New Delhi: The Goods and Services Tax (GST) Council, in its 56th meeting, unveiled a revamped tax structure introducing simplified slabs of 5 percent and 18 percent, along with a 40 percent category for luxury and sin goods. The changes, effective from September 22, aim to boost consumption ahead of the festive season. However, for...
In its 56th meeting (September 3–4, 2025), the GST Council, led by Finance Minister Nirmala Sitharaman, rolled out a dramatic rationalisation of India’s GST structure. The existing four-tier system (5%, 12%, 18%, 28%) has been condensed into two core slabs — 5% and 18%, alongside a dedicated 40% “sin-and-luxury” tax for select demerit goods. These...
In a landmark move, the 56th GST Council—chaired by Union Finance Minister Nirmala Sitharaman—has approved a streamlined dual-slab Goods and Services Tax (GST) structure of 5% and 18%, effectively abolishing the existing 12% and 28% tax brackets. The decision, reached during the Council’s two-day meeting from September 3 to 4, has been hailed as one...
The 56th meeting of the GST (Goods and Services Tax) Council begins today, September 3, at Vigyan Bhawan in New Delhi and will continue till September 4. This crucial meeting, chaired by Finance Minister Nirmala Sitharaman, is expected to bring major reforms to India’s indirect tax structure. A total of 33 members, including Finance Ministers...
New Delhi: The Finance Ministry will commence the pre-budget exercise for the fiscal year 2026-27 from October 9, 2025, against a backdrop of geopolitical uncertainties and a steep 50 per cent US tariff on shipments from India. The upcoming budget is expected to focus on boosting domestic demand, generating employment, and steering the economy towards...
President Droupadi Murmu on Tuesday stressed that the empowerment of farmers and the rural economy must remain a key priority for the Indian banking sector. Speaking at the 120th foundation day celebrations of City Union Bank in Chennai, Tamil Nadu, she highlighted the critical role banks can play in transforming the nation’s economy. “From start-ups...
Mumbai: Taxpayers are reminded that the last date to file their Income Tax Return (ITR) for the financial year 2024-25 is September 15, 2025. Experts are advising taxpayers to exercise caution while filing, particularly regarding dividend income. Many investors notice discrepancies between the dividend amounts credited to their bank accounts and the figures shown in...
London: The India-UK Free Trade Agreement (FTA), officially known as the Comprehensive Economic and Trade Agreement (CETA), signed by Prime Ministers Narendra Modi and Keir Starmer on July 24, will slash trade tariffs from 15 per cent to 3 per cent, providing a major boost to business confidence in a volatile global environment. This was...
India’s first tempered glass manufacturing plant was inaugurated on Saturday in Noida by Union Electronics and IT Minister Ashwini Vaishnaw. The facility, a joint venture between Indian electronics manufacturer Optiemus Infracom and global materials science leader Corning, marks a significant milestone in India’s electronics manufacturing sector. Speaking at the launch, Vaishnaw highlighted the rapid growth...
President Donald Trump announced the termination of the long-standing de minimis shipping exemption, a policy that previously allowed duty-free import of low-value goods into the United States. The decision, aimed at curbing illicit narcotics shipments and reducing foreign e-commerce advantages, has significant implications for online shoppers, small businesses, and global postal services. The move is...