.38 billion compared to the same month of the previous year, despite the punitive tariffs imposed by the US, according to data released by the Commerce Ministry on Wednesday. New Delhi, India's merchandise exports in September rose 6.75 per cent to $36.38 billion compared to the same month of the previous year, despite the punitive tariffs imposed by the US, according to data released by the Commerce Ministry on Wednesday. The ex ...Read More >
New Delhi: With the goods and services tax (GST) rate cut in the next-gen tax reforms, the indirect tax collections impacted to some extent as the GST collection in November recorded meagre growth of 0.7 per cent to reach over Rs 1.7 lakh crore, marking the lowest monthly mop-up since February 2024. The GST collection is related to the goods consumed and services availed in October. The GST rate cut came into effect from September 22, the first day of Navratri. As per the finance ministry's data, the gross GST collection rose at a slower pace of 0.7 per cent in November at Rs 1.70 lakh crore, ...Read More >
New Delhi, Sep 16 (PTI) Insurance companies will not be able to claim input tax credit on GST paid on inputs like commissions and brokerages for individual health and life insurance policies with effect from September 22, the CBIC said on Tuesday. The Central Board of Indirect Taxes and Customs (CBIC) has issued a set of FAQs clarifying on the taxation of various goods and services when the new GST slabs kick in from September 22. The GST Council in its meeting on September 3 had decided to exempt premium paid on individual health and life insurance policies from GST effective September 22, ...Read More >