The Group of Ministers (GoM) has recommended increasing the Goods and Services Tax (GST) on aerated drinks, cigarettes, and tobacco products to 35% from the current highest slab of 28%. The proposal aims to generate additional revenue to offset losses incurred by the Centre and states due to GST rate cuts on essential commodities and Read More…
New Delhi: India recorded its second-highest GST collections in October, reflecting a surge in economic activity. Experts suggest that November’s GST figures, capturing October’s festive transactions, especially in the booming automobile sector, will be key in determining the short-term economic outlook. The October spike is largely due to increased consumer spending during the festive season, Read More…
The GST Council has announced a reduction in tax rates for essential items, cutting the GST on 20-litre water bottles and bicycles to 5%. Meanwhile, luxury goods such as shoes, watches, and beauty products will face higher tax rates. The move is designed to make everyday commodities more affordable while increasing the burden on premium Read More…