Union Finance Minister Nirmala Sitharaman on Friday said that the recent GST rate cut will help boost domestic growth and counter the adverse impact of the US’s 50% tariff hike on Indian exports. Speaking in an interview, she stressed that India will continue to buy Russian oil based on economic considerations, as crude oil remains...
New Delhi: After completing the rationalisation of Goods and Services Tax (GST), the Narendra Modi-led government is now preparing to roll out a relief package for Indian exporters impacted by steep tariffs imposed by US President Donald Trump. According to official sources, the package is expected to provide targeted support to sectors struggling under the...
Industry leaders in India’s electronics and home appliance sector have welcomed the recent GST rationalisation, describing it as a landmark reform that will simplify taxation, enhance disposable incomes, and revive consumer demand. The government has reduced GST on key home appliances, including air conditioners, large-screen televisions, dishwashers, refrigerators, washing machines, vacuum cleaners, microwave ovens, and...
The recent decision to reduce GST rates on a range of dairy products to 5 per cent is expected to have significant benefits for both consumers and farmers, according to K. Rathnam, CEO of Milky Mist Dairy Food Ltd. The Tamil Nadu-based dairy company executive said the move would make nutritious and value-added products such...
New Delhi: India and Singapore on Thursday outlined a comprehensive roadmap to deepen their strategic partnership, with Prime Minister Narendra Modi and Singaporean Prime Minister Lawrence Wong reaffirming their commitment to strengthen cooperation across multiple sectors. The talks focused on expanding bilateral trade, enhancing market access, and jointly addressing global disruptions in supply chains. The...
New Delhi: The GST rate on garments priced above Rs 2,500 per piece has been increased from 12% to 18%, a move that industry bodies warn will raise prices and affect middle-class affordability. The Retailers Association of India (RAI) and the Clothing Manufacturers Association of India (CMAI) welcomed the new two-slab GST structure and the...
Union Minister of Consumer Affairs, Food and Public Distribution, Pralhad Joshi, on Thursday launched the retail sale of onions at Rs 24 per kg in Delhi, Mumbai, and Ahmedabad. The initiative is being executed through outlets and mobile vans of NCCF, NAFED, Kendriya Bhandar, and distribution partners of NAFED and NCCF as part of the...
New Delhi: The GST Council has approved an increase in the tax on oil and gas exploration and production services from 12% to 18%, a move set to raise production costs across the sector. The new tax rates will come into effect from September 22, 2025. According to an official statement, services related to the...
New Delhi: The GST Council has announced major changes to India’s Goods and Services Tax system, reducing the number of tax slabs to just two — 5 percent and 18 percent — effectively removing the earlier 12 percent and 28 percent slabs. While this move is expected to make many essential goods more affordable for...
Mumbai: Indian stock markets saw a strong surge on Thursday morning following the GST Council’s announcement of a major overhaul to the Goods and Services Tax (GST) system. The 30-share BSE Sensex jumped by 888.96 points to reach 81,456.67, while the 50-share NSE Nifty gained 265.7 points, closing at 24,980.75. The GST Council has simplified...