Mumbai (Maharashtra) [India], September 9: Cupid Limited (BSE - 530843, NSE - CUPID), - Cupid Limited today welcomed the landmark recommendations of the 56th GST Council meeting, which announced sweeping reductions in Goods & Services Tax (GST) rates across a wide range of essential and cons
India could move towards a single Goods and Services Tax (GST) rate structure once the country achieves income parity across different segments of society, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal said in an exclusive interview.
The new GST rates and slabs will have a wide-scale positive impact on the many items related to heavy industries, be it auto, transport, or auto ancillaries.
The food-processing sector has been a major beneficiary of the recently announced rationalisation of GST rates, with most products witnessing a decline to a 5 per cent GST slab.
The recent changes in Goods and Services Tax (GST) rules for the food services sector are expected to have a mixed impact, with food delivery platforms facing higher costs while Quick Service Restaurants (QSRs) stand to benefit from tax reductions, according to a report by Bernstein.
Speaking to ANI on Sunday, Tharoor said the Congress party has been demanding changes in the Goods and Services Tax (GST) rate slabs for several years.
The BJP leader hailed the GST reforms and highlighted the government's decision to provide relief on medicines and essential goods. He said the reforms would strengthen India's economy.
Hyundai Motor India (HMIL) vowed on Sunday that it will pass on the complete benefit of the recent GST rate reduction on passenger vehicles to its customers right from Day 1, i.e. September 22, the date the revised GST rates come into effect.
The reduction in GST rates is forecast to drive a 200 basis points (bps) upshift in two-wheeler demand and a 100 bps increase for PVs, the report added.
The recently announced next-generation Goods and Services Tax (GST) reforms will significantly benefit India's agriculture sector, particularly the rice industry, Indian Rice Exporters Federation's Vice President, Dev Garg, said.
The sweeping GST reforms unveiled this week will strengthen the cooperative sector, make their products competitive, increase demand for their products and increase the income of cooperatives, the Ministry of Cooperation has said.