Union Finance Minister Nirmala Sitharaman, the Goods and Services Tax (GST) system in India has been significantly simplified. She stated that 99% of all goods and services are now taxed at either zero, 5%, or 18%. Only 1% of goods, classified as “sin goods” or “demerit goods,” are subject to the highest tax bracket. Key … Read more
Before the recent GST rate cut, the fertilizer industry in India was facing a major hurdle: a tax imbalance known as an inverted duty structure. Here’s a breakdown of the problem and how the new changes have provided a lifeline to manufacturers. The Problem: Tax Disparity and Working Capital Blockage Previously, fertilizer companies had to … Read more
In her recent interview, Finance Minister Nirmala Sitharaman expressed confidence in the planned GST rate cuts, which are set to take effect on September 22. She emphasized that the decision was driven by Prime Minister Narendra Modi’s vision to ease the financial burden on everyday citizens. Key Highlights of the GST Reform Expected Economic Impact … Read more
A clarification from the Chief Commissioner of Meerut CBIC has spelled out bad news for automobile dealers. According to Sanjay Mangal, cess credits cannot be used or refunded under the current GST law. Here’s a breakdown of the situation: In short, while the clarification resolves regulatory uncertainty, it leaves auto dealers in a tough financial … Read more
A Guide to Filing Taxes on Crypto Earnings in India: Key Takeaways from Sarthak Ahuja Filing Income Tax Returns (ITR) for cryptocurrency earnings in India is a complex process with strict rules. Investment banker and business educator Sarthak Ahuja has cautioned investors and traders about common mistakes that can lead to serious compliance issues. Here’s … Read more
The Prime Minister, Shri Narendra Modi has stated that he deeply appreciate and fully reciprocate President Trump’s sentiments and positive assessment of India-US ties.”India and the US have a very positive and forward-looking Comprehensive and Global Strategic Partnership”, Shri Modi added. The Prime Minister posted on X; “Deeply appreciate and fully reciprocate President Trump’s sentiments … Read more
The Prime Minister, Shri Narendra Modi has congratulated Dr. Andrew Holness on leading the Jamaica Party to victory for the third consecutive time. “Looking forward to deepening India-Jamaica bonds of friendship and further strengthening cooperation between our two countries”, Shri Modi added. The Prime Minister posted on X; “Heartiest congratulations to Dr. Andrew Holness on … Read more
In a move aimed at strengthening the rural economy and supporting dairy farmers, Prime Minister Narendra Modi announced that the recent “NextGen GST Reforms” will make dairy products more affordable for all households. The reforms, which were recently approved by the GST Council, include significant changes to the tax structure for the dairy sector. Key … Read more
In a significant move for India’s environmental future, the government has announced new Goods and Services Tax (GST) reforms aimed at creating a “Green India.” Union Minister for Environment, Forest and Climate Change, Bhupender Yadav, has hailed these changes as a “historic Diwali gift” that will help the nation meet its Net Zero 2070 pledge. … Read more
GST Reforms Set to Transform India’s Economy, Boost Products, and Benefit Consumers: Piyush Goyal The Indian government’s recent GST reforms will provide a “tremendous and unprecedented boost” to the economy by increasing consumption and creating a win-win situation for both businesses and consumers, said Union Minister of Commerce and Industry Piyush Goyal. Speaking at the … Read more
