The GST Council has announced a major overhaul of the indirect tax system, introducing a simplified two-slab structure of 5% and 18%, along with a 40% slab for luxury and sin goods. Small cars and motorcycles up to 350cc will see reduced GST rates, while electric vehicles and gold remain unchanged.
The Goods and Services Tax (GST) Council reduced tax rates on vehicles. The automobile industry leaders welcomed this decision. They said it would boost demand and affordability. The new tax structure includes 5% and 18% slabs. Shailesh Chandra and C S Vigneshwar expressed positive sentiments. Sudarshan Venu said the cut would turbocharge growth.
Bharuch, Gujarat, has emerged as a significant hilsa source, delivering a record 4,000 tonnes across India due to decreased production in West Bengal and absent imports from Bangladesh. Fish from the Narmada River are now being sold in major cities like Kolkata and Mumbai. Importers are lobbying for Bangladesh hilsa exports to meet festive season…
The GST Council has approved a significant tax hike on sin and luxury goods, introducing a new 40% slab for items like tobacco, aerated drinks, and premium vehicles. This restructuring aims to simplify the indirect tax system by reducing the number of tax slabs.
India’s IT sector is experiencing a hiring slowdown, particularly in legacy tech, due to global economic uncertainties and increased US tariffs. While demand for traditional skills declines, roles in AI, machine learning, cloud, data, and cybersecurity remain strong. Staffing firms anticipate this trend to persist, with a weaker September quarter expected.
Gold and silver price prediction today: Gold prices are trending upwards, potentially reaching ₹107,800, supported by global uncertainties. Silver also shows a positive bias, aiming for ₹130,000 due to industrial demand and safe-haven appeal.
Vladimir Putin dismissed the Ukraine conflict as a Western pretext for broader sanctions against countries with strong economic ties to Russia, citing tariffs on Brazil as an example unrelated to the conflict. He attributed these measures to trade imbalances, particularly between the U.S. and major economies like India, China, and Brazil.
Anand Mahindra welcomes the GST rate cuts, viewing them as a positive step towards economic reform and urging further action to boost India’s economy. The revised GST structure, featuring two primary rates of 5% and 18%, aims to simplify the tax system and stimulate demand, particularly in rural and semi-urban areas, with changes taking effect…
Former US National Security Advisor John Bolton criticized Donald Trump’s trade policies, asserting they’ve damaged US-India relations. Bolton claims Trump’s tariffs, particularly the 50% imposition on India, have driven Prime Minister Modi closer to Russia and China.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Thursday, rallying strongly on the back of sweeping GST rate cuts announced by FM Nirmala Sitharaman.
