Annual report · Ministry of Finance (Department of Revenue section) · 2026-04-01

Ministry of Finance Annual Report 2025-26 (Department of Revenue - GST)

The Ministry of Finance annual report for 2025-26 has a Department of Revenue chapter covering indirect tax policy and administration for the year. The GST material covers the 56th GST Council meeting and its rate rationalisation, the move to a simpler slab structure, and relief for health and life insurance. It also covers progress in setting up the GST Appellate Tribunal and a simplified registration scheme for small businesses. Sections on CBIC formations, DGGI, the Tax Policy Research Unit and audit follow-up describe enforcement against fake ITC and the analytics work behind it.

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Key findings and recommendations

  • The 56th Council meeting rationalised GST rates with a focus on common-use goods, labour-intensive industries, agriculture and health.
  • Individual life and health insurance policies were fully exempted from GST.
  • GSTAT moved closer to operation: the Principal Bench was set up and an online appeal-filing application was launched in September 2025.
  • The Tax Policy Research Unit studies inverted duty structures and proposed wider e-invoicing and a GST equity dashboard on Centre-State revenue sharing.

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