Industry leaders in India’s electronics and home appliance sector have welcomed the recent GST rationalisation, describing it as a landmark reform that will simplify taxation, enhance disposable incomes, and revive consumer demand. The government has reduced GST on key home appliances, including air conditioners, large-screen televisions, dishwashers, refrigerators, washing machines, vacuum cleaners, microwave ovens, and...
The recent decision to reduce GST rates on a range of dairy products to 5 per cent is expected to have significant benefits for both consumers and farmers, according to K. Rathnam, CEO of Milky Mist Dairy Food Ltd. The Tamil Nadu-based dairy company executive said the move would make nutritious and value-added products such...
New Delhi: India and Singapore on Thursday outlined a comprehensive roadmap to deepen their strategic partnership, with Prime Minister Narendra Modi and Singaporean Prime Minister Lawrence Wong reaffirming their commitment to strengthen cooperation across multiple sectors. The talks focused on expanding bilateral trade, enhancing market access, and jointly addressing global disruptions in supply chains. The...
New Delhi: The GST rate on garments priced above Rs 2,500 per piece has been increased from 12% to 18%, a move that industry bodies warn will raise prices and affect middle-class affordability. The Retailers Association of India (RAI) and the Clothing Manufacturers Association of India (CMAI) welcomed the new two-slab GST structure and the...
Union Minister of Consumer Affairs, Food and Public Distribution, Pralhad Joshi, on Thursday launched the retail sale of onions at Rs 24 per kg in Delhi, Mumbai, and Ahmedabad. The initiative is being executed through outlets and mobile vans of NCCF, NAFED, Kendriya Bhandar, and distribution partners of NAFED and NCCF as part of the...
New Delhi: The GST Council has approved an increase in the tax on oil and gas exploration and production services from 12% to 18%, a move set to raise production costs across the sector. The new tax rates will come into effect from September 22, 2025. According to an official statement, services related to the...
New Delhi: The GST Council has announced major changes to India’s Goods and Services Tax system, reducing the number of tax slabs to just two — 5 percent and 18 percent — effectively removing the earlier 12 percent and 28 percent slabs. While this move is expected to make many essential goods more affordable for...
Mumbai: Indian stock markets saw a strong surge on Thursday morning following the GST Council’s announcement of a major overhaul to the Goods and Services Tax (GST) system. The 30-share BSE Sensex jumped by 888.96 points to reach 81,456.67, while the 50-share NSE Nifty gained 265.7 points, closing at 24,980.75. The GST Council has simplified...
New Delhi: The Goods and Services Tax (GST) Council, in its 56th meeting, unveiled a revamped tax structure introducing simplified slabs of 5 percent and 18 percent, along with a 40 percent category for luxury and sin goods. The changes, effective from September 22, aim to boost consumption ahead of the festive season. However, for...
In its 56th meeting (September 3–4, 2025), the GST Council, led by Finance Minister Nirmala Sitharaman, rolled out a dramatic rationalisation of India’s GST structure. The existing four-tier system (5%, 12%, 18%, 28%) has been condensed into two core slabs — 5% and 18%, alongside a dedicated 40% “sin-and-luxury” tax for select demerit goods. These...