Tax Turmoil: Karnataka CM Claims ₹15,000 Crore Loss Due to Central GST Rate Cuts Massive Annual Revenue Loss Chief Minister Siddaramaiah revealed that the Central Government’s decision to rationalize and reduce Goods and Services Tax (GST) rates could cost the state of Karnataka an estimated ₹15,000 crore annually. While acknowledging the inability to oppose the… Read More »
GST Slashes Rates to Ignite West Bengal’s Art and Industry: From Terracotta to Textiles Empowering Traditional Handicrafts The GST rate on numerous traditional crafts and handicrafts has been cut from 12% to 5%, resulting in a direct price reduction of approximately 6.25% for consumers. This key reform is set to boost sales and secure livelihoods… Read More »
GST 2025: Rate Cuts Unleash Economic Power Across Maharashtra’s Key Sectors Major Relief for Consumers and Healthcare The GST exemption on individual health and life insurance policies significantly reduces the cost of premiums, enhancing social security and affordability. Furthermore, the GST rate on medicines and medicaments has been reduced from 12% to 5%, lowering healthcare… Read More »
Business Closure is Not a Ground for ITC Refund: Sikkim High Court Upholds Statutory Limits Court’s Affirmation of Statutory Limitations The Sikkim High Court ruled that a refund claim for unutilised Input Tax Credit (ITC) filed due to a business closure is not maintainable. The court set aside an earlier Single Judge’s order that had… Read More »
ITR REFUND Processing एक दिन में मिल रहा है REFUND #INCOMETAX ! REFUND NOT RECEIVED
Insurers Pass GST Cost to Distributors: 18% Commission Cut Post-Waiver Distributors Absorb the Burden Private life insurers have decided to shift the financial burden resulting from the GST waiver on premiums, at least partially, onto their distribution partners. This materialized as a commission cut of 18% for all types of distributors, including individual agents and… Read More »
J&K Launches ‘GST 2.0’ Tax Rationalization, Adopts 7-Step Protocol for Consumer Benefit New Two-Tier Tax Structure The Jammu and Kashmir government has rolled out the next-generation GST 2.0 reforms, effective September 22. The previous four tax slabs of 5%, 12%, 18%, and 28% have been rationalized into a simpler two-tier structure of 5% and 18%.… Read More »
Price Relief Progress: 40% of Consumers See Full GST Benefit on Food in Second Week Significant Jump in Food Sector Benefit According to a nationwide survey by LocalCircles covering the second week of the GST 2.0 reforms (starting September 29), there was a sharp increase in the number of consumers reporting full price benefits on… Read More »
Traders Claim GST Exemptions Favor Large Corporates and Cause Implementation Issues Allegation of Corporate Favoritism Traders, through their representative bodies like the Kerala Vyapari Vyavasayi Ekopana Samithi and the Confederation of All India Traders (CAIT), have expressed concern that the recent GST exemption announcements are a central government policy “favouring large corporates for profit hunting.”… Read More »
The GST Price War: FMCG Companies and Distributors Blame Each Other Over Unpassed Benefits The Blame Game Over Base Prices A dispute has erupted over the failure to fully pass on GST benefits to consumers for certain Fast-Moving Consumer Goods (FMCG) products, particularly in low-unit packs (₹20 and below). While some FMCG companies attribute the… Read More »