LIVE news updates: Industry must pass on GST benefits to consumers, says Piyush Goyal

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10:41 PM

SC may form panel to oversee co-developer selection for Supertech project

The Supreme Court on Thursday mulled setting up a committee to oversee the bidding process and appointment of a co-developer for the construction of stalled residential apartments, offices, retail space besides a luxury hotel by Supertech Realtors.

 

Supertech Realtors is a subsidiary of beleaguered realty major Supertech, which is facing insolvency proceedings along with some other group companies.

9:47 PM

India's exports to surpass 2024-25 levels, GST reforms to aid growth: Goyal

India's exports during the current financial year would be higher than 2024-24, said Union Minister Piyush Goyal on Thursday, while asserting the government is working at a fast pace for diversification of outbound shipments.

The commerce and industry minister also said the industry has committed to pass on the benefits of the GST rate reduction to consumers.

"This has been a very special year for consumers," he said while referring to the Income Tax benefits effected through the Union Budget and GST reforms announced on Wednesday evening.

9:09 PM

Punjab floods: Arvind Kejriwal urges Centre for relief assistance

AAP national convener Arvind Kejriwal visited flood-affected areas in Sultanpur Lodhi in Punjab's Kapurthala district on Thursday and requested the BJP-led Centre to help the state in this hour of crisis.

Earlier in the day, the Aam Aadmi Party (AAP) supremo called on Punjab Chief Minister Bhagwant Mann at his official residence in Chandigarh and inquired about his health. Mann, who is down with fever, could not accompany Kejriwal during his visit to the flood-hit areas.

Talking to reporters, Kejriwal highlighted the magnitude of the crisis and the Punjab government's round-the-clock efforts for relief and rescue. He also appealed to the Centre for urgent assistance.

9:08 PM

Indian students look beyond US; Germany posts record growth in 2024-25: Report

Applications to the US universities have dropped 13 per cent year-over-year, as Indian students are increasingly favouring destinations like Germany, which saw a jump of 32.6 per cent in 2024-25, a report said on Thursday.

The United States is no longer the default coveted destination for Indian students, with applications to the US universities dropping by 13 per cent YoY, while European destinations like Germany (up from 13.2 per cent in 2022 to 32.6 per cent in 2024-25) and the UAE (where 42 per cent of international students are Indian) are witnessing unprecedented traction, said Transnational Education (TNE) Report 2024-25 by edtech company upGrad.

8:34 PM

GST Council’s 56th meet balances reform and welfare: Saee Sumant

"The Council achieved a cautious balance by reducing taxes on necessities, encouraging the ecological and cultural industries, raising taxes on luxury or damaging goods, and institutionalising reforms."

8:19 PM

'A boost for consumption and growth': Home Credit CEO on GST reforms

By lowering the GST on everyday items like packaged foods, personal care products, and kitchenware to the 5% bracket, families will see a direct reduction in their monthly expenses. We anticipate this will help lower inflation by over a percentage point.

7:22 PM

Indian envoy visits Tesla's China factory amid buzz over exports to India

India's Consul General in Shanghai Pratik Mathur visited Tesla's factory in the city on Thursday amid growing speculation over the export of its China-made luxury electric vehicle models to India.

India is emerging as a major market for Tesla and the EV (electric vehicle) revolution, the Indian Consulate in Shanghai said in a social media post.

6:21 PM

Delhi: Man clings onto tree to escape raging waters of Yamuna, rescued

A man who had climbed a tree in a desperate bid to escape the raging waters of the Yamuna near the Old Iron Bridge here was rescued in a joint operation by multiple agencies on Thursday, an official said.

 

The Delhi Fire Services said it received a distress call at 1.01 pm following which a team was immediately dispatched. With the help of National Disaster Response Force (NDRF), Delhi Police and local rescue volunteers from the Boat Club, he was brought down safely after a challenging operation. The man was later shifted to a nearby hospital.

6:16 PM

K'taka cabinet decides to recommend SEC to hold local body polls using ballot papers

Karnataka cabinet on Thursday decided to recommend to the state election commission to hold all upcoming panchayat and urban local body polls in the state using ballot papers instead of EVMs, Law and Parliamentary Affairs Minister H K Patil said.

 

The minister said there is erosion of confidence and credibility among people towards EVMs.

5:12 PM

GST Council move on discounts brings long-awaited clarity: Jitendra Motwani

"The GST Council's recommendation to amend Section 15 of the CGST Act to clarify the treatment of post-sale discounts is a significant and long-awaited move. The recommendation provides that the discount should be granted through a credit note issued under Section 34 of the CGST Act. This issue has been contentious since the inception of GST, particularly impacting FMCG sector, where both suppliers and dealers have faced substantial tax demands on diverse interpretation of Section 15(3) of the CGST Act," says Jitendra Motwani, partner, Economic Laws Practice. 

4:50 PM

GST overhaul will strengthen consumer sentiment: SBI Card's Salila Pande

"The government’s move to rationalise GST into a simpler slab structure is a landmark reform that holds wide-ranging benefits for consumers, businesses, and the Indian economy. The reform sets up a positive cycle for people at large,  as it directly increases disposable income, giving households more flexibility to spend, save, and plan ahead. The timing could not be more significant; with the festive season approaching, this reform will strengthen consumer sentiment," says Salila Pande, managing director and CEO, SBI Card. 

4:44 PM

GST rationalisation will accelerate adoption of green technologies: Ratul Puri

"While the tax rate on coal has been raised from 5 per cent to 18 per cent, the overall impact will be minor as the existing compensation cess of Rs 400 per tonne has now been subsumed within the GST rate. However, to support the transition from fossil fuels to non-fossil sources, the reduction of GST on renewable sector products from 12 per cent to 5 per cent is truly transformative. It will further enhance renewable energy capacity and accelerate the adoption of green technologies such as biogas, solar cells, green hydrogen and battery energy storage systems," says Ratul Puri, chairman, Hindustan Power.

4:31 PM

GST overhaul signals India’s transition towards a consumption-driven economy: Prashant Bhalla

"The significant reduction in GST rates, coupled with the move towards a simplified three-tier structure, is more than a tax reform; it signals India’s transition towards a consumption-driven economy and sustained growth. For the education sector, the reduction in rates for diagnostic equipment and reagents will encourage research, but the long-awaited relief on coaching and training services remains missing," says Prashant Bhalla, president, Manav Rachna Educational Institutions. 

3:51 PM

Industry must pass on GST benefits to consumers: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Thursday described the reduction in GST rates as "game-changing" and the "biggest reform" since independence, as he asked the industry to pass on the full benefit to consumers. The minister said the GST reforms would boost demand in almost all sectors and support the economic growth of the country. He also asked the industry to promote Made in India in a big way.

3:13 PM

GST reform will boost economic growth through increased disposable income: PNB's Ashok Chandra

"This reform is anticipated to stimulate domestic demand for goods & services, contribute to the reduction of core inflation, and foster economic growth through increased disposable income and improved compliances. The banking sector stands to benefit substantially from this reform, with expected increases in demand for credit and financial services, particularly in the retail, agriculture, MSME and renewable energy sectors," says Ashok Chandra, managing director and CEO, PNB.