Indian stock markets closed higher on Monday as PM Modi's tax cut proposal spurred gains in autos and consumer durables. The Nifty 50 ended at 24,874, up 1%, while the Sensex rose 0.84%.
Read MoreSource: https://taxguru.in/goods-and-service-tax/indias-gst-reforms-focus-rates-simplicity-pm.html
In a speech for India’s 79th Independence Day, Prime Minister Narendra Modi announced upcoming reforms to the Goods and Services Tax (GST) system. The proposed changes, aimed at building an “Atmanirbhar Bharat,” are structured around three core pillars: structural reforms, rate rationalization, and ease of living.
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Read MoreThe platform fee of Rs14 per food delivery order is reportedly inclusive of GST. In comparison, Zomato applies a platform fee of ₹10, excluding GST. Swiggy was the first to introduce this fee in April 2023, starting at ₹2, and has gradually increased it to ₹12 (pre-GST).
Read MorePrime Minister Modi announced next-generation GST reforms aimed at reducing the tax burden, with potential implementation by Diwali 2025
Read MoreThe Indian stock market showed recovery after six weeks, led by pharma and auto stocks. Key drivers include PM Modi's GST reforms, US Fed minutes, and macroeconomic conditions like low inflation and favourable monsoon, despite FIIs' selling
Read MoreThe Indian government proposed that the new GST rates should be at 5% and 18%. The centre has outlined tax rates for cigarettes, sin goods, luxury goods, and daily use items, among others, to be considered and approved by the GST Council in its upcoming meeting.
Read MorePM Modi's Independence Day speech focused on promoting swadeshi products, enhancing domestic manufacturing, and reforming GST to stimulate the economy. He outlined a new national security strategy and expressed concerns over illegal immigration impacting India's demographics and security.
Read MoreIn a significant GST reform, the Central government proposes eliminating the 12% and 28% tax slabs, redistributing items primarily to 5% and 18%. While intended to boost the economy, this could lead to a revenue shortfall in the short term.
Read MoreThe Sudarshan Chakra initiative, announced by Prime Minister Modi, seeks to develop a comprehensive missile defence system, integrating surveillance and cyber protection.
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