GST Archives - National Times

02 Sep

Haryana Leads Country with 29% Surge in SGST Collections in First Five Months of Fiscal 2026-27

Balwinder Singh0 CommentsHaryanacollections, Economic Growth, Finance, GST, Haryana, SGST, Tax Revenue

Chandigarh (Balwinder Singh)— Haryana has recorded the highest growth rate in State Goods and Services Tax (SGST) collections across India during the first five months of the 2026-27 fiscal year, posting a 29 percent surge. Official figures released on Wednesday indicate that the state amassed ₹24,662 crore in SGST receipts between April and August, up substantially from ₹19,174 crore collected during the corresponding period last fiscal. The state’s pace of revenue expansion nearly doubled the national average growth rate of 16 percent. The robust fiscal momentum continued through August 2026, when post-settlement SGST receipts reached ₹4,982 crore compared to ₹4,119…

GST 2.0 Rollout: Simpler Tax Regime Promises Savings for Households, Hits Luxury Goods

Rajeev Sharma0 CommentsBusiness, India, TrendingGST, India, Narendra Modi

New Delhi (Rajeev Sharma): India has entered a new phase of indirect taxation with the launch of GST 2.0, which takes effect nationwide from today. The overhaul replaces the earlier four-rate structure with a streamlined system that has just two regular slabs – 5% for essentials and 18% for most goods and services – along with a steep 40% levy on luxury and sin products. The government has pitched the reform as a consumer-friendly move that will ease compliance, reduce disputes, and ultimately bring down the cost of living. Prime Minister Narendra Modi, hailing the transition as the start of…

Govt May Replace GST’s Four-Slab System With Two-Tier Tax Rates

Rajeev Sharma0 CommentsBusiness, India, TrendingGST

New Delhi: The Union government is weighing a significant overhaul of the Goods and Services Tax framework, with plans to eliminate the 12% and 28% tax brackets and move to a simpler two-slab system, government sources revealed on Friday. Under the proposed structure, GST would be charged at either 5% or 18% on most goods and services. The 28% slab could remain only for a narrow category of luxury or sin goods, while the 12% rate would be merged into the 18% bracket. The move is aimed at simplifying tax compliance, reducing classification disputes, and bringing greater transparency to the…