The sweeping changes in Goods and Services Tax (GST) rates announced by the government will come into effect from September 22, the first day of Navratri, Union minister Ashwini Vaishnaw said on Saturday, calling it a transformative step for the economy.Speaking at a press conference at the BJP headquarters, Vaishnaw said the rationalisation of rates…
The sweeping GST rate reductions announced this week will bolster consumer spending and benefit sectors such as footwear, quick-service restaurants (QSRs), FMCG, and grocery retail, according to Global financial consultancy Bernstein. In a report, Bernstein flagged a notable shift: the reduction of GST on personal care and household products — including soaps, shampoo, hair oil,…
Gold futures for October delivery have risen substantially, climbing approximately Rs 6,500 within the last month to achieve an unprecedented Rs 1,07,807 per 10 grams on the Multi Commodity Exchange (MCX) on Friday.The upward movement persists despite recent profit collection preceding vital US employment statistics, whilst global economic uncertainty and central bank purchases continue to…
The Federation of Seed Industry of India (FSII) on Saturday welcomed the GST Council’s decision to slash rates on key agricultural inputs but urged the government to extend similar relief to the seed sector.According to FSII, the reduction of GST on fertiliser raw materials, bio-pesticides, micronutrients and farm machinery will lower input costs and strengthen…
Employment data for August revealed significant weakening in US job market conditions, with unemployment climbing to 4.3%, marking a nearly four-year peak. This development strengthens expectations for a Federal Reserve interest rate reduction this month, according to Reuters.The Friday employment report further disclosed June’s first job losses in four and a half years, raising concerns…
NEW DELHI: FM Nirmala Sitharaman said Friday companies must pass on the benefit of lower GST rates to consumers while stating that the Centre is working on a package to provide relief to exporters affected by US tariffs.In an hour-long interview, Sitharaman told TOI the GST reforms, which came on PM Modi’s directions, focused on…
President Trump has identified three candidates as frontrunners to replace Jerome Powell as Federal Reserve chair: his advisor Kevin Hassett, former Fed governor Kevin Warsh, and sitting Fed governor Christopher Waller.At the White House, Trump told reporters that Scott Bessent was initially considered, but the Treasury secretary declined interest. “I had four,” Trump said. “Now…
Sanjay Kumar Agarwal, chairman of the Central Board of Indirect Taxes and Customs (CBIC) explains the overall message of massive GST reforms undertaken by govt. In an interview to TOI, Agarwal says that companies must ensure that benefit of rate reduction is fully passed onto consumers. Excerpts:What is the overall message behind this GST reforms?This…
With India’s elderly population projected to reach 21 per cent by 2050, there is growing urgency for a robust retirement savings framework. UN data from 2023 shows that while 43 per cent of Indians were under 25, only 11 per cent were above 60, hinting at the demographic shift ahead. To address this challenge, the…
NEW DELHI: Commerce and industry minister Piyush Goyal on Friday said any potential losses from GST rate rationalisation were accounted for and higher consumption would offset such losses.“With such a big reduction in the tax rate, imagine how much the market will increase and due to that increase, the tax will also increase,” he said….
