Business
Sitharaman’s ‘Diwali gift’: From paneer to paratha, Centre explains tweaks in GST rates – The Times of India
In what the government on Wednesday called a Diwali gift, the GST Council has approved sweeping rate cuts across key sectors. Finance minister Nirmala Sitharaman announced that daily-use items like hair oil, shampoo, toothpaste, soap, toothbrushes, and shaving cream will now attract just 5% GST, down from 18%. GST on individual health and life insurance has been scrapped entirely. Farmers benefit too, with tractor tyres, parts, and tractors now taxed at only 5%.
Rate change FAQs
When will the changes in GST rates come into force?The changes in GST rates on services and goods other than cigarettes, chewing tobacco products, unmanufactured tobacco and beedi will be effective from Sept 22.Will e-way bills have to be cancelled and generated afresh on goods in transit when new rates take effect?E-way bills currently in transit will continue to remain valid as per their original validity period.What is the reason for the 40% rate on ‘other non-alcoholic beverages’?Principle behind the recent rate rationalisation is to keep similar goods at the same rate to avoid issues of misclassification and disputes.What is the reason for revising the GST rate only on specified varieties of Indian bread?Bread was already exempt while pizza bread, roti, porotta, paratha attracted different rates. All Indian breads have been exempted even though only a few goods have been mentioned as examples.Why has rate of carbonated beverages of fruit drink or carbonated beverages with fruit juice increased?These goods attracted compensation cess in addition to GST. Since it has been decided to end compensation cess levy, the tax has been increased to maintain pre rate rationalisation level of tax.Why is there a different tax treatment between paneer and other cheese?Prior to rate rationalisation, paneer sold in other than pre-packaged and labelled form already attracted nil rate. The changes have been made only for paneer supplied in pre-packaged and labelled form. Paneer is an Indian cottage cheese. This is mostly produced in the small scale sector. The measure is intended to promote Indian cottage cheese.What will be rate of GST on services of admission to sporting events other than sporting events like IPL?Admission to other sporting events, including recognised sporting events, where the ticket price is not more than Rs 500 continues to be exempt, and if the ticket price is more than Rs 500, it continues to be taxed at the standard rate of 18%. TNN
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
Go Digit General Insurance on Saturday said it has received a demand notice of about Rs 170 crore for short payment of goods and services tax (GST) for nearly five years. The company has received an order copy from the Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate on March 6, confirming GST demand of Rs 154.80 crore levying penalty of Rs 15.48 crore and Interest u/s 50 of CGST Act, 2017 for the period July 2017 to March 2022, the insurer said in a regulatory filing. The company is in the process of evaluating the legal advice on the implications and would file an appeal, it said.
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