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On Wednesday, the Ministry of Finance released a Gazette notification that updates the Goods and Services Tax (GST) rate framework in accordance with the Central Goods and Services Tax Act of 2017. This revision aims to enhance the efficiency and clarity of the GST system. The revised rate schedule supersedes the notification of June 28, […]
In a meeting with the CBIC chairman, FMCG, along with executives from consumer-facing industries, sought the government’s assistance in tracking the costs post the new goods and services tax (GST) rates that came into force, to ensure that consumers receive the benefits. Many executives requested that CBIC issue directives to all FMCG firms to execute the rate […]
Manufacturers, packers, and importers of packaged goods can now update the prices on items that haven’t sold yet. This change is part of the new rules related to the Goods and Services Tax (GST) set by the Ministry of Consumer Affairs. The motive is to ensure compliance with tax amendments without forming fresh packaging waste […]
A comprehensive overhaul of India’s consumption tax has been approved by the Goods and Services Tax (GST) Council. This reform, the first since its introduction in 2017, significantly reduces duties on essential household items, medicines, small cars, and appliances. The changes will impact a wide range of products, including toothpaste, insurance, tractors, and cement. The […]
The Central Board of Indirect Taxes and Customs (CBIC) has released a public notice ahead of the upcoming 56th GST Council meeting scheduled for September 3 and 4, 2025. The department is asking everyone citizens, businesses, and the media not to guess or make assumptions about potential changes to GST rates. The official CBIC account […]
The Goods and Services Tax Council, led by Finance Minister Nirmala Sitharaman, is likely to roll out new tax slabs for goods by September 22, according to information from government sources shared with NDTV. On August 15, Prime Minister Narendra Modi announced that bring next-generation GST reforms that will facilitate tax load on the country. […]
The Central Board of Indirect Taxes and Customs (CBIC) stated that hotels with room tariffs exceeding ₹7,500 per day will be categorized as ‘specified premises,’ with their restaurant services attracting an 18% GST rate with an input tax credit (ITC). For restaurants outside these premises, the GST rate will be 5% without ITC. The frequently […]
A wish list has been presented by the medical devices manufacturing industry ahead of the upcoming union budget 2025. They are seeking several key changes, including making tax rates more consistent, offering better incentives for exporting products, and keeping a closer eye on the minimum retail prices for imported devices. These changes are aimed at […]
The indirect tax structure in India has been streamlined by the Goods and Services Tax (GST) however, the making of the GST rate list has provided complexities for companies and individuals alike. The GST rate list cites the tax fees for special items and services, varying from 0 to 28 per cent. The SAG Infotech […]
