Prices of everyday goods and services could start to come down in the coming days, as recent cuts in indirect taxes by the government begin to show their effect, according to a report by Bank of Baroda (BoB).
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 two-day meeting, being held on September 3 and 4, is expected to bring significant changes to India's indirect tax structure, with discussions centred around rationalising and reducing the number of GST slabs.
The 56th meeting of the Goods and Services Tax (GST) Council is set to begin in the national capital tomorrow, spanning two days from September 3 to 4.
The GST was introduced in India on July 1, 2017. It replaced multiple indirect taxes with a single nationwide system, helping create a common national market and reducing the cost of doing business.
As India's Goods and Services Tax (GST) completes eight years since its launch in July 2017, a report by PwC highlights the key demands and reforms expected by the industry going forward.
Global companies are now using their India-based Global Capability Centres (GCCs) to run complex tax operations, covering corporate tax, indirect tax, transfer pricing, and litigation, according to a whitepaper report released by Deloitte, a multinational professional services firm.
Minister of State for Finance Pankaj Chaudhary, Revenue Secretary Arvind Srivastava, Central Board of Indirect Taxes and Customs Chairman Sanjay Agarwal and other members of the board were also present during the inauguration.
India's economy recorded strong growth in the fourth quarter of FY25, mainly due to a sharp rise in net indirect taxes, stated a report by State Bank of India.
In the run-up to completion of eight years of GST, the Central Board of Indirect Taxes and Customs (CBIC), in coordination with the FIT INDIA Movement, organised a nationwide cyclothon titled "Sundays on Cycle" under the aegis of FIT INDIA movement launched by the Prime Minister, Narendra Mo
The Gross Goods and Services Tax (GST) collections for March 2025 surged 12 per cent, standing at Rs 2.37 lakh crore during April, marking an all-time high for collections.