FMCG distributors urge Finance Minister to issue guidelines on GST rate cuts, warning of supply chain disruption, margin pressure and ITC concerns during the transition.
GoM backs Centre’s proposal to simplify GST slabs from four to two, retaining 5% and 18% with a special 40% slab for luxury goods. States seek clarity on revenue loss before GST Council’s final call
ED Hyderabad arrests CA Sharad Chandra Toshniwal in the Rs 792 crore Falcon invoice discounting scam for allegedly laundering funds. Probe reveals fake investment scheme, diversion of money and concealment of illicit assets
HSBC warns that GST rate revisions could cost India Rs 1.43 lakh crore, while US tariffs of 25-50% may lower GDP growth by up to 70 basis points. States face fiscal strain under FRBM limits.
GoM proposes GST exemption on health & life insurance premiums. Experts warn of input tax credit challenges; final call with GST Council.
CAPSI urges PM Modi to review 18% GST on private security services, citing RCM disparity that impacts MSMEs and over 8.5 million workers.
GST Council to hold its 56th meeting on Sept 3-4, 2025, in New Delhi. Key tax policy discussions expected; agenda details to follow.
GoM accepts Centre's proposal for two GST slabs of 5% and 18%, with a new 40% rate on luxury and sin goods; states seek extra cess to protect revenue.
PM Modi's plan to cut GST rates may cost states Rs 1.8 lakh crore annually, sparking fiscal tensions ahead of Diwali and Bihar elections.
Thane GST officials arrest man in Rs 47.32 crore ITC fraud; incriminating evidence seized, probe underway to identify more suspects.
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