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New Delhi: The government has marginally exceeded the indirect tax collection target for fiscal 2025-26, an official said on Thursday. The total indirect tax collection, which includes customs, excise and GST, as per Revised Estimates (RE), was pegged at over Rs 15.52 lakh crore for FY26. This includes Rs 2.58 lakh crore from customs duty, Rs 3.38 lakh crore from excise duty, and Rs 9.58 lakh crore from Central Goods and Services Tax (CGST). Without giving actual figures, the official said that ...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 cus ...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 >
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 b ...Read More >
New Delhi, Apr 1 (PTI) The government has announced a one-time special relief measure in the form of certain duty benefits for special economic zones (SEZs), a move which would provide support to units in these enclaves amid global uncertainties. However, the exemption will be available only if the unit in the SEZ had commenced production of goods on or before March 31, 2025, the department of revenue has said in a notification dated March 31. They also have to prove that the goods in respect ...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 dat ...Read More >
NEW DELHI: Central Board of Indirect Taxes and Customs (CBIC) Saturday rolled out another trade facilitation measure merging 31 Customs duty notifications into a consolidated one. It said the new notification would be effective from Nov 1. "A step towards simplification, transparency and ease of doing business," CBIC posted on X. In a set of FAQs released by the department it said this is a trade-friendly measure and Notification No. 45/2025-Customs has been issued by merging erstwhile notificat ...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 Industr ...Read More >
New Delhi: Dismissing the Opposition's criticism of his government's GST measures as lies of "bayan bahadur", Prime Minister Narendra Modi said on Monday that the BJP-NDA ushered in a "new model of good governance" and a family will now save nearly Rs 20,000 on its annual household expenditure of Rs 1 lakh compared to the UPA period. Speaking at the inauguration of Delhi BJP headquarters here, Modi asked party workers to ensure that the benefits of next-generation GST reforms reach people, espe ...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 i ...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 ...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 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) The robust GDP growth in the first quarter (Q1 FY26), at 7.8 per cent which was well above the estimate of 6.6 per cent, was led by a sharp growth in the manufacturing sector and strong momentum in the services sector, a report said on Tuesday. "All three heads within the services - Trade, Hotels, Transport, and Commerce and Broadcasting Services (8.6 per cent as compared to the estimated 6 per cent), Financial, Real Estate, and Professional Services (9.5 per ...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 >
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 fro ...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, 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 cen ...Read More >
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 ...Read More >
New Delhi: Industry leaders welcomed the recently announced GST reforms, which reduce the number of tax slabs, stating that it will make tax compliance easier while also directly benefiting consumers through lower prices. Jharkhand Chamber of Commerce Joint Secretary Navjot Alang Rubal said that the reduction of the number of slabs from four to two under the new GST structure is a highly positive step. According to Rubal, this reform will greatly benefit the middle and lower-income groups as t ...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 ...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 t ...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 ...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 ...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 ...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. ...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 sp ...Read More >
New Delhi [India], August 18 (ANI): An overhaul in GST rate slabs, coupled with support from other measures such as personal income tax cuts, monetary policy easing, signs of pickup in job growth and improving real wages, improve the in outlook for consumption and domestic demand India, according to a report by Morgan Stanley. The central government is likely to conduct a major overhaul of GST, a major source of indirect tax rates. Morgan Stanley, in a report dated August 17, said this next-ge ...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 BE ...Read More >
The Appointments Committee of the Cabinet has approved Nitin Gupta as the new Chairperson of the National Financial Reporting Authority. Gupta, a former IRS officer, is set to lead the independent auditing regulator, reinforcing standards and trust in financial reporting. Three additional members have also been appointed. The Appointments Committee of the Cabinet has officially appointed Nitin Gupta, a retired Indian Revenue Service officer, as the Chairperson of the National Financial Reportin ...Read More >
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