VST Industries standalone net profit rises 4.76% in the June 2025 quarter
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
26 minutes ago
- Economic Times
GoM clears GST 2-slab overhaul, revenue loss in focus
Synopsis India's GST structure is set for simplification. A group of ministers approved a plan to move to a two-slab system. The GST Council may meet in early September for faster implementation. The new structure includes 5%, 18%, and 40% slabs. States are concerned about potential revenue loss. The Department of Revenue will assess the impact. Agencies The simplification of India's goods and services tax (GST) structure took a significant step forward with the group of ministers (GoM) on rate rationalisation unanimously accepting the Centre's proposal to move to a twoslab structure of 5% and 18% with a special 40% levy for sin goods, paving the way for next-generation reforms in the country's eight-year-old indirect tax GST Council, the apex decision-making body for the tax, could meet in the first week of September instead of the second half of next month as planned earlier, to ensure early implementation of the reform in time for Diwali, people familiar with the matter said. The GoM, chaired by Bihar deputy CM Samrat Chaudhary, approved the Centre's proposal to abolish the 12% and 28% rates, shifting goods to the 5%, 18% and 40% slabs. The proposal was unanimously accepted by the six members present —three each from states ruled by the BJP and the opposition—as they all favoured giving relief to the people. All states want ultra-luxury cars and high-end products in the highest slab of 40%.However, some states also wanted the Centre to assess the revenue loss to states due to the reform and ways of compensating them, something they said was missing in the Centre's proposal. 'Both the proposals of the Centre have been accepted by the GoM on rate rationalisation,' Choudhary told reporters after the meeting. The GST Council, which set up the GoM, will discuss the reform proposals item by item at its meeting. Prime Minister Narendra Modi had announced the plan to reform GST during his Independence Day address on August 15, calling it a Diwali gift. A revamped GST is expected to lower prices, boost consumption and drive economic growth amid global economic uncertainty. Revenue concern The biggest concern for states is the revenue loss on account of the changes and the absence of a mechanism for compensation as most of them depend heavily on GST revenue.A recent SBI research report suggested that the Centre's GST reform proposal could cost Rs 85,000 crore to the exchequer annually. The Department of Revenue will conduct an assessment of revenue loss that will be presented to the GST Council.'We have said we are okay with any rate rationalisation proposal, which is pro-people, but we should also know the revenue loss that we are going to suffer,' West Bengal finance minister Chandrima Bhattacharya said. 'Because, ultimately, if a state suffers any loss, then it boils down to the sufferance of the common man.'She suggested amending the GST law to allow imposing a levy over and above the 40% permissible rate, to maintain overall tax rates on these products once the compensation cess ends. Other opposition states supported that view. Telangana deputy chief minister Mallu Bhatti Vikramarka said rate rationalisation must be balanced by ensuring that revenues of the states are protected. Otherwise, welfare schemes meant for poor people and the middle class will be hit as will infrastructure projects, he said. He suggested that the GST rate on sin or luxury goods be increased to current levels and the additional amount collected be given to the states.
Time of India
43 minutes ago
- Time of India
GoM clears GST 2-slab overhaul, revenue loss in focus
The simplification of India's goods and services tax (GST) structure took a significant step forward with the group of ministers (GoM) on rate rationalisation unanimously accepting the Centre's proposal to move to a twoslab structure of 5% and 18% with a special 40% levy for sin goods, paving the way for next-generation reforms in the country's eight-year-old indirect tax regime. The GST Council, the apex decision-making body for the tax, could meet in the first week of September instead of the second half of next month as planned earlier, to ensure early implementation of the reform in time for Diwali, people familiar with the matter said. The GoM, chaired by Bihar deputy CM Samrat Chaudhary, approved the Centre's proposal to abolish the 12% and 28% rates, shifting goods to the 5%, 18% and 40% slabs. The proposal was unanimously accepted by the six members present —three each from states ruled by the BJP and the opposition—as they all favoured giving relief to the people. All states want ultra-luxury cars and high-end products in the highest slab of 40%. However, some states also wanted the Centre to assess the revenue loss to states due to the reform and ways of compensating them, something they said was missing in the Centre's proposal. Live Events 'Both the proposals of the Centre have been accepted by the GoM on rate rationalisation,' Choudhary told reporters after the meeting. The GST Council, which set up the GoM, will discuss the reform proposals item by item at its meeting. Prime Minister Narendra Modi had announced the plan to reform GST during his Independence Day address on August 15, calling it a Diwali gift. A revamped GST is expected to lower prices, boost consumption and drive economic growth amid global economic uncertainty. Revenue concern The biggest concern for states is the revenue loss on account of the changes and the absence of a mechanism for compensation as most of them depend heavily on GST revenue. A recent SBI research report suggested that the Centre's GST reform proposal could cost Rs 85,000 crore to the exchequer annually. The Department of Revenue will conduct an assessment of revenue loss that will be presented to the GST Council. 'We have said we are okay with any rate rationalisation proposal, which is pro-people, but we should also know the revenue loss that we are going to suffer,' West Bengal finance minister Chandrima Bhattacharya said. 'Because, ultimately, if a state suffers any loss, then it boils down to the sufferance of the common man.' She suggested amending the GST law to allow imposing a levy over and above the 40% permissible rate, to maintain overall tax rates on these products once the compensation cess ends. Other opposition states supported that view. Telangana deputy chief minister Mallu Bhatti Vikramarka said rate rationalisation must be balanced by ensuring that revenues of the states are protected. Otherwise, welfare schemes meant for poor people and the middle class will be hit as will infrastructure projects, he said. He suggested that the GST rate on sin or luxury goods be increased to current levels and the additional amount collected be given to the states.
Time of India
an hour ago
- Time of India
Gujarat's semi-conductor push gains pace as CG Semi prepares to start production next week
Ahmedabad: Gujarat's semiconductor ambitions are moving from plans to production, with multiple projects hitting key milestones. CG Semi Pvt Ltd is set to begin pilot operations at its outsourced semiconductor assembly and testing (OSAT) facility in Sanand GIDC next week, said sources. The company has invested about Rs 7,600 crore in the project and will reportedly launch its qualification line next week, ahead of full-scale production targeted for 2026. Spread over 32 acres, the Sanand facility marks a major step in Gujarat's fast-expanding semiconductor ecosystem. Industry experts say Gujarat is seeing unprecedented momentum in chip-making. "The state, with its clear vision of becoming a semiconductor hub, has been successful in attracting the Tata Group's $10 billion semiconductor fabrication facility (FAB) in Dholera, which is already under construction and expected to begin production by the end of 2026," said Sudhir Naik, head (mid-west region) of India Electronics and Semiconductor Association (IESA). According to Naik, Gujarat is the only state in India to have four OSAT/ATMP/chip packaging plants: three in Sanand and one in Surat. "Surat-based Suchi Semicon has already begun production at its packaging plant. Within the next two years, all of these facilities are expected to commence large-scale operations, firmly positioning Gujarat on the global semiconductor map," he said. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Gold Rates Today in Ahmedabad | Silver Rates Today in Ahmedabad Alongside CG Semi, , a joint venture between CG Power and Industrial Solutions Limited, Renesas Electronics America Inc., and Stars Microelectronics (Thailand) Public Co. Ltd, other major projects are advancing rapidly. US-headquartered Micron Technology is at an advanced stage of completing its Sanand GIDC facility and is expected to start production either by the end of this year or early next year, said sources. Kaynes Semicon is also gearing up to launch production soon. Together, these investments represent a major leap in India's bid to build a robust semiconductor supply chain, with Gujarat emerging as its nucleus. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
