There is much talk of the proposed simplification of India’s complex GST regime. Prime minister Narendra Modi in his Independence Day speech, said, "…The government will implement next generation GST reforms which will bring down tax burden on the common man."
Health insurance for individuals has been made exempt from Goods and Services Tax. GST has been removed from life insurance premium payments for individuals, as well. Both used to be charged GST at 18%. So, this represents major relief for individuals, this lowering of the cost of buying insurance by nearly a fifth, right? That magnitude of reduction in the cost of either life or health insurance is merely an illusion. The cost of insurance might come down somewhat, but definitely not by 18%.
The relationship between the United States and India has entered a new era, where Artificial Intelligence (AI) and the digital economy are becoming the key drivers of cooperation. The Government of India initiated the National AI Mission in March 2024, with a budget of ₹10,300 crore. The mission aims at the development of a large-scale computing infrastructure, the development of in-country created models of Artificial Intelligence like Bharat Gen, the development of semiconductor manufacturing, and the nurturing of Artificial Intelligence talent through the IndiaAI Future Skills programme.
India’s online gaming industry has witnessed remarkable growth over the past decade. Emerging as one of the fastest-expanding sectors within the digital economy, the market is projected to surpass a billion by 2027, engaging a player base of over 450 million.
India’s proposed GST 2.0 is being framed as the biggest reform to the indirect tax system since 2017: India’s upcoming GST 2.0 announcement, slated for implementation by Diwali, is being widely promoted in the media as a “Diwali gift”—a measure to reduce burdens on everyday consumers. Prime Minister Modi’s Independence Day speech has already prompted headlines calling it “a brighter gift of simpler taxes” and a “gamechanger” for GST.
TK ARUN Visible rates have been cut, while rates whose impact is not directly observable by the consumer have gone up; indirect taxes have been made even more indirect. Most of us have heard the tale of the mouse that…
Policy UpdateDevshi Satish Mishra What is meant by “Circular Economy”? The circular economy is a system that could be understood as a move towards sustainable development. It is a system wherein materials are fully utilised, which allows nature to be…