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 »
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 »
Insurance Agents Hit by 18% Fee Cut as Insurers Offset Loss of GST Input Tax Credit Commission Reduction Tied to GST Exemption Following the complete removal of 18% GST on premiums for retail life, health, and accident insurance policies, several leading private insurers have slashed their agent/distributor commissions by the same percentage (18%). This is… Read More »
The GST Waiver Effect: Insurance Enquiries Skyrocket by 61% Massive Surge in Consumer Interest The Central government’s decision to waive the 18% GST on premiums for individual life and health insurance policies, effective September 22, 2025, has led to an immediate and “enthusiastic response” from consumers. Data from Policybazaar, a major online insurance platform, shows… Read More »
GST Officials Uncover ₹80 Crore Fraud Racket in Jamnagar, Chartered Accountant Implicated Multi-City Coordinated Raids The State GST Department conducted simultaneous raids at over 22 locations, including the business and residential premises of approximately 20 different firms in Jamnagar. Officials from Ahmedabad, Rajkot, Bhavnagar, and Jamnagar were involved in the intelligence-based operation. Scale of… Read More »