Generative AI set to improve banking operations in India by 46%: RBI Report
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Time of India
22 minutes ago
- Time of India
GST reforms: CII hails PM Modi's move; calls it a ‘visionary' step for businesses
Representative image The Confederation of Indian Industry (CII) has hailed the forthcoming reforms to the Goods and Services Tax (GST) announced by Prime Minister Narendra Modi during his Independence Day address from the Red Fort. Chandrajit Banerjee, director general of CII, said in a statement, 'On behalf of Indian industry, CII warmly welcomes the Hon'ble Prime Minister's visionary announcement of next-generation GST reforms. This landmark step reflects the Government's deep commitment to building a simpler, more transparent, and growth-oriented tax regime that will empower businesses and benefit consumers alike.' As per news agency ANI, the Prime Minister revealed that a high-powered committee will be set up to review and recommend comprehensive changes to the GST framework. CII called the move 'timely and forward-looking', noting it would help the tax system keep pace with India's fast-changing economy while ensuring stability for investors and entrepreneurs. The industry body welcomed several long-standing suggestions it had championed, including a shift towards a two-rate structure, alongside a separate rate for demerit goods, to simplify the system. CII also backed the correction of inverted duty structures in manufacturing, the reduction of compliance requirements for MSMEs, and the assurance of stable tax rates to boost investor confidence. Banerjee said these measures could significantly improve ease of doing business, cut costs, and speed up economic formalisation and digitisation. The proposed rationalisation of rates, lowering taxes on essential items and adjusting higher rates for luxury and sin goods, was described as a 'balanced approach of equity and efficiency' that would benefit both consumers and government revenue. Since its launch, GST has unified India's market, reduced tax cascading, and created a technology-driven compliance process. According to CII, the reforms mark the beginning of a 'GST 2.0' era, aligned with global standards and supportive of India's $5 trillion economy target. According to ANI, government sources stated that the Centre is considering removing the 12% and 28% GST slabs, retaining only the 5% and 18% rates. Around 99% of items in the 12% category could move to 5%, and nearly 90% of goods in the 28% slab may shift to 18%. CII praised the inclusive approach of the government and pledged to work with the finance ministry, GST Council, and stakeholders for smooth implementation. 'These measures will strengthen India's economic foundations, enhance investor confidence, and position the country among the world's most competitive and resilient economies,' Banerjee concluded. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
27 minutes ago
- Time of India
Musk's bid to dismiss OpenAI's harassment claims denied in court
A federal judge on Tuesday denied Elon Musk 's bid to dismiss OpenAI 's claims of a "years-long harassment campaign" by the Tesla CEO against the company he co-founded in 2015 and later abandoned before ChatGPT became a global phenomenon. In the latest turn in a court battle that kicked off last year, US District Judge Yvonne Gonzalez Rogers ruled that Musk must face OpenAI's claims that the billionaire, through press statements, social media posts, legal claims and "a sham bid for OpenAI's assets" had attempted to harm the AI startup. Musk sued OpenAI and its CEO Sam Altman last year over the company's transition to a for-profit model, accusing the company of straying from its founding mission of developing AI for the good of humanity, not profit. OpenAI countersued Musk in April, accusing the billionaire of engaging in fraudulent business practices under California law. Musk then asked for OpenAI's counterclaims to be dismissed or delayed until a later stage in the case. OpenAI argued in May its countersuit should not be put on hold, and the judge on Tuesday concluded that the company's allegations were legally sufficient to proceed. A jury trial has been scheduled for spring 2026.
News18
32 minutes ago
- News18
Goas daily wage workers hail govts pay hike, social security benefits
Panaji, Aug 16 (PTI) Daily wage workers across municipalities and government bodies in Goa, who have long awaited recognition and fair pay, will see a significant hike in their salaries and social security benefits starting this month. For years, daily wage workers across municipalities, corporations and government bodies have carried out some of the state's most essential services — from cleaning streets to maintaining civic infrastructure — often with little pay and few benefits. Under a new government scheme, workers who have completed seven years in service are now set to receive not just a substantial salary hike but also recognition and security. Chief Minister Pramod Sawant last month announced that nearly 3,000 daily wage workers employed with government departments, corporations, autonomous bodies and local bodies will see their monthly earnings rise by up to 51 per cent. Effective from August 1, the scheme also entitles eligible workers to the Employee Provident Fund (EPF), paid leaves, maternity benefits, annual increments, and access to central social security schemes. Earlier, a daily wage labourer earned around Rs 12,818 per month. With the implementation of the new scheme, he will earn Rs 20,000 per month along with EPF contribution, Sawant had said, adding that the measure will cost the state exchequer around Rs 4 crore annually. The decision has brought a wave of relief and hope for workers. 'I have been working in the Corporation of the City of Panaji (CCP) for many years. We work together as a team with other labourers. I thank our government and my superiors for this," said Yeshwant Bhatkule, who has been working with the civic body for more than eight years. Bhatkule is among hundreds of CCP workers to benefit from this scheme. Sunita Kamble, who has put in seven years of service, expressed gratitude. 'The government has increased the salary, and we feel good. I thank the government for this," she said. Now, with the labourers getting paid well, garbage collection supervisors say their task has become a little easier. 'The government has increased the salary of our workers. They are happy and satisfied, and are working with vigour. We hope the government works towards their welfare every year," said Mahendra, a CCP supervisor. Officials believe the measure brings daily wagers a step closer to regular government employees in terms of dignity and entitlements. 'The entitlements include salary, which is now on par with regular workers and has almost doubled from what they used to get, bringing it close to Rs 28,000," said Brijesh Manerkar, director of the State Municipal Administration. He said that the workers are also entitled to leave benefits, and women employees can avail maternity leave. PTI RPS ARU view comments First Published: August 16, 2025, 10:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
