Source: https://www.livemint.com/industry/premium-economy-takes-off-in-indian-skies-11756467441475.html
As news of changes in GST slabs and possible increase in GST on Business and Premium Economy makes the rounds, the impact will definitely be felt to the consumers.
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The tax rate restructure proposals mainly include compressing the four-rate GST structure into a two-rate regime, with most of the products and services getting shifted to lower slabs.
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Opposition states demand compensation for revenue loss due to Centre's GST reform proposal
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Despite higher US tariffs impacting the market, select stocks thrived in August. Auto sector optimism grew due to potential GST cuts and supportive factors. HBL Engineering and Sarda Energy & Minerals saw significant gains, while Ola Electric rebounded sharply in August.
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The proposal by the Group of Ministers (GoM) to exempt health insurance premiums from Goods and Services Tax (GST) is more than a mere fiscal adjustment; it marks a crucial step in reshaping India's health insurance market. Premiums currently attract 18% GST, which makes health insurance unaffordable for many middle-income families and senior citizens. Removing this levy would not only reduce prices but also reinforce the view that health insurance is a necessity rather than a luxury.
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Source: https://taxguru.in/goods-and-service-tax/icai-suggestions-gst-framework-improvements.html
The GST & Indirect Taxes Committee of the ICAI has published a set of suggestions aimed at improving the Goods and Services Tax (GST) framework. These recommendations, compiled from inputs provided by Chartered Accountants across the country, address practical issues faced by taxpayers after eight years of GST implementation.
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The gains in FMCG stocks came as media reports suggested that the government is looking to slash goods and services tax (GST) on select consumer products to 5%.
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Tata group stock Trent Limited gained over 3% in intraday deals on Friday, August 29, boosted by media reports that the government has proposed to hike threshold for readymade garments attracting 5% goods and services tax (GST) rate.
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On 15 August, Prime Minister Narendra Modi announced plans for a sweeping overhaul of India’s goods and services tax (GST) regime. The proposal, to be approved by the GST Council, apparently involves collapsing the four-tier rate structure into two principal slabs—5% and 18%, with a separate 40% rate for sin and luxury goods.
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In his Independence Day address to the nation, Prime Minister Narendra Modi promised a Diwali gift in the form of sweeping goods and services tax (GST) reforms. This announcement comes just as India faces fresh pressure from abroad. With US President Donald Trump’s steep 50% tariffs on Indian exports now in effect, reviving domestic demand has become critical.
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