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

Business Finance

August UPI Hits Record 20B Transactions Despite Gaming Ban

By BPN News Desk September 6, 2025

UPI crossed a new milestone in August 2025 by processing 20.01 billion transactions in a single month. This marked the first time UPI volume went past the 20 billion mark. The total transaction value was ₹24.85 lakh crore, slightly lower than July’s ₹25.08 lakh crore. On average, UPI handled 645 million transactions a day, amounting […]

Business Finance

Nirmala Sitharaman Demands GST Cuts Reach Consumers

By BPN News Desk September 5, 2025

Finance Minister Nirmala Sitharaman said businesses must ensure that GST rate reductions are reflected in retail prices, not absorbed as extra profits. She added that the government has put in place a monitoring system to track compliance and will intervene where needed. GST 2.0 Structure The new GST framework, effective from September 22, simplifies the […]

Business Finance

GST Council Rolls Out Two-Slab Tax, Adds 40% ‘Sin’ Tier

By BPN News Desk September 4, 2025

The GST Council, chaired by Finance Minister Nirmala Sitharaman, has approved sweeping reforms to India’s Goods and Services Tax (GST), effective from 22 September 2025, coinciding with the Navratri festival. New GST Structure Under the new framework, the existing four tax slabs—5%, 12%, 18%, and 28%—are replaced by a simplified two-slab structure of 5% and […]

Business Finance

GST Council Meets to Discuss Major Rate Changes

By BPN News Desk September 3, 2025

The 56th GST Council, chaired by Finance Minister Nirmala Sitharaman, began a two-day meeting in New Delhi on September 3. The meeting includes representatives from the Centre and states to discuss major reforms in India’s indirect tax system. Simplifying the Tax Structure One of the key proposals is to replace the current four-tier GST system […]