GST Revamp: How Opposition-Ruled States Came On Board

The rationalisation of Goods and Services tax, done eight years after the flagship reforms were initiated, took place after a clear directive from Prime Minister Narendra Modi delivered from the ramparts of the Red Fort on Independence Day.

The imposition of the GST at 28%, the 'highest', on beedi production has dealt a blow to 'employment' in the sector, according to Swadeshi Jagran Manch.

The premium wear segment accounts for about 18% of the apparel industr,y worth $70 billion

Electric vehicles will continue to attract a GST rate of 5%, while other categories have now been put under either 18% or 40%.

Rationalisation of GST slabs will lead to increased demand that will, in turn, push for greater investment as manufacturers ramp up production to meet that uptick, Amitabh Kant, the former CEO of government think-tank NITI Aayog, said.

Services relating to exploration, mining or drilling of petroleum crude or natural gas have been increased to 18% with input tax credit.

The GST cut on medicines is a "humanitarian move", and its impact will be huge, according to Shobana Kamineni.

GST Reforms: All individual life insurance policies whether term life, ULIP or endowment policies and subsequent reinsurance are exempt from GST.

The NSE Nifty 50 settled 19.25 points or 0.08% higher at 24,734.30 and the BSE Sensex closed 150.30 points or 0.19% up at 80,718.01.

With effect from September 22, 2025, the entire man-made textile chain from fibre to yarn to fabric, will operate under a uniform 5% tax structure.

Viewing GST 2.0 as a mere well-timed political move would be incorrect. GST 2.0 reflects the Modi government's appetite to stitch good economics with good politics.

Dealers accumulate CC credits as part of their inventory purchases, which can only be used to offset future compensation cess liabilities.

Government unveils GST 2.0 with Rs 480 billion in tax cuts

GST change could either hurt Swiggy and Zomato's profitability if they absorb the cost or their demand if they pass the cost on to the consumer.