District daycare centres will decentralize cancer care, but India needs thousands more oncologists, specialist nurses and equipment, experts said. Besides, the GST on indigenous cancer drugs need to be removed entirely, said Biocon chairperson Kiran Mazumdar Shaw.
Read MoreNew Delhi, Feb 3 (PTI) Finance Secretary Tuhin Kanta Pandey on Monday said enough experience has been gained with regard to implementation of GST and now the rates need to be rationalised in consultation with states.
Read MoreWith this budget we’re stating one thing very clearly, that credit availability is essential for people, for running their businesses, said the finance minister.
Read MoreThe big story of finance minister Nirmala Sitharaman’s record eighth budget was its consumption stimulus. This was given by raising the ceiling of tax-free income. No tax is payable for anyone earning an income up to ₹12 lakh. This significant jump in the maximum permissible tax-free income came after a gap of five years—it was raised to ₹7 lakh in 2019.
Read MoreNew Delhi, Feb 1 (PTI) For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents.
Read MoreSource: https://taxguru.in/goods-and-service-tax/budget-2025-26-proposes-key-gst-amendments.html
Union Budget 2025-26 introduces key amendments to GST laws to enhance trade facilitation. Starting from April 1, 2025, input tax credit distribution will be allowed by Input Service Distributors for inter-state supplies subject to reverse charge. A new clause will define Unique Identification Marking for implementing Track and Trace mechanisms. Additionally, the Budget proposes a provision for the reversal of input tax credit in cases of credit notes used to reduce supplier tax liability. A 10% pre-deposit requirement for penalties in appeals before Appellate Authorities is introduced for cases involving only penalties. Penalties will also be imposed for violations of Track and Trace provisions. The Budget further clarifies that goods warehoused in Special Economic Zones or Free Trade Warehousing Zones will not be treated as supply until cleared for export or to the Domestic Tariff Area, with no tax refund available for such transactions, effective from July 1, 2017. The inclusion of definitions for “Local Fund” and “Municipal Fund” and other amendments will also be made, with changes to take effect after coordination with the GST Council and States.
Read MoreFinance minister Nirmala Sitharaman will on Saturday deliver her eighth Union budget in a row as the National Democratic Alliance government that returned to office last year with reduced majority in Lok Sabha seeks to add vigor to economic growth and create more jobs. It is easy for a government to usher in reforms early into its term as there may not be any immediate political risks. Mint takes a look at key factors to watch out for in the Union budget for 2025-26.
Read MoreThe government in its Union Budget for 2025-26 proposed raising the foreign direct investment (FDI) limit for India’s insurance sector to 100% from 74%—meeting a long-awaited industry demand. So why did the stocks of most Indian insurance companies end the day flat to negative? The simple reason for that being that well-established life insurance companies in India don’t need the expertise of foreign players through strategic stake sale any longer.
Read MoreIndia is set to meet its 4.5% fiscal deficit target by 2026, balancing economic growth and fiscal prudence, said BofA. The upcoming budget may boost capital expenditure to reignite private sector growth while maintaining a stable revenue outlook and achieving medium-term fiscal objectives.
Read MoreNew Delhi: The ministry of heavy industries (MHI) has called on the finance ministry to lower the goods and services tax (GST) rate on two-wheelers powered by compressed natural gas (CNG), two people aware of the development said.
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