Tax authorities have taken a benign view on at least four gaming companies going by the first few final orders issued till now. No personal penalties were slapped on company directors and tax demands have been slashed following the Supreme Court (SC) verdict on a bitter feud waged by real money gaming (RMG) and casino … Read more
The government’s decision to cut taxes on packaged food and personal care products disrupted Hindustan Unilever Ltd’s inventory pipeline and depressed its sales growth in the September quarter. The consumer goods giant, however, expects the drop in prices following the tax cuts and a good monsoon to boost consumer sentiment and boost sales in the … Read more
The recent hike in GST on capital goods used in the oil, gas, and coal bed methane (CBM) sectors has increased operational costs and undermines efforts to reduce import dependence, an industry association said in a letter to Oil Minister Hardeep Singh Puri. The Federation of Indian Chambers of Commerce and Industry (FICCI) in the … Read more
India, the world’s fastest growing major economy, is preparing to bear the brunt of US President Donald Trump’s trade war and 50% tariffs. In this backdrop, the Goods and Services Tax (GST) rate cuts couldn’t have come at a more opportune time.While FM Nirmala Sitharaman has clarified that the GST rate cuts had been in … Read more
Prime Minister Narendra Modi on Wednesday hailed the next-generation GST reforms, which he said would improve the lives of citizens and ensure ease of doing business for all, especially small traders and businesses.”During my Independence Day Speech, I had spoken about our intention to bring the Next-Generation reforms in GST. The Union Government had prepared … Read more
The GST Council on Wednesday decided to exempt life and health insurance premiums for individuals from Goods and Services Tax (GST). Until now, policyholders were paying an 18% GST on premiums, a levy that had long been a point of contention for the insurance industry. The exemption comes into effect on 22 September. The move … Read more
Finance minister Nirmala Sitharaman said India is close to taking a final call on reducing goods and services tax (GST) rates further and reviewing the levy’s slabs. The revenue neutral rate had dropped from 15.8% when GST was introduced in 2017, to 11.4% by 2023, she said at the 25th ET Awards for Corporate Excellence … Read more
The GST Council, led by Finance Minister Nirmala Sitharaman, has clarified the tax treatment of popcorn. It has been decided that pre-packed and labelled ready-to-eat popcorn will attract a 12% GST, while caramelised popcorn (mixed with sugar) will be taxed at 18%. Importantly, there is no change in the existing tax rates. The Council has … Read more
The all-powerful Goods and Services Tax (GST) Council, at its upcoming meeting on September 9, is expected to provide a roadmap for the compensation cess that will likely continue “well into” 2025-26 (FY26), and also discuss whether it should eventually be replaced with a tax or a cess, say government officials. An internal assessment, these … Read more