Following the GST Rejig, Indian Markets Opened In Green. Sensex surged 900 points
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| Following the GST rejig, Indian markets opened in green. Sensex surged 900 points, while Nifty gained 300 points.n18oc_indiaNews18 Mobile App - https://onelink.to/desc-youtube
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The Hindu
29 minutes ago
- The Hindu
Required reforms: on reforms to the GST system
The central government's proposals to reform the Goods and Services Tax (GST) system are bold and timely. They stand to benefit the middle class and the business community, as the government claims. Shifting 99% of the items in the 12% slab to a 5% tax rate, and 90% of the items in the 28% slab to 18% will substantially reduce the tax burden on most consumers. Rationalising the number of slabs and shifting similar products to the same slab will also reduce ambiguity and litigation, which are the major issues businesses have with the current GST setup. Further, while most of the focus has been captured by the rate restructuring proposals, the procedural reforms regarding registration, return filing and refunds are equally important. Simplifying GST is not just about reducing the multiplicity of rates but also about making it easier and less time-consuming for tax-payers to navigate the system. Easing registration, simplifying returns and speeding up refunds, therefore, are welcome improvements the Centre is pursuing. Combined with the new Income Tax Bill and the rejig of income-tax slabs in this year's Budget, these GST reforms will highlight 2025 as a watershed year for tax reform — direct as well as indirect tax. While the government has not made an official estimate of what the revenue impact of these reductions will be, sources have said that it expects a hit. Two years ago, the Reserve Bank of India had estimated that the average GST rate was 11.6%, which is now expected to fall substantially. However, the government is confident that an increase in consumption and a widening of the tax base will offset most of the revenue loss. With a large number of items set to be taxed at just 5%, the incentives for input tax credit scams and tax evasion will also be substantially removed. A willingness to risk some amount of revenue in order to boost domestic consumption bodes well for the economy, especially at a time when export demand is faltering due to tariff uncertainties. It remains to be seen how the State governments will react to this proposed revenue surrender. They have already been lobbying the Sixteenth Finance Commission to increase the share of States in central taxes. These tax cuts will also make it even more unlikely that petroleum products — a major source of States' revenues — will be included in the GST any time soon. Politically, it will be difficult for the States to directly oppose these rate reductions, but they might instead pressure the Centre for compensation once again. Crucially, the Centre will be reaching out to the States over the next few weeks to put forth its case. It is important that their concerns are taken on board as well.
India.com
29 minutes ago
- India.com
Trump will be unhappy with this 200 number as India makes things easier for China, takes this big step to...
New Delhi: US President Donald Trump has invited trouble without any effort. His move to put pressure on India seems to be backfiring. The whole game has suddenly changed with India and China coming closer in the tariff war. Now India has done something that can hurt Trump a lot. The government is making it easier for China to invest money in India. This is a big sign of improvement in the relations between the two countries. All this is happening at a time when Trump has imposed an additional tariff of 25% on India. This will increase the tariff on Indian goods in America to 50% from August 27. Trump has imposed this tariff due to buying Russian oil. What is the government doing to settle the Chinese FDI? The government is preparing to quickly settle the FDI (Foreign Direct Investment) proposals coming from Chinese companies. For this, the government has given instructions to simplify the approval process. According to sources, the Inter-Ministerial Committee (IMC) headed by the Home Secretary will now work on these proposals expeditiously. A meeting of the IMC was also held last week. A senior official said, 'We have clear instructions. Reduce the time taken to process applications.' According to sources, proposals from non-critical sectors like renewable energy, manufacturing and electronics are still being considered. Dixon Technologies' FDI proposal is also under review. It includes two Chinese partners. 200 FDI proposals are awaiting approval Under Press Note 3, about 200 FDI proposals from China are pending. According to this rule, approval has to be taken from the government before investing in countries sharing a land border with India. The government can dispose of them quickly after getting approval from the IMC and the Cabinet Secretariat. Many Chinese companies have been waiting for their proposals to be approved for a long time. However, officials have also made it clear that this move should not be seen as India's soft stance towards China. A source said, 'India's engagement with Chinese FDI should not be seen through the prism of its relations with the US.'
Time of India
33 minutes ago
- Time of India
Peter Navarro to India: Act like a US partner or pay the price
New Delhi: US President Donald Trump's trade adviser Peter Navarro on Monday criticised India's crude oil imports from Russia, calling the move "opportunistic" and warning that if India "wants to be treated as a strategic partner of the US, it needs to start acting like one". In an opinion piece in the Financial Times, Navarro alleged that India was "now cosying up to both Russia and China" and argued that New Delhi's Russian crude purchases must stop as they were financing Moscow's war in Ukraine. His comments come ahead of Prime Minister Narendra Modi's meeting with Chinese President Xi Jinping later this month, even as Chinese foreign minister Wang Yi visits New Delhi for talks on the disputed border. "This two-pronged policy will hit India where it hurts-its access to US markets - even as it seeks to cut off the financial lifeline it has extended to Russia's war effort," Navarro wrote. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Crossout 2.0: Supercharged Crossout Play Now Undo He said India's reliance on Russian crude was "opportunistic and deeply corrosive of global efforts to isolate Putin's war economy". The remarks assume significance as US trade negotiators have postponed their planned August 25-29 visit for the sixth round of Bilateral Trade Agreement talks , the first tranche of which is targeted for conclusion by autumn. Live Events Trump has already imposed a 50% tariff on Indian goods, including a 25% penal levy for continued purchases of Russian oil, despite the external affairs ministry's assertion that India is being unfairly singled out while the US and EU continue to source energy from Moscow. While the 25% tariff on Indian goods entering the US took effect on August 7, the additional 25%, announced as penalty for crude and defence imports from Russia, will kick in on August 27. "India acts as a global clearing house for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro wrote, adding that it was risky to transfer cutting-edge US military capabilities to a country "cosying up to both Russia and China".
