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7 years of GST: A revenue boost for Centre and States
Money Control
·
1y ago
Medial
The Goods and Services Tax (GST) regime in India completed seven years since its implementation. Experts suggest that GST has led to higher tax revenues, with monthly collections doubling over the past three months compared to the first year of implementation. The National Institute of Public Finance and Policy found that GST has been more effective in generating revenue compared to the previous tax system. The GST system has also helped reduce the fiscal imbalance between the Central and State governments. The improved tax compliance has set the stage for further reforms in the GST framework.
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GST reboot: Will bold changes prove to be a silver bullet for India?
Livemint
·
23d ago
Medial
Prime Minister Narendra Modi announced a major GST revamp by Diwali, proposing to scrap the 12% and 28% GST slabs. This initiative aims to simplify the tax structure and boost consumption. However, the final decision rests with the GST Council, comprising representatives from the Centre and states. While the proposed restructuring could address the demand for simpler indirect taxes, it's uncertain if it will significantly enhance consumption.
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SBI to states: Don’t fear PM Modi’s Diwali GST gift, you’ll still be net gainers
Economic Times
·
9d ago
Medial
The State Bank of India (SBI) suggests Indian states will benefit from GST collections this fiscal year despite upcoming rate changes. Prime Minister Modi's proposed tax cuts, viewed as a Diwali gift, sparked concerns among states about revenue loss. However, the GST collection's structure ensures states receive around 70% of the total revenue. SBI projects significant gains for states, emphasizing that streamlined GST will simplify compliance and enhance revenue efficiency, despite opposition states seeking compensation for potential revenue losses.
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GST rate reduction has higher multiple effect on economy, than income tax cut: Ambit Capital
Economic Times
·
14d ago
Medial
Ambit Capital's report suggests that a reduction in Goods and Services Tax (GST) rates has a greater multiplier effect on GDP growth (1.08x) compared to direct tax cuts, as GST is an indirect tax impacting all consumers. GST reforms could simplify the tax system, potentially enhancing compliance and expanding the tax base. Although GST rationalization may cause revenue losses, especially for states, it can boost discretionary consumption, particularly during peak demand seasons.
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GST reforms not linked to Trump tariffs, clarifies Nirmala Sitharaman
Economic Times
·
2d ago
Medial
Finance Minister Nirmala Sitharaman clarified that the Goods and Services Tax (GST) reforms were not a reaction to US tariffs but were in development for over 1.5 years. Announced reductions and rationalization of GST slabs, especially for insurance premiums, were internally discussed long before the 2022 Union Budget. Despite speculation linking GST changes to Trump’s tariffs, Sitharaman emphasized ongoing efforts to improve tax efficiency and responded to states' revenue concerns without linking them to external economic pressures.
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India’s tax enforcer shift gears to hunt big-ticket fraud, spare the small fry
Livemint
·
1m ago
Medial
The Directorate General of GST Intelligence (DGGI) is shifting focus to prioritize investigating high-impact tax evasion and fraud instead of technical disputes like errors in product classification. This approach targets shell companies, circular trading, and high-risk sectors to deter organized fraud, reduce compliance burdens, and boost investor confidence. The strategy aims to address major economic damages caused by systematic tax evasion, having detected over ₹7 trillion in GST evasion over five years.
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No friction between Centre-states on GST, federal structure should be respected: Nirmala Sitharaman
YourStory
·
1y ago
Medial
Union Finance Minister Nirmala Sitharaman addressed concerns about the relationship between the Centre and states over the Goods and Services Tax (GST). She denied any friction and emphasized the need to respect the federal structure of the economic reform. Sitharaman stated that simplification and compliance were given priority over revenue generation in budget discussions. She also highlighted the efforts made to establish a unified tax system and stressed the importance of avoiding evasion and ensuring compliance. The Finance Minister emphasized that all finance ministers aimed for good revenue generation and widening the tax base.
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GoM on GST meets to take up falling mop up, curb fraud
Economic Times
·
2m ago
Medial
A Group of Ministers (GoM) on GST revenue analysis met to address falling collections in large states and curb input credit frauds and fake invoices, leading to significant revenue losses. Chaired by Goa Chief Minister Pramod Sawant, the GoM aims to implement technology-based measures to tackle these issues. Recent trends show slowing GST collections growth in major states, prompting discussions on using AI tools to enhance monitoring ahead of the GST council meeting.
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Car sales stay in slow lane for 4th straight month
Economic Times
·
10d ago
Medial
Passenger vehicle sales in August declined for the fourth consecutive month as manufacturers limited dispatches, anticipating revised GST rates. About 330,000 vehicles were dispatched, down 7% from the previous year. The GST Council may lower GST on small cars to 18% and adjust taxes on larger vehicles. Despite the sales dip, market prospects remain positive, with Maruti Suzuki expecting a boost post-GST revision. Hyundai led local sales, while exports grew by 21%.
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GST @8: PwC suggests petro-products' inclusion, lowering tax slabs
Economic Times
·
2m ago
Medial
The PwC India report recommends simplifying GST compliance by reducing tax slabs to three and incorporating petroleum products into the GST framework. This reformation aims to decrease interpretational issues and improve tax certainty. Currently, petroleum products are outside GST, causing cash flow challenges for businesses. The proposal seeks to address revenue concerns for states by aligning with GST Council policies. The report emphasizes the importance of a globally competitive GST structure to attract investments.
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GST collections top Rs 2 lakh crore again in May; states show mixed collection trends
Business Today
·
3m ago
Medial
In May 2025, India's GST revenue reached Rs 2.01 lakh crore, marking a 16.4% year-on-year rise. Domestic transactions contributed Rs 1.50 lakh crore, with imports generating Rs 51,266 crore. Central GST was Rs 35,434 crore, State GST Rs 43,902 crore, while Integrated GST was Rs 1.09 lakh crore. States like Maharashtra and Karnataka saw 17-25% increases, whereas Gujarat and Andhra Pradesh had up to 6% growth. Net GST revenue surged 20.4% to Rs 1.74 lakh crore.
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