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Consumer goods makers are hiring law firms for implementing the revised goods and services tax (GST) norms and taking pre-emptive measures to safeguard against any inadvertent anti-profiteering complications and allegations, said executives at companies and legal firms. The development comes amid buzz that the government is considering re-invoking anti-profiteering provisions, though only in the short term, to ensure companies pass on tax benefits to consumers. “While legal provisions require any benefits to be passed on by Way of commensurate reduction in prices, it is not practical to do so for all commodities, on account of package size, low retail price per package, and stock in transit, etc,” said Manish Mishra, partner and head of practice, indirect tax, JSA Advocates & Solicitors. Read more

Amid global economic chaos and US tariffs, Indian industries discuss risks and opportunities at a leadership roundtable. Key themes include dependence on China, the necessity for diversification, and the importance of creating competitive global brands to drive sustainable growth. If one word captured the mood, it was uncertainty. “From 2005 when (Thomas) Friedman wrote about the world being flat to now, there is complete uncertainty. World politics today is like Gen Z ‘situationships’ — you don’t know who is with whom, or for how long,” said Shivpriya Nanda, partner at law firm JSA Advocates & Solicitors. Read more

The US tariffs of 50% on Indian exports hit sectors such as textiles and apparel, and gems and jewellery. Auto components, too, face pressures given their reliance on exports to the US. Renewable energy firms, meanwhile, are less directly affected by Washington’s tariff strikes, but remain deeply dependent on inputs. The recent easing of Sino-Indian tensions has offered some reassurance, but nerves remain raw. To deliberate on these issues and explore both risks and opportunities, Mint convened a leadership roundtable in New Delhi with leaders across textiles, renewable energy, mining, electronics, auto components and law. “From 2005 when (Thomas) Friedman wrote about the world being flat to now, there is complete uncertainty. World politics today is like Gen Z ‘situationships’ — you don’t know who is with whom, or for how long,” said Shivpriya Nanda, partner at law firm JSA Advocates & Solicitors. Read more

The rationalisation of GST on cement – a key construction material – will help lower capital cost of infrastructure projects and improve cash flows, industry players said. At its 56th meeting on Wednesday, the GST Council approved slashing GST rates on a number of items. On cement, the council recommended the duty to be reduced to 18 per cent from 28 per cent. According to Ashish Suman, Partner, JSA Advocates & Solicitors, “In the medium term these tax cuts will provide a boost to India’s ambitions towards decarbonising its economy, as the reduced GST rates will make the production and supply of such next generation renewable energy parts more cost-effective. This will ultimately lead towards increase in investment and manufacturing activities in the renewable energy space.” Read more

The rationalisation of GST on cement – a key construction material – will help lower capital cost of infrastructure projects and improve cash flows, industry players said. At its 56th meeting on Wednesday, the GST Council approved slashing GST rates on a number of items. On cement, the council recommended the duty to be reduced to 18 per cent from 28 per cent. According to Ashish Suman, Partner, JSA Advocates & Solicitors, “In the medium term these tax cuts will provide a boost to India’s ambitions towards decarbonising its economy, as the reduced GST rates will make the production and supply of such next generation renewable energy parts more cost-effective. This will ultimately lead towards increase in investment and manufacturing activities in the renewable energy space.”  Read more

Realtors have hailed the government’s move to slash GST on cement from 28% to 18%, calling it a landmark reform that will reduce construction costs and boost housing demand. The reduction, part of a broader GST rationalisation, is expected to lower overall project expenses by up to 5%, with developers and industry bodies saying the benefits will flow to both homebuyers and the real estate sector. Rajul Bohra, Partner, JSA Advocates & Solicitors, said, “The GST Council had introduced a two-slab structure of 5% and 18%. The rate cuts on cement to 18% should ease financial burdens for real estate developers and improve affordability. However, the impact on home prices will depend on several factors. Greater clarity is needed on input tax credit for buildings meant for rental use, and it will need to be seen whether benefits will be passed to homebuyers or not.”  Read more

The GST new two-tier structure of 5% and 18% from September 22 is a welcome stride towards simplifying taxation in India. The cut in GST on cement from 28% to 18% and reductions on other key construction materials are crucial as it will help moderate construction costs, easing pressure on real estate developers and encouraging sustainable infrastructure growth. Rajul Bohra, Partner, JSA Advocates & Solicitors too expressed similar sentiments, “The impact on home prices will depend on several factors. Greater clarity is needed on input tax credit for buildings meant for rental use, and it will need to be seen whether benefits will be passed to homebuyers or not.” Read more

In a historic move, the Union government has slashed the Goods and Services Tax (GST) rates for 33 cancer drugs and rare medicines — from 12 to zero per cent. The decision taken by the GST Council, chaired by Finance Minister Nirmala Sitharaman, on Wednesday, rationalised the indirect tax structure, cutting the current four slabs down to two — scrapping the 12 per cent and 28 per cent rates, while retaining the 5 per cent and 18 per cent slabs. Read more

For millions of Indian households, everyday necessities—like toothpaste, soaps, shampoo, feeding bottles, and snacks—often stretch already tight monthly budgets. The recent GST cuts promise small but meaningful relief. Finance Minister Nirmala Sitharaman, who chaired the 56th Goods and Services Tax (GST) meeting that cleared the much-anticipated GST reform, called it a “Diwali gift” for citizens. Effective September 22, the GST structure will now comprise only two primary slabs—5% and 18%, replacing the earlier four-tier system. Read Article

New rates are expected to be implemented from September 22. Some states’ demand to be compensated for the revenue loss owing to the rate cut was not approved. As endorsed by a Group of Ministers and fine-turned by the Committee of Centre and State officials, the Centre’s proposal to reduce the 4 basic slabs (5, 12, 18 and 28%) to two (5 and 18%) was deliberated upon by the GST Council. Read Article

Real-estate firms have welcomed the Goods and Services Tax Council’s reforms, expecting better affordability for buyers, spurring demand, while lower input costs are likely to support developers and enhance project viability. The council has reduced the rate on cement from 28 per cent to 18 per cent, while the rate on sand lime bricks or stone-inlay work and granite blocks has been reduced to 5 per cent from 12 per cent. Read Article

India’s simplified two-tier Goods and Services Tax (GST) system is going to be implemented from September 22. So, a few weeks before the country’s important festive season, e-commerce companies have started redesigning their strategies. According to industry executives, online retailers expect a pick-up in demand, but at the same time they will also have to deal with short-term operational challenges. Read Article