Tax Guru

GST Compliance for Retailers After Changes In GST Rates From 22-09-2025

Clarifications for retailers on new GST rates from Sept 22, 2025: applying revised rates to stock, ITC reversal for exempt supplies, and use of accumulated ...

Policyholders are unlikely to get full benefit from GST exemption; premiums likely to rise with no ITC benefit

Starting September 22, 2025, individual health and life insurance premiums are GST-exempt, but insurers have lost their ITC ...

Experts flag input tax credit blockage for FMCG distributors despite GST relief

GST circular 251 clarifies input tax credit rules, but distributors face cash flow issues due to excess ITC balances.

GST 2.0: Key changes effective September 22; explained in FAQs

The 56th GST Council, convened on September 3, 2025, announced significant GST regime revisions effective September 22, 2025. These changes streamline the tax structure to two rates: 5% for essential ...

GST 2.0: Re-labelling of drugs, medical devices not mandatory for stocks issued before Sept 22

For other services such as beauty and physical well-being services, the Ministry said the GST rate of 5 per cent without ITC ...
Opinion

OPINION | GST 2.0: Modi's next-generation reform for growth and affordability

GST 2.0 introduces a simplified tax structure, reduces rates on essentials, and supports MSMEs, boosting economic growth while improving affordability for consumers and businesses alike ...

Finance ministry issues clarifications on input tax credit rules under revised GST framework

According to a fresh set of FAQs from the Central Board of Indirect Taxes and Customs (CBIC), insurance companies will not be eligible for input tax credit (ITC) following the complete exemption of GS ...