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Prime Minister Narendra Modi recently discussed a new Goods and Services Tax (GST) system in his Independence Day speech, highlighting that this new approach will focus on benefiting everyday consumers, especially those who are less fortunate, small businesses, the middle class, and farmers. As per sources, the new two-tier GST structure of 18% and 5% […]
The Andhra Pradesh government, in support of the handloom sector and to assist the weavers of the state, has declared certain initiatives. A comprehensive review meeting at the State Secretariat has been chaired by Chief Minister N Chandrababu Naidu concerning the welfare of handloom workers and revitalising the sector. RP Sisodia, Special Chief Secretary of […]
Before the 56th meeting of the Goods and Services Tax Council, the Industry body CII aimed early conclusion of the rate rationalisation process in a meeting with Finance Minister Nirmala Sitharaman. In the additional GST reforms, the industry body recommended considering all petroleum products under GST, relaxations in the ITC to facilitate the working capital […]
The upcoming Union Budget 2025, scheduled for February 1, will be presented by Finance Minister Nirmala Sitharaman, Experts from the industry concerning the “Insurance for All” are anticipating reforms to propel India towards its goal. Increasing insurance penetration and financial inclusion objective announcements are expected by the insurance sector. Policyholders Tax Incentives Enhancement of tax […]
A proposal for rationalising GST on insurance premiums has surged with the Financial Services department and the Issuance Regulatory and Development Authority of India (IRDAI) assisting the move, before the GST council meeting. On December 21, the GST Council 55th meeting is scheduled to meet at Jaisalmer in Rajasthan and one possible item on the […]
Through Goods and Services Tax (GST) the revenue collected by the union government on healthcare and life insurance services has moved up by 680 per cent to Rs 16,398 crore in 2023-24 from Rs 2,101 crore in 2019-20, Minister of State for Finance Pankaj Chaudhary said in a written reply in Lok Sabha. Marginally GST […]
Sulajja Firodia Motwani, Chair of FICCI’s Electric Vehicle Committee, has called on the government to lower GST rates on EV batteries and charging services to make electric mobility more affordable and competitive. Addressing the FICCI National Conference on EVs, she highlighted the need for swift policy changes to boost the growth in the sector. Although […]
In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second highest collection ever, on the pick up in domestic sales and rectified complaints. Rs 33,821 crore, was the Central GST collection, Rs 41,864 crore, was the State GST collection, Rs 99,111 crore was the integrated IGST collection and Rs 12,550 […]
The Goods and Services Tax (GST) Council is acknowledging waiving the premiums filed for life and health insurance from GST. Towards the insurance sector, the GST on term life insurance premiums seems to be waived for all the individuals along with the plans that comprise family members. Senior citizens who pay the health insurance premium […]
