This blog post provides a comprehensive guide to the upcoming GST rate changes in India, effective 22 September 2025, focusing specifically on the implications for Input Tax Credit (ITC) on stock. It explains the new simplified tax slab structure (5%, 18%, 40% for luxury goods) and details how businesses should handle ITC for stock purchased before the changes, supplies made after the changes, and unsold old inventory. The post offers practical advice on identifying stock, claiming eligible ITC, reversing ITC where necessary, seeking manufacturer support, and maintaining audit-ready records to navigate this significant tax transition effectively.

This blog post analyzes the impact of the latest GST reforms on the Indian media industry. It highlights how, despite appeals from media and advertising groups, the sector received no significant relief regarding tax parity for digital publications, input tax credit access, or flexible tax payment timing. The article details the approved reforms that benefited other sectors and consumers, contrasting them with the ignored pleas of the media, leading to concerns about worsening the digital divide, liquidity pressure, and hindered cost recovery. It concludes that the lack of targeted reforms poses a major setback for innovation, job creation, and overall growth in the Indian media landscape.

The GST Council is set to meet on September 3-4 to review GST 2.0 reforms. States want strict rules to prevent profiteering so that GST rate cuts actually benefit consumers. Key proposals include a temporary anti-profiteering law, consumer complaint platforms, and tighter monitoring of sensitive sectors. Businesses, however, warn about compliance costs and pricing disruptions.

Significant GST reforms were implemented in the Union Budget 2025, with an emphasis on increasing transparency, reducing the tax burden on small enterprises, and boosting compliance. Stricter ITC claim regulations, e-invoicing requirements for companies with ₹5 crore in revenue, updated GST rates, and higher GST registration limits for MSMEs are some of the major changes. Although companies must adjust to more stringent laws, these changes seek to simplify compliance, increase economic growth, and streamline procedures.

The Union Budget 2025–2026, to be presented by Finance Minister Nirmala Sitharaman on February 1, 2025, is expected to set the financial roadmap for the coming fiscal year. Key areas of focus include changes in taxation, infrastructure development, digital economy growth, and social welfare programs. With rising expectations from businesses and taxpayers, this budget will play a crucial role in shaping India’s economic future. Stay tuned for key announcements and live updates on Budget Day.