Business Finance

Govt Won’t Restore Anti-Profiteering Under GST

By BPN News Desk September 19, 2025

The Indian government has confirmed there are no plans to bring back the anti-profiteering provisions under Section 171 of the GST law. These provisions required businesses to pass on tax rate cuts or input tax credit benefits to consumers. Background: What Changed When GST was introduced in 2017, the anti-profiteering law and a body called […]

Business Finance

GST Rate Reductions Effect from September 22

By BPN News Desk September 17, 2025

Finance Minister Nirmala Sitharaman announced that recent GST rate cuts will take effect from 22 September 2025. These cuts are expected to streamline tax slabs and reduce rates across many consumer goods. Economic Impact Projected The government estimates these reforms will inject about ₹2 lakh crore into the Indian economy by increasing cash in the […]

Business Finance

SBI Branch in Karnataka Robbed of Rs 21 Crore Loot

By BPN News Desk September 17, 2025

Three masked gunmen robbed a State Bank of India (SBI) branch in Chadachan, Vijayapura district, Karnataka. The heist occurred on Tuesday evening, when the robbers entered under false pretense, tied up staff, and made off with a large haul of cash and gold. Loot Details Authorities say the robbers escaped with approximately 20 kg of […]

Business Finance

Rupee Edges Up to ₹88.20 Against US Dollar

By BPN News Desk September 15, 2025

On Monday, the Indian rupee gained 6 paise to close at ₹88.20 per US dollar in interbank trading. This was a marginal improvement driven by range-bound trading and a slightly weaker US dollar. Market Dynamics Traders noted controlled volatility in the forex market. Some attributed the rupee’s mild strengthening to possible intervention by the Reserve […]

Business Finance

CBIC Says No ITC Reversal for Post-Sale Discounts

By BPN News Desk September 14, 2025

The Central Board of Indirect Taxes and Customs (CBIC) has clarified that buyers will not be required to reverse Input Tax Credit (ITC) when suppliers provide post-sale financial or commercial discounts through credit notes. The clarification states that such discounts do not reduce the taxable value or the supplier’s GST liability. Clarification on Discounts According

Business Finance

FMCG Firms Say They Cannot Directly Pass GST Cuts

By BPN News Desk September 12, 2025

Consumer goods companies say that even though GST rates are being cut, they cannot directly lower prices for consumers. They argue that factors like input costs, packaging, distribution, and existing stock with old pricing make immediate price reductions difficult. Government Expectation The government, including the Finance Ministry and CBIC, has made clear that firms

Business Finance

SMBC Exits Kotak as Yes Bank Investment Nears

By BPN News Desk September 10, 2025

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has decided to exit Kotak Mahindra Bank by selling its entire 1.65% stake through a block deal valued at around ₹6,166 crore. The shares will be sold at a floor price of ₹1,880 each, marking SMBC’s complete divestment from Kotak after several years as a minority investor. Exit Supports […]

Business Finance

Moody’s Sees Higher GST Revenue Loss Than Govt

By BPN News Desk September 10, 2025

Rating agency Moody’s said India’s recent GST rate cuts are expected to encourage household spending and strengthen demand. The reforms introduced a two-slab structure of 5% and 18%, along with a 40% tax on luxury and sin goods. Revenue Shortfall Could Exceed Estimates The Indian government projected a revenue loss of about ₹48,000 crore due […]

Business Finance

GST 2.0 Reforms Expected to Boost Consumption

By BPN News Desk September 9, 2025

Sanjay Kumar Agarwal, chairperson of the Central Board of Indirect Taxes and Customs, said that the new GST rate cuts under “GST 2.0” are expected to drive consumer spending. He noted that while the reforms could lead to an estimated ₹48,000 crore revenue loss, this may be balanced out if industries pass on savings to […]

Business Finance

GST Council Approves Simplified Tax Slabs

By BPN News Desk September 7, 2025

In the 56th GST Council meeting, Finance Minister Nirmala Sitharaman announced a new, simplified Goods and Services Tax structure. The overhaul reduces GST to two main slabs—5% and 18%—alongside a 40% rate for certain high-end or “sin” goods. Changes Aimed At Simplification And Relief The restructuring shifts hundreds of items, including everyday essentials like packaged