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Searched Tag: gst council meet

The tax rate on non-economy flight tickets, which is now at 18 per cent, will also have the Input Tax Credit (ITC). The GST on economy class tickets, however, remains unchanged at 5 per cent

Flying luxury may burn a hole in your pocket from Sept 22

September 4, 2025, 08:42 PM - 3 min read

With business and premium economy flight tickets to cost more on higher GST rates from September 22, flying ‘high’ may not be that easy after all

Garments, including apparel and textiles which are knitted, and whose sale value does not exceed ₹2,500 per pair, have been put in the 5 per cent GST slab from a previous 12 per cent slab, but those exceeding ₹2,500 per pair will be taxed at the previous 18 per cent

Garment ind unhappy with higher GST, says will hurt middle class

September 4, 2025, 07:01 PM - 3 min read

With the GST on garments categorised on the basis of their M.S.P., garment industry bodies say the move will make a dent in middle-class affordability and weaken the country’s retail and garment sector

Not only will this step bring relief to patients and their families, improve accessibility of medicines and quality healthcare, it will also reduce the financial strain on healthcare providers, opined pharmaceuticals and healthcare industry players on Thursday

Pharma ind terms GST cut on drugs, medical supplies 'historical'

September 4, 2025, 03:47 PM - 3 min read

The GST Council has made a bold move to remove GST on 33 life-saving drugs and three critical drugs, placing healthcare above profit, said representatives from top pharmaceutical companies in India

The new tax slabs are now limited 5 per cent and 18 per cent, effective from September 22, the first day of Navaratri

Sensex jumps 900 points as auto stocks surge on GST reforms

September 4, 2025, 12:38 PM - 5 min read

The mood was celebratory for the Indian stock markets as benchmark equity indices Sensex and Nifty surged in early trade on Thursday after the GST Council approved a complete overhaul of the eight-year-old Goods and Services Tax regime

Senior Congress leader and former finance minister P Chidambaram.

Chidambaram on GST: Govt took wrong path for 8 years, made U-turn

September 4, 2025, 09:40 AM - 4 min read

Chidambaram said, "GST rationalisation and reduction of the rates are welcome, but one is left with the thought that these steps are eight years too late."

Nirmala Sitharaman at the 56th GST Council meeting.

New GST regime from Sept 22: 5pc, 18pc continue; 40pc on luxury

September 4, 2025, 08:34 AM - 3 min read

Union Finance Minister Nirmala Sitharaman announced that the Council has approved a two-tier GST structure with rates of 5 pc and 18pc, along with a new 40pc slab for sin and luxury goods, which will take effect from September 22.

The Council approved a dual tax structure of 5 per cent and 18 per cent, effectively removing the slabs of 18 per cent and 28 per cent

GST Council meet Day 1: New tax likely to be levied from Sept 22

September 3, 2025, 11:10 PM - 3 min read

The new Goods and Services Tax (GST) is most likely to become effective from September 22, and will result in slashing of rates of hundreds of items, said the GST Council after the first day of its two-day meeting

Finance Minister Nirmala Sitharaman during the 56th GST Council meeting, in New Delhi on Wednesday.

GST Council backs dual slab system of 5% and 18%: Sources

September 3, 2025, 08:29 PM - 2 min read

The GST Council has approved a two-rate structure of 5% and 18%, scrapping the 12% and 28% slabs, but opposition states are pressing for revenue loss compensation.

The finance ministers from Himachal Pradesh, Jharkhand, Karnataka, Kerala, Punjab, Tamil Nadu, Telangana and West Bengal convened again in New Delhi on September 3 after their meeting last week to decide on how their revenues could be protected after the Council removes two tax slabs

GST 2.0: Non-BJP states discuss compensation for revenue losses

September 3, 2025, 01:09 PM - 5 min read

With the GST Council gathered to discuss a major GST structure reform agenda, the finance ministers of eight opposition-ruled states held a meeting on Wednesday to put forth their demand for compensation for the revenue loss that states will have to face as a result of the rejig

A file photo of Union Finance Minister Nirmala Sitharaman.

GST Council meets to discuss rate cuts, rationalisation measures

September 3, 2025, 10:15 AM - 4 min read

The anticipated rise in consumption from this rationalisation, once confirmed by the GST Council, is likely to balance out nearly Rs 50,000 crore in revenue loss.