Policy
Piyush Goyal to industry: Pass on full GST rate cut benefits to consumers to boost demand, jobs & growth
Union Minister Piyush Goyal has urged industries to pass on GST rate cut benefits to consumers, which will boost domestic demand and create new business opportunities. He expressed confidence in India's economic growth, projecting it to become the world's third-largest economy soon.
GST Council eases rules on credit notes, relief for FMCG players
The GST Council has eased compliance for businesses by eliminating the need to link credit notes to specific invoices, a move that simplifies transactions across the supply chain, especially for FMCG companies dealing with product returns and discounts. This change reduces paperwork, improves cash flow, and aligns GST provisions with standard business practices, offering greater commercial flexibility.
IESA hails GST 2.0, terms it a step forward to meet India's energy storage needs
India Energy Storage Alliance welcomes the new GST 2.0. It sees it as a significant step for India's energy storage needs. The GST Council has accepted key IESA recommendations. It streamlines tax rates for advanced batteries to 18 percent. Some recommendations are still under review. IESA advocates for continued engagement to support domestic manufacturing and clean energy transition.
GST done, advisers bat for land, labour reforms
Experts advocate for process reforms, deregulation, and ease of doing business to propel India towards high growth. Key reforms include land and labor reforms, trade liberalization, privatization, and judicial efficiency. The government is prioritizing next-generation reforms to achieve long-term goals, focusing on low-hanging fruits to improve living and business conditions.
With just 35,000 subscribers, govt pins hopes on new pension rules
The Indian government is intensifying efforts to promote its Unified Pension Scheme (UPS) among central government employees, aiming to increase enrollment before the September 30 deadline. Recent revisions to the UPS rules, including reduced service requirements for full pension benefits and enhanced family financial security, are intended to address previous concerns and boost adoption.
Gold on a hot run, central banks and RBI go slow on buys as geopolitics also weighs
Global central banks are showing caution in gold buying. They are navigating geopolitical issues and high prices. The long-term plan to move away from US assets continues. Reserve Bank of India is also watching geopolitical cues. High gold prices are a reason for the slowdown. RBI's gold holdings remain at a record high of 880 tonnes.
Govt keeping 'good watch' on rupee, several currencies declined against USD: Sitharaman
Finance Minister Sitharaman stated the government is closely monitoring exchange rates as the rupee depreciates against the strengthening US dollar, a trend affecting multiple currencies. The rupee hit a record low amid concerns over US tariffs, including a 50% levy on Indian goods.
GST Council's decision to simplify tax structure will make taxation more 'transparent': IOB
The Goods and Services Tax (GST) council is set to simplify the tax structure. This move aims to make taxation more transparent. Indian Overseas Bank anticipates a boost in rural consumption by 8-10 percent. Increased demand is expected across various sectors. Farmers will benefit from reduced costs on agricultural products. Price cuts on essentials will provide relief to consumers.
Gold fever: Will central banks keep driving the golden surge?
Central banks' increasing appetite for gold is significantly influencing its surge, driven by diversification from the dollar, inflation hedging, and geopolitical uncertainties. Gold has surpassed the euro in reserve portfolios, reflecting a shift from US Treasuries amid global economic instability. While purchases may fluctuate, the trend indicates a continued strategic role for gold in safeguarding national wealth.
'Ek baar aap GST dekh lo': PM Modi's nudge ushered in biggest GST reform in 8 years
Prime Minister Narendra Modi’s push led Finance Minister Nirmala Sitharaman to review the GST regime, resulting in a major overhaul. The GST Council approved scrapping 12% and 28% slabs, leaving 5%, 18% and 40% for sin goods. Effective September 22, nearly 400 products will get cheaper, insurance premiums turn tax-free, and compliance will ease for businesses, especially SMEs.
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500 micro cuts: Compliance burden weighs heavy on MSMEs that have to adhere to over 500 micro regulations every year
Entrepreneurs face a complex web of regulations, hindering growth. MSMEs bear a disproportionate compliance burden. The govt is working to decriminalize laws and simplify processes. Jan Vishwas 2.0 aims to further reduce criminal liabilities. Implementation of labor codes and GST framework reset are crucial. Technology and focused simplification can significantly lower compliance costs.
MCA likely to simplify process for transfer of unclaimed shares
The corporate affairs ministry plans to simplify documentation for transferring unclaimed shares and dividends to investors through the IEPFA. A panel's report suggests reforms for claims up to ₹5 lakh for physical securities, ₹15 lakh for dematerialized securities, and ₹10,000 for dividends. This initiative aims to reduce timelines, improve transparency, and provide hassle-free services to investors.
GST overhaul a people's reform, touches every family: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman calls GST overhaul a 'people's reform'. Rate rationalization will benefit families and boost the economy. Prices of nearly 400 products will decrease from September 22. Premium on health and life insurance will be tax-free. The GST slab structure will change to 5% and 18%. Daily food items will fall under the 5% slab.
GST reductions to boost cooperatives, farmers, rural enterprises
The Ministry of Cooperation reports that recent GST reforms will strengthen the cooperative sector, enhance product competitiveness, and boost rural entrepreneurship. Rate reductions benefit farming, animal husbandry, and food processing, making essential goods more affordable. Dairy farmers and consumers receive direct relief through exemptions and lowered taxes on related products, promoting sustainable practices and increasing incomes for cooperatives.
GST reforms got nothing to do with any external factors: Ashwini Vaishnaw
Union Minister Ashwini Vaishnaw says the GST reforms began about a year and a half ago. These reforms are unrelated to external factors. The goal is to reform, perform, and transform the economy. The new GST rates will take effect on September 22, during Navratri. These changes aim to reduce the tax burden and boost economic growth.
New GST rates, coming into effect this Navratri, to boost economy: Ashwini Vaishnaw
Union Minister Ashwini Vaishnaw announced that the 2025-26 Budget's income tax relief and GST rate rationalization will significantly boost India's economy. Effective September 22, the GST reforms will simplify taxation, reduce rates on daily-use goods, and stimulate consumption, potentially adding Rs 20 lakh crore to the GDP.
