Goods and Services Tax

August 18, 2025 1:22 PM

GST overhaul, policy easing to boost consumption, domestic demand in India: Morgan Stanley

A likely overhaul of Goods and Services Tax (GST) rates, coupled with support from other measures such as personal income tax cuts, monetary policy easing, signs of pickup in job growth and improving real wages, improves the outlook for consumption and domestic demand in India, a Morgan Stanley report said on Monday. The proposed new GST regime will likely have meaningful impact on growth, fiscal balance and Consumer Price Index (CPI) inflation, with implications for monetary policy. In the ne...

August 15, 2025 9:00 AM

PM Modi promises GST overhaul ahead of Diwali; says the review is need of the hour

Prime Minister Narendra Modi, in a bold Independence Day declaration, announced the formation of a high-level task force to spearhead next-generation reforms across governance, taxation, and public service delivery. Addressing the nation from the Red Fort on Friday, PM Modi said, “We have decided to form a task force for next-generation reform. Our aim now is to bring about all kinds of reforms.” In a festive note, the Prime Minister promised a “double Diwali” for citizens this year, h...

August 1, 2025 6:05 PM

GST collections rise 7.5% in July to Rs 1.96 lakh crore

India’s Goods and Services Tax (GST) collections rose to Rs 1.96 lakh crore in July, up 7.5 per cent from the same month of the previous year, according to government data released on Friday. The increase was driven by higher revenue from both domestic transactions and imports, reflecting steady economic activity, though the growth pace was slower than in recent months. Between April and July this year, gross GST revenue stood at Rs 8.18 lakh crore - marking a 10.7 per cent jump from Rs 7.39...

July 22, 2025 10:40 AM

GST at Eight Years: Report Highlights Growth in Revenue and growing Women’s Inclusion in Formal Economy

There are over 1.52 crore active Goods and Services Tax (GST) registrations and one-fifth of registered GST taxpayers in India now have at least one woman, and 14 per cent of registered taxpayers have all female members (on the basis of the constitution of business), an SBI report revealed on Tuesday. This representation is substantially high in limited liability partnership (LLP) and private limited companies and the vectors of increased formalization and momentum in corporate playbook augur w...

June 30, 2025 1:05 PM

GST turns eight: Unified tax system delivers record ₹22 lakh crore collection

India’s Goods and Services Tax (GST) will complete eight years since its rollout on July 1, marking a significant milestone in the country’s economic integration journey. Introduced in 2017 to replace a maze of indirect taxes, GST was hailed by Prime Minister Narendra Modi as “a path-breaking legislation for New India.” Over time, the reform has reshaped tax compliance, improved business efficiency and bolstered government revenues. In 2024–25, gross GST collections touched a record ...