Projecting confidence ahead of the polls, Banerjee asserted that the TMC would secure a comfortable victory. “We will win more than 226 seats in the 2026 assembly polls,” she said. The Trinamool Congress on Tuesday unveiled its candidate list for the upcoming West Bengal Assembly elections
At least 10 persons charred to death in a truck-bus collision in Andhra PradeshThe accident occurred near Rayavaram village between 6:00 am and 6:30 am, according to preliminary information gathered by the police. Updated on: Mar 26, 2026 8:00 AM IST By Srinivasa Rao Apparasu Share via Copy link At
The new labour laws under the OSH Code, 2020 are set to change how companies manage employee leave, introducing a 30-day carry forward cap, mandatory encashment of excess leave, and stronger safeguards against leave denial—aimed at ensuring workers don’t lose their entitled time off
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.Late night streaming feels better with these top 5 bedroom smart TVsFind the best smart TVs for your bedroom with options that balance size, sound, and picture quality
The rules are even stricter for Pradhan Mantri Ujjwala Yojana beneficiaries. For PMUY consumers, the waiting period has gone up by 20 days, now standing at 45 days. New Delhi: Indian Oil Corporation has revised the mandatory waiting period for households with two-cylinder connections from 25 days
With just days left until submissions close on March 29, the ET AI Hackathon 2026 enters its most decisive stretch. Shortlisted teams are now deep in development, refining prototypes under real constraints. The focus has shifted entirely to execution, where clarity, functionality
Quote of the day, 26 March: “I don't think I'm a very emotional person. I'm a very practical person. I like to keep things simple,” MS Dhoni. Meaning of quoteThis quote from MS Dhoni offers a direct glimpse into his core philosophy.Quote of the day
Priyanka Chopra clicks pictures with fans as she lands in India; heads to Amritsar for ‘another adventure’Priyanka Chopra was recently spotted at the Delhi airport, happily posing for fans and the paparazzi before heading to Amritsar. Mar 26, 2026
The proposed changes to the Goods and Services Tax regime would benefit the poor, middle class, traders and entrepreneurs, Prime Minister Narendra Modi said on Sunday (August 17, 2025). “For us, reform signifies the advancement of good governance, which is why we place strong emphasis on continuous improvement,” Mr. Modi said, while inaugurating two key highway projects — the Delhi section of the Dwarka Expressway and the Urban Extension Road-II. “As part of this vision, next-generation reforms will be introduced under the GST framework. This Diwali, these GST reforms will bring a double bonus to the people.”
GST reforms will benefit poor, middle class, entrepreneurs, traders & business men: PM Modi
The proposed changes to the Goods and Services Tax regime would benefit the poor, middle class, traders and entrepreneurs, Prime Minister Narendra Modi said on Sunday (August 17, 2025).
“For us, reform signifies the advancement of good governance, which is why we place strong emphasis on continuous improvement,” Mr. Modi said, while inaugurating two key highway projects — the Delhi section of the Dwarka Expressway and the Urban Extension Road-II. “As part of this vision, next-generation reforms will be introduced under the GST framework. This Diwali, these GST reforms will bring a double bonus to the people.”
“Every family, the poor and the middle class, small and big entrepreneurs, and every trader and businessman will benefit from this,” he added.
The changes to the GST were first announced by Mr. Modi in his Independence Day address on Friday. According to sources, the new GST structure, with 18% and 5% rates, will have the twin objectives of making tax categories and compliance processes simpler and more rational, as they were originally intended to be.
“This has been in the making for a while. Our learnings from the past eight years has gone into this, and this will be a fundamental change in the template of taxation,” one senior functionary said. “The new GST regime will make our taxation more equitable and will see reduced taxes. The template will be more from the consumers' point of view, and will be explained to the States from the consumers' point of view.”
The Centre expects any reduction in revenues to be soon offset by new buoyancy in the economy stemming from the rate rationalisation and process simplification.
“Reduced rates will not lead to reduced revenues, and we expect compliance and collection going up,” an official said, adding that the forthcoming regime will be “fiscally sustainable”.
Most of the items in the 28% rate of the GST will move to 18% and “a few” will go to a 40% bracket, which will apply to exceptional items, termed as “sin goods”, sources said.
“Revenues may fall in the very short run but we expect the change in consumption and ease of compliance to make up for it. Thus, it will be a fairly fiscally sustainable exercise,” they added.
The Centre expects the States to be on board with the proposals in time for the Deepavali deadline — October 20 — it had set for itself to set the new tax structure in motion.
In a press release following Mr. Modi's speech, the Ministry of Finance said the Centre would be engaging with the State governments in the subsequent weeks, in the run-up to the next GST Council meeting. “I hope that all the States will cooperate with this initiative of the Government of India,” Mr. Modi said on Sunday.
Two Groups of Ministers (GoMs) comprising representatives of the State governments — one on rate rationalisation and another on compensation cess — will have to approve the changes before they are sent to the GST Council for approval.
The GST has been an ongoing area of conflict between Opposition-ruled States and the Centre, but the latter does not expect resistance to its proposals.
“The concerns regarding any potential revenue losses are not theirs [Opposition-ruled States] alone. The Centre and the States should work together to expand the revenues, using this opportunity. I do not think anyone will or can oppose the proposed reduction in rates,” the functionary said.
They also added that, since the Centre does not have any representative in the GoM on rate rationalisation, if the GoM decides against the Centre's proposal, it would look like the States are against lowering taxes for the common man.
Both GoMs, followed by the GST Council, are expected to meet in the coming weeks. One source said the compensation cess will soon cease, before its legal end-date of March 31, 2026. While it was originally set to cease in 2022, its duration was extended thereafter to repay the loan taken to compensate States as the cess collections themselves had been hit by the COVID-19 pandemic.
That loan will be repaid before time. However, this also creates a problem for the Centre as the cess also applies on sin goods like tobacco.
“If the cess ends, then this would substantially lower the effective rate of tax on tobacco, gutka, and other sin goods,” the source explained. “And this is something the Centre cannot be doing. So, this was yet another reason why the GST revamp needed to be done soon.”
That the GST reforms are happening amid global uncertainties and tariff threats by the United States is mere coincidence, according to the sources.
Published - August 17, 2025 03:31 pm IST
Prime Minister Narendra Modi / economy, business and finance
Source: The Hindu
Related Posts: U.S. judge directs Trump administration to provide SNAP food aid benefits amid shutdown Proposed GST Rate Changes Unlikely to Strain Finances Slab-Wise Tax Rates If Your Income Exceeds Rs 12L In New Tax Regime How NPS Helps Lower Income Tax In Old Vs New Tax Regime New Income Tax Draft Rules Bring Old Tax Regime Back Into Focus Budget 2026 may further tilt balance toward new tax regime after exemption hike in 2025 Shifting to New Tax Regime Sticking To Old Tax Regime Tax cut bonanza cleared in GST regime overhaul ITAT Cracks Open Rebate Window On STCG Under New Tax Regime
A 22-year-old woman from the United Kingdom is thinking about moving to Bengaluru after getting a job offer. Before making a decision, she reached out online to understand what life in the city might be like, especially for someone her age. She shared that her main worries are safety and feeling
10 hours ago
Paresh Raja’s £200,000 watch raised red flags years before £1.3-billion MFS collapseIn 2019, Paresh Raja, the man behind MFS, turned up to meetings wearing a Richard Mille timepiece worth upwards of £200,000. Updated on: Mar 26, 2026 7:11 AM IST By Sanya Jain Share via Copy link Years before
10 hours ago
The Uttar Pradesh Police has booked All India Majlis-e-Ittehadul Muslimeen’s state unit chief Haji Shaukat Ali for making allegedly provocative remarks during an Eid event in Meerut, The Indian Express reported on Wednesday. Three of the party’s office-bearers have also been arrested for
10 hours ago
Tamil Nadu’s main opposition party, AIADMK, on Wednesday released its first list of 23 candidates for the State Assembly polls, with party chief Edappadi K Palaniswami set to contest from his home constituency of Edappadi. In Tamil Nadu, the polling will be held in a single phase on April 23 to
10 hours ago
Manchester United boss Marc Skinner knows going to Germany and overturning a 3-2 first-leg deficit against Bayern Munich in the Champions League will test his side like never before. But he refuses to believe it is a task beyond them. Skinner rejected claims his side were naive in not shutting the
10 hours ago
India will champion food security and farmer welfare at the upcoming WTO conference in Cameroon. The nation will advocate for developing economies' policy space in digital trade and investment. Discussions will cover WTO reform, e-commerce, and fisheries subsidies
10 hours ago
Mohamed Salah's long goodbye from Liverpool signals the end of a glorious era and leaves the Premier League giants facing another expensive rebuild. The Egyptian superstar announced on Tuesday that he would be leaving Anfield at the end of the season after a glittering nine-year spell at the club
10 hours ago
As per the report, a senior Congress leader confirmed that the notices were received a few days ago, giving the party limited time to respond. The development has caused concern within the party, with leaders acknowledging that the situation has become more urgent than before.As per the report
10 hours ago
US president Donald Trump says he will meet Chinese president Xi Jinping in China on 14-15 May, after delaying the landmark trip amid the US-Israel war with Iran. This would be the first visit to China by a US president in nearly 10 years. Trump is also set to host Xi in Washington DC later this
10 hours ago
Carlo Ancelotti reacts to Neymar selection debate as Brazil legends rally amid World Cup snub fears Updated on: Mar 26, 2026 7:10 AM IST Written by Aratrick Mondal Share via Copy link Carlo Ancelotti had his say on Neymar World Cup debate Key Takeaways Summary is AI-generated Brazil head coach
10 hours ago
Queen Camilla is to appear in a BBC documentary about the life-changing power of books. The Queen will reflect on the childhood experiences that sparked her passion for reading and reflect on the comfort she still finds in books. In what programme-makers describe as a "special and intimate
10 hours ago
The bombs, the stranded ships and LPG shortages have made it to the headlines. The acid rain, the oil spills and the carbon cost of rerouting ships remain hidden in plain sight. Four weeks ago, the US and Israel launched airstrikes on Iran. Since then
10 hours ago
NCP(SP) leader Rohit Pawar alleged that Praful Patel and Sunil Tatkare attempted to seize control of the NCP after Ajit Pawar's death by falsely claiming constitutional amendments to the ECI. Sunetra Pawar reportedly thwarted this plan by writing to the ECI
10 hours ago
State-run Bharat Petroleum Corporation Ltd (BPCL) on Wednesday dismissed rumours of petrol and diesel shortages, assuring that fuel supplies across the country remain adequate and supply chains are functioning smoothly. In a public advisory, the company said it is fully operational and committed to
10 hours ago
Samsung Galaxy A57 5G and Galaxy A37 5G mobiles launched in India: Check specs, features and priceSamsung has launched Galaxy A57 and A37 in India, bringing new AI features, camera updates, and long-term software support to everyday smartphone users. Published on: Mar 25
10 hours ago
Trump names Jensen Huang, Mark Zuckerberg to 13-member tech councilThe President's Council of Advisors on Science and Technology (PCAST) could ultimately include 24 people. Published on: Mar 25, 2026 7:11 PM IST By HT Business Desk Share via Copy link US President Donald Trump plans to appoint Mark
10 hours ago
Warner Bros. Discovery has officially unveiled the first teaser, title and release date of its much-anticipated Harry Potter television series. Announced at a special event in London marking the launch of HBO Max in the region, the series will debut globally on Christmas Day 2026.Warner Bros
10 hours ago
NHAI to take over MG Road stretch, plans upgrade and interchange at Iffco5.5km corridor to be revamped with repairs and traffic solutions; stretch part of NH148A linking Delhi and Gurugram. Updated on: Mar 26, 2026 7:56 AM IST By Abhishek Behl Share via Copy link The National Highways Authority of
10 hours ago
Aryna Sabalenka and Elena Rybakina to clash again in Miami Open semi-final Published on: Mar 26, 2026 7:22 AM IST AFP Share via Copy link Aryna Sabalenka celebrates winning her match against Hailey Baptiste in the quarter finals of the women’s singles at the Miami Open at Hard Rock Stadium (IMAGN
10 hours ago
One player cannot replace Gareth Bale – Wales' greatest is simply irreplaceable – but Harry Wilson is giving the impossible job a pretty good go. It is difficult to overstate the void Bale left. More international goals and appearances than any other Welshman
10 hours ago
US officials are considering a plan to seize Iran’s Kharg Island, a crucial oil export hub through which roughly 90 per cent of the country’s crude shipments pass, according to a Reuters report. The development underscores the widening scope of military options being examined as the conflict
10 hours ago
Dhurandhar: The Revenge isn’t just trending for its box office numbers; it is also giving people a lot to talk about, especially when it comes to its characters. The film has been surrounded by chatter, from being called a “propaganda" film to theories about which real-life personalities
10 hours ago
“My mother is so rare, even her eyes are green. Grace, strength, and love, you are everything,” Sonam Kapoor wrote. Sunita Kapoor celebrated her birthday on March 25, with warm wishes pouring in from family and the film industry. Among them, Sonam Kapoor took a nostalgic trip down memory lane
10 hours ago
The Indian rupee fell to a record low, breaching the 94-mark against the United States dollar. The currency slumped 29 paise to close at a record low of 94.05 as the outflow of foreign funds continued amid the conflict in West Asia. A drop in global crude oil prices and positive sentiments in the
10 hours ago
When we think about sleep hygiene, the conversation almost always centres on the brain, rest, memory, and mental recovery. But there is another organ working just as hard, often with far less attention: the eyes. In an age of constant screen exposure, late-night scrolling, and artificial lighting
11 hours ago
Agnikul Cosmos, an Indian space startup, has achieved a major milestone. They successfully test-fired Agnite, the world's largest single-piece 3D-printed booster engine. This innovation drastically cuts rocket manufacturing time from months to just seven days
11 hours ago
Finance Bill 2026 amendments aim to reduce tax litigation, ease reassessment procedures and improve compliance as India transitions to the new Income-tax Act. Finance Minister Nirmala Sitharaman is scheduled to move a series of amendments to the Finance Bill
11 hours ago
