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The Finance Ministry has called for suggestions from trade and industry on tax rate changes and ease of compliance expected in the Union Budget for the 2026-27 fiscal to be presented on February 1, 2026.
Sanitaryware players expect the government to focus on rationalising GST rates on sanitaryware products to make them more accessible and encourage sustainable construction practices through policy measures in the Union budget for the next fiscal.
Honda Motorcycle and Scooter India, the country’s second-largest two-wheeler manufacturer in terms of volume, has called for a reduction in the Goods and Services Tax (GST) rate on two-wheelers to make them more affordable.
Tamil Nadu Food Grains Merchants Association has written to the Union Finance Minister Nirmala Sitharaman urging the Centre to redress the grievances with regard to Goods and Services Tax (GST).
The government should bring down the existing GST on individual health insurance policies to 5 per cent from the existing 18 per cent to encourage people to buy these policies as a measure of social security, the Confederation of General Insurance Agents’ Associations of India appealed to the government on Tuesday.
The upcoming GST Council meeting scheduled for June 22 has sparked considerable interest in the market. Many are hopeful that significant changes may be announced, especially given its timing just before the Budget. Experts anticipate a review of the GST slabs, with discussions centered around potentially reducing the number of slabs from four to three.
GST Council will meet here on June 22, with a packed agenda, including proposals to bring natural gas and aviation turbine fuel (ATF) under the ambit of the GST, and a review of the way the tax on consumption is applied on online gaming, casinos and horse racing.
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet after a gap of eight months on June 22, and is likely to review the implementation of 28% GST on the online gaming sector. The 53rd meeting of the GST Council will be held on 22.06.2024 at New Delhi,” the GST Council Secretariat said n a post on X.
Implementation of key strategic reforms such as simplification of customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure its sustainable development and inclusive growth, GTRI said on Thursday.
CII president Sanjiv Puri on Thursday said petroleum products, electricity, and real estate must be brought under the ambit of the goods and services tax (GST).