The US trade gap widened sharply in July, hitting its largest level in four months, as businesses rushed in imports ahead of fresh tariffs from US President Donald Trump.Figures from the department of commerce on Thursday showed the deficit rose by 32.5% to $78.3 billion. Imports jumped 5.9% to $358.8 billion, while exports increased only…
Will your travel budget take a hit under the new GST regime? As the Goods and Services Tax (GST) Council on Wednesday approved a two-tier structure of 5% and 18% for most goods and services, concerns have grown over whether premium air tickets and train seats will now cost more.Under the new structure, GST on…
Taxpayers filing their returns using the ITR1 or ITR2 don’t have to bother about this additional form. (AI image) NEW DELHI: Noida-based self-employed professional Alka Sharma was among the early tax return filers last year because she was expecting a fat tax refund. “The 10% TDS deduction on my professional income and fixed deposit interest…
The number of Americans applying for unemployment benefits increased slightly last week, reflecting that employers are retaining workers despite the economy showing signs of slowing down.According to the figures released by the US labour department on Thursday, for the week ending 30 August, jobless claims rose by 8,000 to 237,000. The rise was higher than…
India’s sweeping Goods and Services Tax (GST) rationalisation, approved on Wednesday, is being hailed by business leaders as a major step to spur consumption, lift growth, and soften the impact of “lopsided” tariff regimes from the United States.The GST Council decided to compress the current rate structure into two slabs of 5% and 18%. The…
Wall Street traded in green on Thursday as pressure from the bond market eased and investors closely watched signs of weakness in the US labour market. The S&P 500 gained 0.17% or 10 points to reach 6,459. Dow Jones Industrial Average began the day in red but jumped 54 points or 0.12%, trading at 45,325…
The automobile industry has welcomed the GST Council’s decision to reduce tax rates on vehicles, calling it a timely step that will lift demand, make cars and two-wheelers more affordable, and particularly benefit first-time buyers and middle-income families.The new two-tier structure, announced on Wednesday, simplified levies to 5% and 18% from September 22, coinciding with…
The government’s announcement of Goods and Services Tax (GST) rationalisation under GST 2.0 signals a major change in India’s economic approach, moving from capex-led spending to a consumption-driven model, according to a report by Axis Securities.“The government has now shifted gears from capex-oriented spending to consumption-led spending,” the brokerage said, adding that the February 2025…
The GST Council’s decision to slash tax rates on everyday essentials and personal-use products ahead of the festive season is expected to revive domestic consumption, lift rural demand, and strengthen growth in the FMCG sector, industry leaders said on Thursday.According to news agency PTI, FMCG companies plan to pass on the benefits to consumers either…
The Goods and Services Tax (GST) Council, chaired by Union finance minister Nirmala Sitharaman, on Wednesday announced the most extensive revamp of the indirect tax system since its rollout in 2017.The reform introduces a simplified two-slab structure of 5% and 18%, alongside a new 40% slab for luxury and sin goods.The new rates, except for…
