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Pharmaceutical corporations in India have appealed for a reduction in the Goods and Services Tax (GST) on essential medications to ensure that they are affordable for the general population. Anil Matai, the Director General of the Organisation of Pharmaceutical Producers of India (OPPI), conveyed the industry’s desired outcomes for the upcoming Union Budget 2024. He […]
According to sources, the proposal to reduce the goods and services tax (GST) rate on electric vehicle (EV) batteries has been rejected by the GST Council’s fitment committee. The Electric Vehicle industry had requested a reduction from 18% to 5% for GST on batteries, but the committee has recommended maintaining the current rate. Members of […]
The Ministry of Power in the union government is considering requesting a reduction in the goods and services tax (GST) applied to the various parts used in hydropower projects. The ministry is contemplating lowering the GST rates for items such as turbines, steel, and cement, which currently fall under higher tax brackets. This proposal has […]
The majority body Federation of Automobile Dealers Association (FADA) showing the automobile dealers and retailers towards the country provided its suggestions to assist the automotive industry in the coming Union budget. “We urge the government if the concerns are accommodated in the upcoming budget this could reenergize the auto retail trade, which in turn will […]
As per a recent survey report, brands are acting sluggish in providing the benefits of GST rate reduction to the consumers. The report also stated that consumers also want to want anti-profiteering investigation should not be limited to just the product that has been complained about. This consumer survey is conducted by local circles about […]
Contradicting the arguments of the country’s top two-wheeler manufacturers, the Managing Director, Mahindra & Mahindra, Pawan Goenka while talking to Moneycontrol, urged through his statement that the current GST rates should not be reduced as it is in sync with the earlier charged tax rate of excise and VAT and thus does not require any change.
The next GST Council meeting is all set to be held on July 21, 2018. Among many issues to be discussed in the meeting, one is related to the reduction of GST rate on various products and services, especially the ones which do not add much in terms of revenue to the government.
On Wednesday, the Andhra Pradesh Medical and Sales Representatives Union (APMRSU) and the Federation of Medical Representatives Associations of India (FMRAI) held a protest, urging the government to lower medicine and medical device prices and exempt them from Goods and Services Tax (GST). U.V. Krishnaiah, the State general secretary of APMRSU, highlighted that medical and […]
On Wednesday, a committee of the Parliament suggested to the government that a proposal should be made to the GST Council to cut the tax rates on fertilizers from 5% at present. The Standing Committee on Chemicals and Fertilisers said the committee has been notified that 12% GST is applicable on fertilizers. However, seeing the […]
