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New Delhi [India], September 30 (ANI): The Enforcement Directorate (ED) has attached 10 immovable West Bengal-based properties valued at Rs 15.41 crore that belong to Amit Gupta, one of the masterminds of a large-scale GST fraud syndicate, and his associates. ED's Ranchi Zonal Office attached these properties in Kolkata and Howrah on September 29 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. In a statement, the ED said it initiated an investigation based on multi ...Read More >
The recent GST reforms will spur market consumption and boost the domestic economy, Minister of State for Finance Pankaj Chaudhary said on Monday. He said the impact of these reforms will be known in the next four to six months. Chaudhary interacted with businessmen, entrepreneurs, and tax experts in Indore regarding the Goods and Services Tax reforms. "Prime Minister Narendra Modi believes that when GST reforms bring additional money into the hands of the common people, it will definitely bo ...Read More >
GUNTUR: Chairman of the 20-Point Programme, Lanka Dinakar, called on authorities to make the benefits of recent GST 2.0 reforms accessible to every consumer during a conference at Yatri Niwas, organised under the chairmanship of BJP Bapatla District President Bangaru Babu. Dinakar highlighted how the GST reforms boost purchasing power and positively affect the national economy. The event was attended by officials from the Commercial Taxes Department, auditors, chartered accountants, lawyers, d ...Read More >
New Delhi, Sep 29 (PTI) Prime Minister Narendra Modi on Monday said that the BJP-NDA governments have given a "new model of good governance" in the country and urged party workers to ensure that the benefits of the next generation GST reforms reach the common citizens. The BJP is in government not for "satta" (power) but 'seva' (service), and its offices keep alive this sentiment, Modi said after inaugurating the Delhi BJP office. "The BJP-NDA governments have given a new model of 'sushasan' i ...Read More >
Welcoming GST 2.0 reforms, the Kanara Chamber of Commerce and Industry (KCCI), Mangaluru, has urged the Union government to consider service sector rationalisation through a three-tier structure to further strengthen the reforms. The three-tier structure proposed by the chamber includes "nil GST for medical, legal, education, and government services; 12% GST for essential and business input services; and 18% GST for consumption services". Anand G. Pai, president of the chamber, said, "We also ...Read More >
Indore, Sept 29 (PTI) The recent GST reforms will spur market consumption and boost the domestic economy, Minister of State for Finance Pankaj Chaudhary said on Monday. He said the impact of these reforms will be known in the next four to six months. Chaudhary interacted with businessmen, entrepreneurs, and tax experts in Indore regarding the Goods and Services Tax reforms. "Prime Minister Narendra Modi believes that when GST reforms bring additional money into the hands of the common people, ...Read More >
Haryana Development and Panchayat Minister, Sh. Krishan Lal Panwar, today visited various business establishments in Charkhi Dadri city to discuss the new GST rates with traders. He also interacted with customers and congratulated them on the reduction in prices due to the revised GST rates. Earlier, while interacting with the media, Sh. Panwar said that under the leadership of Prime Minister, Sh. Narendra Modi, a historic decision has been taken to reduce GST rates. This move will primarily be ...Read More >
MUMBAI (Reuters) -The Reserve Bank of India is widely expected to hold its key policy rate at 5.50% on Wednesday, though some economists say a surprise cut cannot be ruled out as it weighs the impact of U.S. trade tariffs and subdued inflation. A Reuters poll showed nearly three-quarters of economists expected a pause, but major banks including Citi, Barclays, Capital Economics and SBI have flagged the possibility of a cut citing downside risks to growth and a benign inflation outlook. The RBI ...Read More >
Udhampur, Sept 28: Union Minister Dr Jitendra Singh said on Sunday that all communities are widely welcoming the recent GST reforms in the country. He added that he visited a far-flung area of Doda where all Communities live together and no one from any community opposed the GST reforms. Speaking to the media after attending a programme on GST reforms in Jammu and Kashmir's Udhampur, Union Minister Singh said, "Wherever we went to any section of society, we saw happiness there, and since Doda's ...Read More >
NEW DELHI: The GST Council is likely to address the inverted duty structure on notebooks and textbooks in its upcoming meeting, as the issue has been diminishing the benefits of recent tax cuts. Notebook and textbook prices may remain high, despite them being exempted from Goods and Services Tax (GST), because 18 per cent GST is charged on the paper used to produce them, which manufacturers cannot claim as an input tax credit. This anomaly raises cost and pushes up final prices, sources familia ...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, Sep 24 (PTI) The red brick industry has urged the government to reduce GST rates to 5 per cent and remove the sector from the Special Composition Scheme. Currently, red bricks under the Special Composition Scheme attract 6 per cent GST and 12 per cent with ITC. The threshold for GST levy is Rs 20 lakh turnover. The new two-slab GST (Goods and Services Tax) structure of 5 per cent and 18 per cent has replaced the earlier four-rate duty regime following the GST Council's sweeping refo ...Read More >
New Delhi, Sep 24 (PTI) The red brick industry has urged the government to reduce GST rates to 5 per cent and remove the sector from the Special Composition Scheme. Currently, red bricks under the Special Composition Scheme attract 6 per cent GST and 12 per cent with ITC. The threshold for GST levy is Rs 20 lakh turnover. The new two-slab GST (Goods and Services Tax) structure of 5 per cent and 18 per cent has replaced the earlier four-rate duty regime following the GST Council's sweeping refo ...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 ex ...Read More >
New Delhi, Sep 16 (SocialNews.XYZ) In a major relief for the pharma sector, the government has dismissed the mandatory rule for drug manufacturers to recall, or re-label medicines already released in the market before September 22, the Department of Pharmaceuticals said. This follows the latest revision in Goods and Services Tax (GST) rates early this month by the GST Council, which reduced the GST on medical devices to 5 per cent from 12 per cent. The National Pharmaceutical Pricing Authority ...Read More >
New Delhi: The Finance Ministry on Tuesday issued a list of frequently asked questions (FAQs) to provide a more detailed explanation on the tax rate cuts that have been announced as part of the GST 2.0 reforms. Q1. Is it required to recall and re-label MRP on medicines already in the supply chain before 22nd September, 2025? How will the re-labelling be implemented? Answer: The National Pharmaceutical Pricing Authority (NPPA) vide OMs dated 12.9.2025 and13.9.2025 have clarified the following: ...Read More >
New Delhi, Sep 16 (PTI) The commerce and industry ministry has directed physical retail chains to prominently display and advertise discounts due to the recent GST rate rationalisation. In a communication to the Retailers Association of India, Department for Promotion of Industry and Internal Trade (DPIIT) said retailers should reflect the GST reduction in the receipt / bill as GST discount and major focus be given on high impact products. "Prominently display and advertise 'Discount due to GS ...Read More >
New Delhi [India], September 16 (ANI): Consumers will get the benefits of reduced GST on medicines that have been manufactured and on chemist shelves before the new rates are implemented from September 22. The sweeping GST reforms unveiled on September 3, among other measures by the central government, have provided a substantial relief on health care, with taxes being either fully exempted or brought down to the lowest slab. Since then, there has been a widespread query about what will happen ...Read More >
NEW DELHI, Sept 15 (Reuters) - Gold demand in India this festive season is expected to be weaker than last year, as record-high prices are likely to curb jewellery purchases, outweighing modest gains in investment demand. Weaker demand in the world's second-largest gold consumer could limit a rally in global prices , which hit a record high last week. But sluggish demand for gold imports could limit India's trade deficit and support the rupee. Local gold prices , which scaled a record peak of ...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: The government has asked life and non-life insurance companies to ensure that benefits of the goods and services tax (GST) exemption approved earlier this month are fully passed on to both existing and prospective policyholders. Financial services secretary M Nagaraju on Monday also directed insurers to proactively undertake outreach campaigns to publicise the GST reforms and highlight their prospective positive impact in making insurance more affordable and accessible for the common ...Read More >
NEW DELHI -- Gold demand in India this festive season is expected to be weaker than last year, as record-high prices are likely to curb jewellery purchases, outweighing modest gains in investment demand. Weaker demand in the world's second-largest gold consumer could limit a rally in global prices, which hit a record high last week. But sluggish demand for gold imports could limit India's trade deficit and support the rupee. Local gold prices, which scaled a record peak of 109,840 rupees per 1 ...Read More >
[NEW DELHI, Sept 15 (Reuters) - Gold demand in India this festive season is expected to be weaker than last year, as record-high prices are likely to curb jewellery purchases, outweighing modest gains in investment demand. Weaker demand in the world's second-largest gold consumer could limit a rally in global prices, which hit a record high last week. But sluggish demand for gold imports could limit India's trade deficit and support the rupee. Local gold prices, which scaled a record peak of 1 ...Read More >
The rationalisation will not only reduce vehicle prices but also support MSMEs in the auto component supply chain, enhance logistics efficiency, and incentivise replacement of old, polluting vehicles with fuel-efficient models. The government's sweeping rationalisation of Goods and Services Tax (GST) rates for the automobile and road transport sector is set to make vehicles more affordable, strengthen manufacturing competitiveness, and generate large-scale employment, the Ministry of Road Transp ...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 w ...Read More >
New Delhi: The deadline for filing Income Tax Returns (ITR) is just around the corner September 15, 2025 and taxpayers are in a rush to organize documents and claim deductions. Among the many ways to save on taxes, interest income often creates confusion. Thankfully, the Income Tax Act offers relief under two key sections: Section 80TTA and Section 80TTB. Knowing the difference between these provisions can help you reduce your tax burden and make the most of your savings. Here's a simple guide ...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, an ...Read More >
New Delhi: The Department of Pharmaceuticals, which functions under the Ministry of Chemicals and Fertilisers, has asked drug controllers and the food and drug administration of all states and UTs to take steps to pass the benefit of the GST rate reduction to consumers and patients, effective from September 22. The Centre recently decided to rationalise GST rate structures as recommended in the 56th meeting of the GST Council, wherein the council had also recommended a reduction in GST rates on ...Read More >
SHILLONG, Sep 12: Terming the recent GST overhaul a landmark step in India's tax regime, Chief Minister Conrad Sangma Sangma on Friday said that essential items would become cheaper under the new rates, boosting household savings and increasing disposable incomes. He added that small traders and businessmen would benefit from simplified compliance, while Indian industry as a whole would gain from greater competitiveness. Making a suo motu statement, the chief minister told the Assembly that th ...Read More >
In 2024, Arunachal Pradesh Police arrested the Jha brothers for their role in a Rs 100 crore ITC scam, marking an earlier instance of their involvement in tax fraud The Enforcement Directorate's (ED) probe into the Rs 650 crore Input Tax Credit (ITC) scam has uncovered a web of fake firms and hawala traders, where even the names of Seema Haider and her husband Sachin were allegedly misused. According to reports, two brothers from Bihar's Darbhanga, Ashutosh Jha and Vipin Jha, have emerged as k ...Read More >
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