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Searched Tag: gst rate rationalisation

The government has estimated a net loss of an annualised ₹48,000 crore in the short term on account of GST rationalization; while the total GST collections in the previous fiscal were ₹10.6 lakh crore

GST rejig may absorb fiscal burden: Crisil

September 20, 2025, 12:35 PM - 3 min read

Credit ratings agency Crisil, in its latest report, said the slashing of two tax slabs will bring in more goods and services under the formal net, leading to a gradual support tax buoyancy over the medium term

The GoMs on rate rationalisation, insurance taxation and compensation cess will next be engaged in deliberations over the next two days on the Centre’s proposal of removing the 12 per cent and 28 per cent tax slabs

FM meets GoMs to explain GST rejig

August 20, 2025, 04:46 PM - 3 min read

The Union Finance Minister, Nirmala Sitharaman, explained to the Group of Ministers (GoM) on Wednesday the necessities of restructuring the GST tax regime; GoM on GST rate rationalisation is scheduled to meet again on August 21

GST Council may remove 12 pc tax slab

June 5, 2025, 03:38 PM - 3 min read

The goods and services tax rates may be reduced from four to three, and items falling under the 12 per cent tax slab be shifted to either 5 per cent or 18 per cent slab

Retailers urge FM, GST Council to reject 35pc tax proposal on goods

FM, GST Council urged to reject 35pc tax proposal on goods

December 12, 2024, 04:33 PM - 3 min read

The sellers body is of the view that a fifth GST slab of 35 per cent on demerit goods such as aerated beverages, cigarettes and tobacco, and pricing-based rate structure will materially and fundamentally alter the country's GST framework with devastating outcomes.

GST on sin goods raised to 35pc , GoM proposes tax tweaks

December 3, 2024, 08:44 AM - 3 min read

The GoM on GST rate rationalisation proposed hiking sin goods tax to 35%, adjusting apparel tax slabs, and revising GST rates on various items, with final decisions pending the GST Council's December 21 meeting.

GST panels propose slew of tax tweaks for 100+ products

October 20, 2024, 07:24 PM - 3 min read

A GoM on rate rationalisation decided to recommend tweaks (hikes and cuts) in the GST rates on around 100 products, a move that would fetch the government additional annual revenue of Rs 22,000 crore, which is to be equally shared between the Centre and states.

Panels to discuss GST cuts on insurance premiums on Saturday

October 18, 2024, 03:42 PM - 3 min read

The two ministerial panels set up by the GST Council are slated to meet on October 19 to discuss GST rate rationalisation and lowering 18 per cent tax rate on health and life insurance premiums.

GoM mulls GST rate cuts on over 100 items to ease burden on consumers

GoM reviews 12% GST slab cut ahead of Oct 20 meeting

September 26, 2024, 02:36 PM - 3 min read

The GoM on GST rate rationalisation has discussed tax rate tweaks on over 100 items, including lowering taxes on certain goods from 12 to 5 per cent, to give relief to the common man, West Bengal Finance Minister Chandrima Bhattacharya said on Thursday.