Chandigarh: Haryana Chief Minister Nayab Singh Saini on Saturday described the recently announced GST reforms as a historic move that will benefit every section of society, particularly farmers, the poor, and the middle class. He said the decision to slash GST rates on commonly used items will reduce inflation, increase savings for the middle class,...
In a landmark reform aimed at enhancing healthcare affordability across India, the GST Council, under the leadership of Finance Minister Nirmala Sitharaman, has approved sweeping changes to the Goods and Services Tax (GST) structure. Beginning September 22, 2025, the revamped GST 2.0 brings significant relief by completely exempting 33 lifesaving medications—previously taxed at 12%—and three...
New Delhi: The GST rate on garments priced above Rs 2,500 per piece has been increased from 12% to 18%, a move that industry bodies warn will raise prices and affect middle-class affordability. The Retailers Association of India (RAI) and the Clothing Manufacturers Association of India (CMAI) welcomed the new two-slab GST structure and the...
New Delhi: The GST Council has approved an increase in the tax on oil and gas exploration and production services from 12% to 18%, a move set to raise production costs across the sector. The new tax rates will come into effect from September 22, 2025. According to an official statement, services related to the...
New Delhi: The GST Council has announced major changes to India’s Goods and Services Tax system, reducing the number of tax slabs to just two — 5 percent and 18 percent — effectively removing the earlier 12 percent and 28 percent slabs. While this move is expected to make many essential goods more affordable for...
Mumbai: Indian stock markets saw a strong surge on Thursday morning following the GST Council’s announcement of a major overhaul to the Goods and Services Tax (GST) system. The 30-share BSE Sensex jumped by 888.96 points to reach 81,456.67, while the 50-share NSE Nifty gained 265.7 points, closing at 24,980.75. The GST Council has simplified...
New Delhi: The Goods and Services Tax (GST) Council, in its 56th meeting, unveiled a revamped tax structure introducing simplified slabs of 5 percent and 18 percent, along with a 40 percent category for luxury and sin goods. The changes, effective from September 22, aim to boost consumption ahead of the festive season. However, for...
In a landmark move, the 56th GST Council—chaired by Union Finance Minister Nirmala Sitharaman—has approved a streamlined dual-slab Goods and Services Tax (GST) structure of 5% and 18%, effectively abolishing the existing 12% and 28% tax brackets. The decision, reached during the Council’s two-day meeting from September 3 to 4, has been hailed as one...
A significant reform in India’s Goods and Services Tax (GST) structure is on the horizon. The Group of Ministers (GoM) on GST, chaired by Bihar Deputy Chief Minister Samrat Choudhary, has agreed to the Centre’s proposal to streamline the existing tax system by eliminating the 12% and 28% slabs. This reform is aimed at making...
The Government of India has introduced a strategic, three-pillar framework for the next phase of Goods and Services Tax (GST) reforms. This proposal aims to streamline the tax structure, enhance ease of compliance, and support sustainable economic growth. It has been submitted to the Group of Ministers (GoM), constituted by the GST Council, for detailed...