Mizoram CM Lalduhoma announces New System reforms on 79th Independence Day
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Hans India
3 minutes ago
- Hans India
PM unveils next-gen GST reform draft
New Delhi: Prime Minister Narendra Modi announced on Sunday that the Central government has drafted a proposal for the next-generation Goods and Services Tax (GST) reforms and has sent it to the states. He sought the cooperation of state governments to implement the proposal before Diwali this year. Speaking after inaugurating two new expressways in Delhi, Modi emphasised that these reforms would benefit not only the poor and middle class but also both small and large businesses. Modi explained that the proposed changes in the GST law aim to simplify the system and adjust tax rates, which will benefit a wide range of people and businesses. 'This is a major step toward making GST more accessible, especially for businesses and consumers,' he said. The Central government intends to introduce a simplified GST structure and will consider revising tax slabs to reduce the burden on various segments of society. In his Independence Day speech on August 15, the PM had already announced plans for these changes, describing them as a step toward promoting good governance. 'For us, reforms mean moving forward with good governance,' he had said earlier. The Prime Minister reiterated that the government would focus on continuous reforms to make life easier for people and businesses alike. He added, 'In the coming months, we are going to implement several major reforms, and this Diwali, people will get a double bonus from GST reforms.' The draft proposal for GST reforms has already been sent to the states, with the Central government hoping for their swift cooperation. Modi urged the states to complete the process promptly so that the changes could be implemented in time for the Diwali festival. The primary objectives of these reforms are to simplify the GST process and adjust tax rates to benefit a larger section of the population. New GST slabs The Union government has proposed a revised GST system that would streamline the existing tax structure into only two main tax slabs—5% and 18%. The proposal suggests eliminating the current 12% and 28% tax slabs. Additionally, a special 40% tax slab has been proposed for luxury and harmful goods. The new system aims to reduce tax complexity and ensure more efficient compliance.
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Business Standard
3 minutes ago
- Business Standard
Stock Market LIVE Updates: GIFT Nifty indicates strong start as PM Modi hints at GST reforms
Sensex Today | Stock Market LIVE Updates: Investors will cheer S&P Global Ratings' upgrade of India's sovereign credit rating from BBB- to BBB with a stable outlook Stock Market LIVE Updates, Monday, August 18, 2025: Indian equity benchmark indices, Sensex and Nifty, are likely to witness a positive start following Prime Minister Narendra Modi's announcement of GST reforms in his Independence Day speech. PM Modi hinted at next-generation GST reforms by Diwali 2025. In addition, investors will cheer S&P Global Ratings' upgrade of India's sovereign credit rating from BBB- to BBB with a stable outlook, the first such move in over 18 years At 7:00 AM, GIFT Nifty Futures were trading at 24,888 levels, up 271 points or 1.09 per cent. On Friday, Wall Street settled lower as investors booked profits after a strong week. The S&P 500 index fell 0.3 per cent and the Dow Jones Industrial Average settled almost flat with a positive bias. ALSO READ | IPO Corner In the mainboard IPO segment, the basis of allotment of shares for Regaal Resources IPO will be finalised today. In the SME space, the issue of Studio LSD will open for public subscription. ANB Metal Cast and Medistep Healthcare will make their debut on the NSE SME platform. Star Imaging and Path Lab will list on BSE SME platform.
Time of India
31 minutes ago
- Time of India
Bengaluru man's Rs 78,000 EMI on Rs 1.3 crore flat turns into burden after layoff. Sparks rent vs buy debate online
Owning a dream home in Bengaluru is often seen as a milestone, but for one family, it has become a source of stress. A story shared on X by a user called Wealth Whisperer has stirred a heated discussion about whether buying property in India's metros is worth the risk compared to renting. Independence Day 2025 Modi signals new push for tech independence with local chips Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji Subhas Chandra Bose gave India its own currency Wealth Whisperer narrated the story of her cousin's husband, who purchased a flat worth Rs 1.3 crore a few years ago. With a hefty down payment of Rs 50 lakh and monthly EMIs of Rs 78,000, the family managed to keep up—until a recent job loss from an MNC turned the investment into a financial strain. She revealed that she advised him to sell the flat and start afresh with new plans. — chai_and_chat (@chai_and_chat) by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Undo Internet debates The post sparked strong reactions. One user compared it with his own experience, saying he bought a flat for Rs 65 lakh in 2020, made a down payment of Rs 20 lakh, and took a loan of Rs 45 lakh. His EMI came to around Rs 40,000, but he claimed that he could now rent the flat for Rs 55,000 or sell it for Rs 1.5 crore. He also added that at one point, he rented the property out, used the proceeds to repay part of the loan, and now felt confident he could clear the balance with his PF. Others weighed in on the bigger question. 'Is it really worth buying costly apartments these days, or should we just rent?' asked one user. Wealth Whisperer responded that there is no universal answer, explaining that it depends on a person's bank balance and the prevailing rent. Some users shared their philosophies on money. 'That's the only reason I pay in cash: one-time payment, no EMIs,' wrote one. Another questioned the wisdom of taking on debt with an unstable job, suggesting that only government employees enjoy true security. Wealth Whisperer countered this by claiming that over 90 per cent of Indians are in private jobs and will naturally want to buy homes, but the real key lies in calculating the risks before taking on heavy debt.
