MSME registration could soon be a three-day process, a major change from the weeks it currently takes. This is one of the key updates from the 56th GST Council Meeting, aimed at making it easier for small businesses to get started. Sources told Moneycontrol that new measures would allow non-risky businesses to get their registration … Read more
New Version: The “Next-Gen” GST Overhaul The 56th GST Council meeting isn’t just about tweaking tax rates—it’s about a major overhaul of India’s tax system. Dubbed “next-gen” reforms, these changes could significantly impact consumers and businesses ahead of the festival season. What’s on the table? These discussions are a crucial step in the government’s push … Read more
The 56th Goods and Services Tax (GST) Council meeting, held in New Delhi on September 3-4, 2025, is focused on a major push to simplify the GST system. The discussions highlight significant potential reforms, particularly aimed at benefiting exporters and streamlining processes for businesses. Key Proposals to Streamline GST Based on reports from the ongoing … Read more
Indian Tyre Industry Seeks GST Relief The Automotive Tyre Manufacturers Association (ATMA) is urging the Indian government to reduce the Goods and Services Tax (GST) on tyres, which are currently taxed at the highest slab of 28%. ATMA argues that tyres are not luxury goods but essential components for mobility across critical sectors like transportation, … Read more
The Proposed GST Shake-Up and States’ Concerns A major overhaul of the GST system is on the table, with the central government proposing to simplify the current four-tier tax structure into just two slabs: 5% and 18%. This would replace the existing 5%, 12%, 18%, and 28% rates. A separate 40% slab is also being … Read more
Finance Minister Nirmala Sitharaman is attending a key two-day meeting of a Group of Ministers (GoM) on GST rate rationalization, which began today, August 20, 2025. The meeting, which also includes GoMs on compensation cess and health and life insurance, is a crucial step toward “next-generation” GST reforms. A New Tax Structure on the Horizon … Read more
Smoking to Cost More This Diwali: Here’s Why This Diwali, expect your cigarettes and other tobacco products to get more expensive. The government is introducing significant GST reforms that will increase the tax on “luxury” and “sin” goods. This move is part of a plan to replace the current tax structure with a new one … Read more
The upcoming new GST regime aims to correct inverted duty structures and prevent the pile-up of Input Tax Credit (ITC), which can lead to lower prices and better quality for consumers. What is an Inverted Duty Structure? An inverted duty structure happens when the tax rate on inputs (raw materials) is higher than the tax … Read more
In a six-month drive led by Finance Minister Nirmala Sitharaman, the government is undertaking a comprehensive revamp of the GST (Goods and Services Tax) system. This initiative, which began shortly after the budget was presented on February 1, has involved nearly 50 internal meetings with officials and revenue secretaries. The main objective is to simplify … Read more
