A US lawmaker and former officials warn that President Trump's policies are damaging the strategic partnership between the United States and India, potentially driving India closer to China and Russia.
States will remain "net gainers" of the proposed GST rate rationalisation exercise with their GST revenues, including devolution, estimated to be over Rs 14.10 lakh crore this fiscal, according to an SBI Research report released on Tuesday. It said that, as was evidenced in the earlier exercise of GST rate rationalisation in 2018 and 2019, an immediate reduction in rates can cause a short-term dip of around 3-4 per cent in month-on-month collections (roughly Rs 5,000 crore, or an annualised Rs 60,000 crore), revenues typically rebound with sustained growth of 5-6 per cent per month.
Amid the impending rejig in the goods and services tax (GST) rates, an association representing the country's beverages industry has appealed to the Centre to not classify aerated beverages as sin/demerit good and bring it under the 18 per cent slab while citing their "mass consumption" as a reason.
To shield against US President Donald Trump's tariff shock, analysts have been advising investors to focus on stocks of domestic-oriented companies, rather than export-centric ones, to minimise potential losses.
'The kids are already used to this place. We go back and that's a different environment.' 'So, mentally, emotionally we are stressed.'
Prime Minister Narendra Modi spoke with Russian President Vladimir Putin, discussing the Ukraine conflict and reaffirming the commitment to deepen the India-Russia strategic partnership. The conversation occurred amid US pressure on India over Russian oil purchases.
Some of the key names include: Maruti, M&M, Ashok Leyland, Britannia, Ultratech, JK Cement, Havells, Voltas, Amber, Metro, Trent, LemonTree, Indian Hotels, Niva Bupa, HDFC Life, IGL, Acme Solar, Suzlon, Swiggy, Delhivery, ICICI Bank, HDFC Bank, Bajaj Finance, Shriram Finance," according to a report by Motilal Oswal Financial Services.
The 18 per cent tax slab is expected to remain the major contributor to GST revenues if the Centre's proposal for a two-tier GST structure and a special 40 per cent rate is implemented, according to a source. At present, the Goods and Services Tax (GST) follows a four-tier structure with rates of 5 per cent, 12, 18, and 28 per cent.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
When the market is down, you can buy more units, which offers you the rupee cost averaging. But the question here is, with so many options available in the market, which one should you choose? Keep reading to get the answer.
Mexico will face the United States in the CONCACAF Gold Cup final after a second-half strike by Raul Jimenez earned the defending champions a 1-0 win over Honduras at Levi's Stadium in Santa Clara, California, on Wednesday.
The Centre has proposed exempting life and health insurance policies for individuals from GST, Bihar Deputy Chief Minister and convenor of insurance GoM Samrat Choudhary said on Wednesday. Currently, health and life insurance premium attracts 18 per cent GST.
Former White House trade advisor Peter Navarro has criticised India for continuing to procure Russian oil, alleging profiteering and contributing to the Russia-Ukraine war. India defends its energy procurement as driven by national interest and market dynamics.
The BCCI invited bids for the Indian cricket team's title sponsorship rights after fantasy sports giants Dream11's pullout.
Prime Minister Narendra Modi accused the Congress party of supporting terrorists groomed by Pakistan and protecting infiltrators during a rally in Assam. He also highlighted development projects undertaken by the BJP government in the state.
Former White House official John Bolton suggests that tariffs imposed on India by the US for purchasing Russian oil may have unintended consequences, potentially driving New Delhi closer to Beijing and Moscow.
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
The GST Council on Wednesday approved a two-tier rate structure of 5 and 18 per cent, which will be implemented from September 22.
United States President Donald Trump has said there will be no trade negotiations with India until a dispute over tariffs is resolved, following his administration's decision to double tariffs on Indian imports.
"I understood tariffs better than any human being in the world. And now with my tariffs, they were all dropping them. India was the most highly tariffed nation... And you know what, they've offered me no tariffs in India anymore. No tariffs," Trump said.
Uttar Pradesh's leading export hubs are reeling under the impact of a steep 50 per cent tariff imposed by the US on Indian imports, with exporters warning of job losses, stalled orders and shrinking market access. Industry leaders from Noida, Kanpur and Varanasi said the tariff has put years of painstaking market-building at risk, even as protests and demonstrations erupted in several districts last week.
'It is a process that takes a certain amount of time and needs to be done keeping legal modalities in mind.'
Describing the India-United States relationship as 'very complicated', US Treasury Secretary Scott Bessent on Wednesday hoped that 'at the end of the day, we will come together.'
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
The additional 25 per cent duty will come into effect after 21 days or August 27.
He added that India sells to the US, its biggest "client", "massive" amounts of goods, "but we sell them very little - Until now a totally one sided relationship, and it has been for many decades."
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
The number of companies with promoters whose demat accounts were frozen by the stock exchanges due to non-compliance increased over the past year. The BSE froze promoter demat accounts in 457 companies, according to data from the Securities and Exchange Board of India's (Sebi's) 2024-25 annual report released on August 12.
The Bloomberg report suggests that this backchannel communication from President Xi has laid the groundwork for a broader thaw in relations. This overture has since translated into a series of tangible diplomatic actions leading up to the upcoming Shanghai Cooperation Organisation (SCO) summit.
President Trump claims American tariffs imposed on India for purchasing Russian oil have negatively impacted Russia's economy, referring to India as Russia's major oil buyer. He also mentioned plans to meet with Putin and Zelenskyy, and claimed to have solved several wars, including the conflict between India and Pakistan.
Bihar Chief Minister Nitish Kumar announced free power up to 125 units for all domestic consumers in the state, effective from August 1. The move, benefiting 1.67 crore households, comes ahead of the upcoming assembly polls and amid promises from opposition leaders.
Tata Steel, Maruti, Tata Motors, Infosys, Bharti Airtel and Tech Mahindra were also among the laggards. However, Trent, Asian Paints, Hindustan Unilever, ITC, Kotak Mahindra Bank, and Reliance Industries were the gainers.
'The EC should not have let the initiative go into the hands of the political leadership. By allowing this to happen, they have opened a Pandora's box.'
The appliance makers expect a good churn in the festive season, led by the government's proposal to reduce the GST slab on air-conditioners from the current 28 per cent to 18 per cent, which will reduce the price from Rs 1,500 to Rs 2,500 depending on the models.
The Thomas Tuchel-coached Three Lions were handed VIP tickets for the race that has McLaren's Oscar Pilastri on pole.
United States President Donald Trump has said India is 'very close' to China in terms of its purchases of Russian oil and will pay tariffs of 50 per cent as he indicated that 'you are going to see so much secondary sanctions'.
FIFA boss Infantino also presented President Trump with the very first ticket to the tournament's grand finale.
GST 2.0 may cushion consumers against US tariffs, but like the 2019 corporate tax cut, it risks being another tactical fix rather than a structural growth strategy, expects Debashis Basu.
Stephen Graham won two awards at the Emmys, including Best Actor for his role in Netflix's hit drama Adolescence as well as Best Writing alongside co-creator Jack Thorne.
Images from the English Premier League matches on Saturday, August 30.
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