Business Standard

Volume IconTMS Ep176: SC on GST, diamond industry, volatile markets, delimitation

How will the SC ruling affect the GST framework? How is Ukraine crisis impacting Surat's diamond industry? Are markets poised for deeper cuts down the road? What is delimitation? All answers here

ImageTeam TMS New Delhi

The Supreme Court on Thursday ruled that GST on ocean freight paid in case of import of goods is unconstitutional. And while upholding the Gujarat high court order on sea freight, the apex court also said that recommendations of the GST Council are not binding. And both the states and the Centre have the power to legislate on GST matters. So what does this mean for the GST framework? And how will it affect the Centre’s relationship with states, especially those being ruled by opposition parties. 

From the corridors of Supreme Court, let us see what all is happening in the alleyways of Gujarat's Surat -- where over 90% of the world’s diamonds are given the right shape and the sparkle. They have become quieter since Russia started bombing Ukraine. The supply of rough stones has almost come to a halt after US sanctions on Alrosa -- the biggest diamond miner in Russia. Leaving diamond cutting and polishing units high and dry. 

The mood on Dalal Street was also as sombre as in Surat. A sharp selloff hit domestic equity markets yesterday as concerns over high inflation, coupled with heavy foreign outflows, butchered bulls. Going forward, analysts believe that the markets will continue to remain on the edge over fears of recession in the US, and prospects of aggressive monetary tightening by global central banks. Listen to an analysis on what dented investors’ sentiment and what lies ahead

From the unpredictable Dalal Street, let us now move on to the policy corridors of Delhi. India on Thursday slammed a resolution passed by Pakistan’s Parliament on the delimitation exercise in Jammu and Kashmir. The move has met with some resistance inside Kashmir too. Listen to this podcast to know more about delimitation. And also why it has come under criticism in the Valley.

Watch video

Click here to connect with us on WhatsApp

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 20 2022 | 8:00 AM IST

Explore News