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The Goods and Services Tax (GST) rates have been nearly implemented, and three out of four consumers believe that companies will reduce prices to reflect these changes, according to a survey conducted by LocalCircles. In the survey, it was discovered that on the grounds of the earlier experiences, nearly 42% of the respondents were just […]
As per the Union Finance Minister Nirmala Sitharaman, she will monitor the execution of the GST rate reduction and ensure that the common man will benefit. The significance of public participation has been outlined by the Finance Minister. She asked the citizens to report those businesses that will not lessen the costs even after the […]
The Federation of Telangana Chambers of Commerce and Industry (FTCCI) has outlined the importance of bringing petrol and diesel under GST while hailing the Goods and Services Tax (GST) rate rationalisation as a landmark step for a simpler and more inclusive tax regime. FTCCI leaders, led by its president R.Ravi Kumar, while asking for a […]
You should not delay or be deprived of the benefits of a bonus, renewal discounts, or even coverage continuity if your individual life or health insurance policy is due for renewal before September 22. Premiums will be reduced after that specific data because of the proceeds of the GST council to scrap the 18% tax, […]
The rationale behind the landmark GST reforms of India has been illustrated by Finance Minister Nirmala Sitharaman, citing how categorised disputes lead to litigation, revenue losses, and confusion for both businesses and states. FM Sitharaman, in an interview, revisited the much-debated “popcorn example,” which she said demonstrates the classification difficulties that troubled the earlier GST […]
The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) greeted the new GST reforms, stating that they will be effective for the industry, trade sector, and consumers. GST Council member B.T. Manohar mentioned that the overall revision will benefit the common man. The request to reclassify goods under the Harmonised System of Nomenclature (HSN) […]
A two-tier tax rate structure of 5% and 18% was approved by the 56th GST Council. Union Finance Minister Nirmala Sitharaman, while announcing the new GST reforms, cited that, “We’ve reduced the slabs. There shall be only two slabs, and we are also addressing the issues of compensation cess”. From September 22, the revised rates […]
The government, in a move aimed at stimulating demand in the automobile sector, has restructured GST rates for vehicles and auto parts. The Compensation Cess has been eliminated, making vehicles cheaper in several categories. Under overhaul, 12 and 18 per cent slabs have been removed, and 5 and 12 per cent slabs remain in place. […]
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 […]
