At a joint press conference on Dhanteras, Finance Minister Nirmala Sitharaman, joined by Ministers Piyush Goyal and Ashwini Vaishnaw, spoke about the impact of the recently implemented GST 2.0 reforms. Sitharaman said the reforms, launched on the first day of Navratri, have been well received by the public. The government has tracked 54 essential items and found that the tax benefits under GST 2.0 have been fully passed on to consumers, boosting festive season sales and confidence.
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The Jammu and Kashmir High Court has ruled that trade between Jammu and Kashmir and the Pakistan Occupied Kashmir or PoK across the Line of Control is intra-state trade and therefore, no GST can levied on it.
Jammu and Kashmir and Ladakh High Court has said the cross-Line of Control (LoC) trade between the Union territory and Pakistan-Occupied Kashmir constitutes intra-state trade under the GST Act, as PoK is legally a part of J&K.
India's economy grew at a higher-than-expected 8.2 per cent - the fastest pace in six quarters - in July-September, as front-loading of production ahead of GST rates cut boosted consumption that helped offset the impact of steep US tariffs.
The Indian economy showed signs of a further pickup in momentum, despite continuing global headwinds.
Passenger vehicles hit record October dispatches, up 17.2%; two-wheelers rose slightly, scooters surged, motorcycles dipped; GST cut boosted demand.
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