Gemini Horoscope Today, 17th August 2025: Curiosity and adaptability bring new opportunities
Gemini Horoscope Today, 17th August 2025: The Moon in the Taurus sign encourages you to slow down and focus on stability. There can be gains from your natural tendency that leans toward versatility. Venus and Jupiter in your sign, Gemini. Your charm and expansion favour you. Saturn will be retrograde in the Pisces sign. This reminds you to keep commitments grounded and practical.
ET Online Gemini Horoscope Today: Curiosity and adaptability bring new opportunities
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Time of India
17 minutes ago
- Time of India
GST 2.0 tussle: Centre eyes extra duty over 40% slab on tobacco products; states push for 'significant' cut
Govt mulling extra GST over and above 40% proposed on tobacco products (AI image) The government is reportedly considering imposing additional excise or special duties beyond the proposed 40% GST on tobacco products to sustain current taxation levels, following Prime Minister Narendra Modi's announcement of GST 2.0 reforms that eliminate compensation cess. Several states are requesting a "significant share" in the supplementary taxation on tobacco items to offset immediate revenue reductions, according to Economic Times sources familiar with ongoing discussions regarding sin goods taxation, particularly tobacco. "During the discussion some states asked for equal share on the additional duty to be imposed," disclosed one source anonymously. The rate rationalisation ministerial group, led by Bihar's deputy chief minister Samrat Chaudhary, is likely to convene once more before the upcoming GST Council meeting to address this matter, with states anticipating next-generation GST reforms. The GST Council will take the ultimate decision on this issue. Presently, tobacco and related products, including cigarette, cigars, pan masala, cigarillos and hookah, face 28% GST plus compensation cess, central excise duty and national calamity contingent duty, totalling 53% indirect tax. The past five years saw average yearly GST collections of Rs 51,000 crore from tobacco products, with additional education cess and surcharges from manufacturers reaching Rs 27,659.84 crore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo Finance officials, on Independence Day, proposed restructuring GST into two tiers, eliminating 12% and 28% slabs, while introducing a 40% category for select sin goods including tobacco products. The proposal maintains that overall tobacco product taxation would remain unchanged. Without compensation cess, this requires implementation of alternative additional duties. Also read: PM Modi seeks states' backing on draft GST reform proposal, promises double Diwali bonus for people Revenue considerations Various states seek either equal shares in additional duties or independent taxation rights, similar to alcohol's state excise duty system. They contend that existing indirect tax on tobacco products can exceed 53% without affecting revenue for central or state governments. "A few states suggested that either it should be a basic excise duty, divisible between the Centre and states, or a central excise duty along with state excise duty - which would be a win-win for both, giving headroom to states to generate their revenue," revealed a source involved in discussions. Kerala has formally requested compensation for revenue losses from GST reforms. "The so-called simplification of GST rates announced by Modi will be devastating for state revenues," Kerala finance minister Thomas Issac said in a post on X. "The GST rates that have already been rendered below revenue neutral rate by 2018 pre-election simplification, will now shrink further. States must be compensated for the loss." India's tobacco products remain globally amongst the most affordable, according to parliamentary standing committee's 139th report. The report indicated substantial scope for increased taxation, recommending 40% peak rate and significant excise duty increases. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
21 minutes ago
- Time of India
PM Modi's tax overhaul to strain finances but boost image amid US trade tensions
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle , Samsung and LG the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott U.S. products after Donald Trump hiked tariffs on imports from India to 50% as of August tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government $20 billion it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation."GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3%-4% of the population. Modi is doing this as he is under a lot of pressure due to U.S. policies," said Kidwai."The move will also help the stock market, which is now politically important as it has a lot of retail investors."India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5%, 12%, 18% and 28%.Last year, India said caramel popcorn would be taxed at 18% but the salted category at 5%, triggering criticism about a glaring example of GST's the new system, India will abolish the 28% slab - which includes cars and electronics - and move nearly all of the items under the 12% category to the lower 5% slab, benefitting many more consumer items and packaged data shows the 28% and 12% tax slabs together garner 16% of India's annual GST revenue of roughly $250 billion last fiscal is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs."Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies," said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations."It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation."Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, "a brighter gift of simpler taxes and more savings is waiting for every Indian."Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil latest round of trade talks between the two nations set for August 25-29 has also been called off.
Economic Times
an hour ago
- Economic Times
Libra Horoscope Today, 18th August 2025: Balance brings peace and opportunities today
Synopsis Libra Horoscope Today, 18th August 2025: The Moon is in the Gemini sign and the Sun is in the Leo sign. This brings harmony to your interactions. It boosts communication and creativity. Today favours networking, learning, and expressing yourself with clarity. This can open new personal and professional doors. ET Online Libra Horoscope Today: Balance brings peace and opportunities today You may shine in teamwork and collaborative projects. Your diplomatic approach helps resolve workplace conflicts effectively. Stay open to new ideas, as a colleague or mentor may offer valuable insights that shape your Moon will be transiting from the Ninth House in the Libra sign. Your finances appear steady. Caution is needed before making big investments. A balanced approach to spending and saving will protect your resources. Unexpected advice from a friend could help improve your money management. The Moon will be retrograde in the Fifth House in the Pisces sign. Your romantic connections deepen through thoughtful conversations. You may meet someone who shares your intellectual interests. You may find joy in planning something fun together. Clear communication helps avoid will feel mentally sharp and energetic, but avoid overthinking. It may cause fatigue. Gentle stretching or a mindful activity helps keep your body and mind in by: Anand Sagar Pathak of Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
