India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Ahmedabad: With the implementation of revised GST rates nearing, confusion has surfaced among retail traders regarding changes in the maximum retail price (MRP) of packaged goods. However, experts clarified that retail traders are not required to reprint or relabel MRPs on stock already in hand. The responsibility rests with manufacturers, packers, and importers, who must ensure that revised MRPs reflecting the new GST rates are displayed on fresh packaging.Several traders have sought advice from tax experts over the pricing rules. Nayan Sheth, chairman of the indirect tax committee of the Gujarat Chamber of Commerce and Industry (GCCI), said, "Many traders are confused about new pricing labels after the GST reduction from Sep 22. They must sell goods at the revised prices, but there is no requirement for them to change labels or add stickers on existing stock."The govt has permitted manufacturers to continue using packaging with the old printed MRP, provided the revised price, reflecting GST changes, is declared separately. According to the ministry of consumer affairs, food and public distribution, manufacturers, packers, or importers may declare the revised MRP on unsold stock produced, packed, or imported before the GST revision. This can be done until Dec 31, or until existing stock is sold out, whichever comes first. Importantly, the original MRP must remain visible, and the revised price must not overwrite it, the ministry stated.Sheth added that packaging material or wrappers printed before the GST revision can also be used until the Dec deadline or until stocks are exhausted, provided corrections to the MRP are made through stamping, stickers, or online printing.
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: Central and state governments collected ₹1.85 trillion in Goods and Services Tax (GST) revenue in June, reporting a 6.2% annual improvement, although the revenue receipt was the lowest in four months. The moderation from the more than ₹2 trillion-level seen in the first two months of the current financial year comes on account of a sharp reduction in tax collection from domestic transactions. GST on imported items also witnessed some moderation in June. However, cumulatively, in the first quarter, Central and state governments collected ₹6.2 trillion before tax refunds, an improve ...Read More >
New Delhi [India], August 28 (ANI): A decline in the Goods and Services Tax (GST) rate has a higher multiplier effect of 1.08x compared with direct taxes, according to a report by Ambit Capital. If the benefits of this cut are passed on to consumers, it can boost the country's GDP growth. It stated "A decline in GST rate has a higher multiplier effect (1.08x) than direct taxes. If passed on to consumers, it can add 20-50bps to GDP growth". The report said, a decrease in income tax rate would have a positive multiplier effect, leading to a rise in private consumption due to higher disposable ...Read More >
New Delhi, Jul 1 (PTI) On the eighth anniversary of the Goods and Services Tax (GST) roll out, Prime Minister Narendra Modi on Tuesday said the indirect tax regime stands out as a landmark reform that has reshaped India's economic landscape. He said on X, "By reducing the compliance burden, it has greatly improved the ease of doing business, particularly for small and medium enterprises. GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India's market." The GST, which was imple ...Read More >
Jammu, July 01: The Goods and Services Tax (GST), introduced across India on July 1, 2017, marked a transformative shift in the country's indirect tax regime, replacing a complex web of central and state taxes with a unified, consumption-based tax system.In Jammu and Kashmir, the implementation of GST faced distinct challenges but has since played a pivotal role in fostering economic integration and growth.Unlike other states, J&K required specific legislative measures to adopt the Central Goods and Services Tax (CGST) and Integrated Goods and Services Tax (IGST) laws. The state legislature pa ...Read More >
New Delhi: GST collections grew 6.2% to Rs 1,84,597 crore in June, marking the slowest pace of expansion since last September. The numbers for transactions in May indicated weak demand as collections from domestic sources rose 4.6% to Rs 1,38,906 crore, while those from imports clocked double-digit growth of 11% and reached Rs 45,690 crore.There was double-digit growth during April and May, resulting in average monthly collections of over Rs 2 lakh crore so far this year. The latest GST data comes on the back of weak industrial production as well as muted growth in direct taxes during the firs ...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 >
New Delhi, July 1 (SocialNews.XYZ) Prime Minister Narendra Modi on Tuesday said that eight years have passed since GST was introduced, and 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", PM Modi stated. "GST has also served as a powerful engine for economic growth, while fostering true cooperative federalism by making states equal partners in this journey to integrate India's market," the Prime Minister said in a statement on ...Read More >
New Delhi: The country's largest carmaker Maruti Suzuki has announced the rollout of its first made-in-India electric vehicle - the e-Vitara SUV - in a major boost to the green segment from its upgraded Gujarat plant, which is now set to become one of the world's largest automotive manufacturing hubs with a projected annual capacity of one million units. Crucially, this facility will serve as Suzuki's global production base for electric vehicles (EVs), exporting to over 100 countries, including advanced markets in Japan and Europe, which is aligned with India's vision of becoming a global aut ...Read More >
Kolkata: The government's recent circular has brought clarity on trade discounts and credit notes under the GST regime, but has shifted compliance obligation and cash-flow pressure onto FMCG distributors, experts said. Indirect Tax Expert at LexVed Vedika Agrawal said the GST circular 251 makes it clear that financial or commercial credit notes - those issued without GST - do not require distributors to reverse their input tax credit (ITC). Input tax credit is the tax a business unit pays on it ...Read More >
New Delhi, Sep 13 (SocialNews.XYZ) India's retail inflation is projected to settle at 3.1 per cent in FY26, driven by falling food prices and the effects of recent GST rate reductions, a report has projected. The Indian economy may see episodes of disinflation in the coming days as government support through lower indirect tax rates is likely to be passed on to customers, according to the report from Bank of Baroda (BoB). CPI inflation increased to 2.07 per cent in August, up from 1.61 per cent in July, remaining significantly lower than the 3.7 per cent reported a year ago. Food prices cont ...Read More >
India's Goods and Services Tax (GST) collection for June reached Rs 1.85 lakh crore, reflecting a 6.2% rise from the previous year, according to government data released on Tuesday. However, this figure shows a decline when compared to the preceding months of April and May 2025. In April 2025, GST collections hit a record high of Rs 2.37 lakh crore, followed by Rs 2.01 lakh crore in May. Despite the month-on-month decrease, the overall annual collection for FY25 has shown significant growth. The GST system, which was implemented in July 2017, has seen its highest-ever annual collection in FY ...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 >
New Delhi: The Centre is closely monitoring whether companies are passing on the benefits of the recent Goods and Services Tax (GST) rate cuts to consumers, and enforcement measures will only be decided after field reports are analysed by the end of September. "We are awaiting inputs from field formations by the end of this month. We cannot have knee-jerk reactions to fresh reforms; they need time to settle," a government source said. Over 50 products from various categories are being examined, and nationwide retail pricing data is being gathered. According to preliminary monitoring, the tax ...Read More >
Sir Speedy, PIP, and Signal Graphics Drive Growth in Print Marketing Sir Speedy, PIP, and Signal Graphics, renowned leaders in print and marketing services, are seeing rising demand as small businesses turn to print for affordable, impactful marketing tools like brochures, flyers, and catalogs. Combined sales for these brands grew 5% in 2023, with expectations to surpass that in 2024. Richard Lowe, COO of Franchise Services, Inc., highlights the enduring value of print in creating personal connections in a digital world. Celebrating 50 years of family franchises, these brands showcase a leg ...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 >
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 >
Bengaluru: The Central Goods and Services Tax (CGST)-Bengaluru zone marked the eighth anniversary of the introduction of Goods and Services Tax (GST) with Karnataka celebrating a significant milestone. The state recorded a robust GST revenue of about Rs 1.6 lakh crore in the financial year 2024-25, securing its position as the second-highest GST-contributing state in the country after Maharashtra.Karnataka's rising tax contribution reflects the state's growing economic activity and expanding taxpayer base. With approximately 10.5 lakh registered taxpayers, Karnataka now ranks fifth among India ...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 [India], September 3 (ANI): The All India LPG Distributors Federation has appealed Finance Minister Nirmala Sitharaman to reduce the Goods and Services Tax (GST) on LPG Suraksha Hoses (LPG pipes) from 18 per cent to 5 per cent. In the run up to the two-day GST Council meeting that started today, the Federation had written to the Union minister In the letter, the Federation had stressed that the LPG Suraksha Hose is not a luxury product but a mandatory safety component essential for transporting gas safely from cylinders to stoves. "As LPG is already under essential commodities and ...Read More >
New Delhi: The government has marginally exceeded its indirect tax collection target for 2025-26, buoyed by steady inflows from customs, excise and GST, even as collections from a key cess on pan masala fell short of expectations, an official said on Thursday. As per Revised Estimates (RE), total indirect tax collections -- comprising customs duty, excise duty and Central Goods and Services Tax (CGST) -- were pegged at over Rs 15.52 lakh crore for FY26. This included Rs 2.58 lakh crore from customs, Rs 3.38 lakh crore from excise, and Rs 9.58 lakh crore from CGST. Also Read: India's FY26 tax ...Read More >
Maharashtra Assembly Monsoon Session: Nana Patole and other MVA legislators protested against alleged derogatory remarks by Agriculture Minister Manikrao Kokate and BJP MLA Babanrao Lonikar about farmers. Congress MLA Nana Patole was suspended for a day from the Maharashtra Legislative Assembly Tuesday after he climbed Speaker Rahul Narwekar's podium amid aggressive protests by the Opposition Maha Vikas Aghadi MLAs. On the second day of the Monsoon Session, MVA legislators staged a protest against alleged derogatory remarks made by Agriculture Minister Manikrao Kokate and BJP MLA and former ...Read More >
New Delhi: Union Commerce Minister Piyush Goyal on Friday described the reform in the Goods and Services Tax (GST) as "one of a kind" since independence, hailing it as a "gift" to the country. He drew a clear contrast between the current GST framework and the Congress-led United Progressive Alliance (UPA) era, criticising the former government for failing to inspire confidence among states regarding compensation promises for the proposed unified indirect tax. "When Prime Minister Narendra Modi announced the GST in 2017, he committed to all states a 14% growth in annual revenue. PM Modi had th ...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, June 7 (SocialNews.XYZ) The Central Consumer Protection Authority (CCPA) on Saturday issued an advisory to all e-commerce platforms to undertake a self-audit within three months to detect deceptive and unfair trade practices that are in the nature of dark patterns. Dark patterns are design elements used on websites and apps to mislead or coerce users into making unintended choices. These practices erode consumer trust, distort fair market dynamics, and pose a serious threat to the integrity of digital commerce. "All e-commerce platforms have been advised to conduct self-audits to ...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 >
New Delhi, Sep 13 (SocialNews.XYZ) The Association of Indian Medical Device Industry (AiMeD) on Saturday welcomed the timely directions issued by the Department of Pharmaceuticals (DoP), National Pharmaceutical Pricing Authority (NPPA) and the Central Drugs Standard Control Organisation (CDSCO) to ensure smooth implementation of the revised GST rates on drugs, formulations, and medical devices, effective from September 22. The Office Memorandum issued by DoP-NPPA on Friday clarified that while manufacturers and marketers are required to revise Maximum Retail Prices (MRPs) to reflect reduced G ...Read More >
New Delhi: The government is keeping a close watch on e-commerce platforms and has pulled up some firms for raising prices of some packaged items after the rollout of the two-slab Goods and Services Tax (GST) structure, an official said Monday. "There were complaints about some ecommerce platforms not passing on the GST cuts, "the official said, adding that authorities are keeping a close tab on whether companies had passed on tax cut benefits to consumers or not and were informally taking it up with them. One of the e-commerce platforms cited 'technical glitches' when discrepancies in prici ...Read More >
NEW DELHI: As the Goods and Services Tax (GST) marked its eighth anniversary on Tuesday, Prime Minister Narendra Modi called it a "landmark reform" that has reshaped India's economic landscape and strengthened cooperative federalism.Introduced on July 1, 2017, GST replaced multiple indirect taxes with a single national system. In a post on X, Modi said the reform has "greatly improved" the ease of doing business, particularly for small and medium enterprises, and helped make states "equal partners" in integrating India's market."By reducing the compliance burden, it has greatly improved the Ea ...Read More >
NEW DELHI: India's Goods and Services Tax (GST) collection for the financial year 2024-25 touched a record high of Rs 22.08 lakh crore, marking a 9.4 per cent increase compared with the previous year, the government announced on Monday. The average monthly collection for the year stood at Rs 1.84 lakh crore. The government highlighted that GST revenues have more than doubled in just five years. In 2020-21, the total collection was Rs 11.37 lakh crore, with an average monthly figure of Rs 95, 000 crore. This steady rise in revenue points to stronger tax compliance and consistent economic gro ...Read More >