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New Delhi: The government's plan to simplify the Goods and Services Tax (GST) structure, replacing the existing four-slab GST system with a simpler two-slab structure, is set to bring considerable relief to the consumers, with lower tax rates expected to make a wide range of goods more affordable, according to a new report. This move will directly benefit 11.4 per cent of India's Private Final Consumption Expenditure (PFCE), with taxable consumption estimated at Rs 150-160 lakh crore, Bank of B ...Read More >
New Delhi, Aug 22 (PTI) The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation. In an office memorandum, the GST Council Secretariat said the two-day meeting will be held in New Delhi. The council, comprising finance ministers of all states and UTs besides the Centre, will deliberate on the recommendations by the three GoMs on rate rationalisation, compensation cess and health and life insurance. The Gr ...Read More >
New Delhi: India's private sector activity expanded at the fastest pace on record in August, as the headline HSBC Flash India composite purchasing managers' index (PMI) output index witnessed a significant jump over four points to 65.2 in the month. A historic surge in demand was led by the dominant services sector, which allowed firms to hike prices at the fastest clip in over 12 years, a private survey showed on Thursday. As per the survey, HSBC's flash India Composite PMI, compiled by S&P Gl ...Read More >
MUMBAI: The proposed GST reforms, announced by the prime minister to be rolled out by Diwali, halving the current four-rate tax structure into two-tier regime at lower rates, though will lead to an estimated average revenue loss of Rs 85,000 crore per annum, will give a big boost to the for-long sagging consumption story to the tune of Rs 1.98 trillion, a report has said. The current GST structure consists of four main rate slabs: 5, 12, 18 and 28%. These rates apply to most goods and services. ...Read More >
NEW DELHI, Aug 15 (Reuters) - Indian Prime Minister Narendra Modi said on Friday the goods and services tax (GST) would be reformed and taxes lowered by Diwali, the Hindu festival of lights, set to be celebrated in October this year. "This Diwali, I am going to make it a double Diwali for you. Over the past eight years, we have undertaken a major reform in goods and services tax. We are bringing next-generation GST reforms that will reduce the tax burden across the country," he said during a sp ...Read More >
New Delhi, Aug 18 (PTI) Amid concerns about the revenue impact of the Centre's pro-middle-class 'Next Gen GST' with a proposed two-slab structure, government sources clarified that the Centre is an equal partner in revenue sharing with the states and that its proposal anticipates a revenue boost over time, driven by increased consumption. Under the current Goods and Services Tax (GST) framework, revenues are shared equally between the Centre and the states. Additionally, 41 per cent of the Cent ...Read More >
New Delhi, Aug 18 (PTI) The 18 per cent tax slab is expected to remain the major contributor to GST revenues if the Centre's proposal for a two-tier GST structure and a special 40 per cent rate is implemented, according to a source. At present, the Goods and Services Tax (GST) follows a four-tier structure with rates of 5 per cent, 12, 18, and 28 per cent. Food and essential items are either exempt or taxed at 5 per cent, while luxury and sin goods attract the highest rate of 28 per cent. The ...Read More >
VMPL New Delhi [India], August 14: Ellenox, India's largest venture studio, is accelerating its global push in enterprise AI development. In the past year, the company has grown its headcount by 50% over the last year, bringing in senior AI talent from Amazon and Google to power its next phase of expansion. Already delivering AI transformation for Fortune 50 leaders in fintech, cloud computing, consumer social, and sports-tech, Ellenox has built systems that replace costly call centers with na ...Read More >
New Delhi [India], August 14 (ANI): India overall trade deficit (merchandise and services combined) widened to USD 11.72 billion in July 2025, up from USD 10.10 billion in the same month last year, driven by a sharper rise in imports than exports, according to the data released by the Commerce & Industry Ministry. The data shows that the overall exports stood at USD 68.25 billion in July 2025, marking a growth from the same month of the previous year at USD 65.31 billion. On the other hand, im ...Read More >
New Delhi [India], August 14 (ANI): India's overall trade deficit (merchandise and services combined) widened to USD 11.72 billion in July 2025, up from USD 10.10 billion in the same month last year, driven by a sharper rise in imports than exports, according to the data released by the Commerce & Industry Ministry.The data shows that the overall exports stood at USD 68.25 billion in July 2025, marking a growth from the same month of the previous year at USD 65.31 billion.On the other hand, impo ...Read More >
Mysore/Mysuru: To address widespread confusion and concerns among merchants and the business community following the recent issuance of notices, the Commercial Tax Department had organised a workshop at its premises in city on Monday. Speaking at the workshop, P.D. Shobha, In-charge Joint Commissioner (Administration Division) of Commercial Tax Department, reassured businessmen that there was no need to panic upon receiving notice from the Department. "Merchants and businessmen who receive not ...Read More >
New Delhi: India's goods exports in June fell a tad from a year earlier, but a sharper drop in imports aided the trade deficit to narrow to a four-month low. Exports reduced 0.05% year-on-year to $35.14 billion, a seven month low, while imports fell 3.71% to $53.92 billion, leaving a trade deficit of $18.78 billion compared with $20.84 billion in June last year. Exports to the US in the past month rose sharply to $25.52 billion from $20.89 billion, despite the base tariff on Indian goods shipp ...Read More >
New Delhi: The India-UK free trade agreement will feature a dedicated chapter on innovation, commerce secretary Sunil Barthwal said on Monday, marking a shift in India's trade strategy towards deeper technological and research partnerships. The pact is in its final stages, with both sides subjecting the chapters to legal scrutiny. "This is for the first time that a chapter on innovation is being added in an FTA. A working group will be set up to advance cooperation in this area," Barthwal said ...Read More >
Bengaluru: Small businesses across Karnataka -- including tea stalls, bakeries, salons, and local eateries -- have raised concerns after receiving GST notices based on their UPI transaction volumes. The Commercial Tax Department has issued these notices to entities whose annual digital receipts exceeded ₹40 lakh for goods or ₹20 lakh for services, even if they are not GST-registered. Tax consultants are urging affected traders to respond to the notices within the stipulated deadline to avoid pe ...Read More >
India pays digitally: 2025 marks the third year of the 'Har payment digital' initiative by Reserve Bank of India (RBI). Indeed, it is huge leap: India crossed 20 billion payments (approximating ₹250 trillion) through digital modes (Sanjay Malhotra, Governor, Reserve Bank of India, Mumbai, March 10, 2025). However, while there is no denying the convenience and time-saving brought in by the quantum leap in digital payments, do digital payments actually contribute to GDP growth? Are payments leadi ...Read More >
PURI: Over two million devotees thronged Puri to witness the Suna Besha of the Trinity atop their respective chariots on Sunday. The process for Suna Besha ritual began at 4 pm. Under tight security, the Mekapa servitors retrieved three sets of ornaments from a temporary strong room relocated from the Bahar Ratna Bhandar, and handed those over to the dressers on the chariots, which were placed under a five-tier security cordon. The Trinity was adorned with a stunning array of ornaments, includ ...Read More >
New Delhi: CII president Rajiv Memani said India requires a 10 per cent average nominal GDP growth annually to achieve its Viksit Bharat vision by 2047. He highlighted that the interim trade pact with the US will remove uncertainty and provide access to a larger market for Indian firms. India's economy is projected to grow at 6.4-6. Nominal GDP is the total value of goods and services produced in a country, measured using current market prices, without adjusting for inflation, unlike real GDP. ...Read More >
The industry has called for a cut in GST from 12 per cent to 5 per cent. "I have asked them to share the details with the Union finance ministry also. I will also talk and see how to bring (products) in the 5 per cent (GST) bracket... we will try to find a solution to this," he said, while addressing FTII Traders' Conclave in Srinagar. On Kashmiri apples, he said the industry has requested for more protection on this fruit, which at present attracts a minimum import price (MIP) Rs 50 per Kg an ...Read More >
Srinagar, Jul 3 (PTI) The annual Amarnath Yatra began on Thursday with the first batches of pilgrims setting off from the twin base camps in Baltal and Nunwan towards the 3880-metre-high cave shrine in the south Kashmir Himalayas, which houses a naturally formed ice-lingam, officials said. The yatra started early morning from the twin tracks -- the traditional 48-km Nunwan-Pahalgam route and the 14-km Baltal route. The batches of pilgrims, including men, women and sadhus, left from the Nunwan ...Read More >
New Delhi: Cigarettes, carbonated drinks, and high-end cars are among items that may become more expensive if a proposal to replace the expiring compensation cess - in the Goods and Services Tax system - with cesses on health and clean energy, targeting tobacco products and automobiles, is passed. The Health Cess will apply to 'sin goods' - referring to products usually taxed at higher rates due to their perceived negative impact on society - and others in the higher 28 per cent GST bracket. Th ...Read More >
India's balance of payments (BoP) recorded a $13.5 billion current account surplus in the fourth quarter of fiscal year 2025 (Q4FY25), equivalent to 1.3 per cent of GDP. This surplus, driven by robust services exports and remittances, paints a picture of external sector strength. However, it conceals significant vulnerabilities in merchandise trade, capital inflows, and domestic demand. In fiscal year 2025 (FY25), the current account deficit (CAD) moderated to -0.6 per cent of GDP, an unusual o ...Read More >
New Delhi: With 15 million registered taxpayers and robust growth in the revenue receipts, the Goods and Services Tax (GST) ecosystem is continuing to evolve with a focus on ease of doing business, better compliance and wider economic participation, the finance ministry said on Monday as the indirect tax system completed eight years. Annual revenue from GST, introduced on 1 July 2017, has doubled to ₹22.08 trillion in FY25 from five years ago and micro, small and medium enterprises are finding ...Read More >
Managing your personal finances effectively is key to achieving financial stability and growth. In Africa, with its unique and diverse economic landscape, it's even more important to have a good grasp of personal finance skills. This article provides practical tips on navigating finances in Africa, focusing on saving, investing, budgeting, and understanding local financial systems. The first step to adulting like a pro is making a budget - and sticking to it! Track your income and expenses over ...Read More >
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