Business
Crucial GST Meet Today: Check Timings; All Eyes On Revision Of 2-Slab Tax Structure
New Delhi: GST Council Meeting Today: The 56th meeting of the GST Council will kick off on Tuesday. The 2-day meet between September 3-4 is expected to start at 11 am today. The GST Council will decide on the Group of Minister’s (GoM) proposal to retain two slabs — 5 percent and 18 percent.
As per Indian GST rules, currently a four-slab GST system is followed — 5 percent, 12 percent, 18 percent, and 28 percent — along with an additional cess on sin and luxury goods.
(Also Read: 45% Of Indian Midle-Class Salaries Gone In EMI)
Under the new structure, ‘merit’ goods and services will attract 5 per cent GST, while most other items (standard) will come under an 18 per cent standard rate. A higher 40 per cent levy will remain on a small set of so-called sin goods. Examples include alcohol, tobacco, drugs, gambling, soft drinks, fast food, coffee, sugar, and even pornography.
A sin tax is a special tax that the government puts on such goods. The purpose is to discourage people from using them and to reduce the harm they can cause.
Marking his 12th Independence Day address, Prime Minister Narendra Modi promised a “double Diwali” for citizens this year, hinting at a major economic announcement.
(Also Read: A Few Allowance May Be Abolished In 8th Pay Comission– Here’s Why)
GST Council Meeting: GST Rate Rationalisation 2025
Key areas identified for next-generation reforms include the rationalisation of tax rates to benefit all sections of society, especially the common man, women, students, middle class, and farmers.
Reforms will also seek to reduce classification-related disputes, correcting inverted duty structures in specific sectors, ensuring greater rate stability, and further enhancing ease of doing business. These measures would strengthen key economic sectors, stimulate economic activity, and enable sectoral expansion.
Key Pillars of the Centre’s Proposed GST Reforms:
Pillar 1: Structural reforms:
1. Inverted duty structure correction: The correction of inverted duty structures to align input and output tax rates so that there is a reduction in the accumulation of input tax credit. This would support domestic value addition.
2. Resolving classification issues: Resolve classification issues to streamline rate structures, minimise disputes, simplify compliance processes, and ensure greater equity and consistency across sectors.
3. Stability and Predictability: Provide long-term clarity on rates and policy direction to build industry confidence and support better business planning.
Pillar 2: Rate Rationalisation:
1. Reduction of taxes on common: man items and aspirational goods: This would enhance affordability, boost consumption, and make essential and aspirational goods more accessible to a wider population.
2. Reduction of slabs: Essentially move towards simple tax with 2 slabs – standard and merit. Special rates only for select few items.
3. Compensation Cess: The end of compensation cess has created fiscal space, providing greater flexibility to rationalise and align tax rates within the GST framework for long-term sustainability.
Pillar 3: Ease of Living:
1. Registration: seamless, technology-driven, and time-bound, especially for small businesses and startups.
2. Return: Implement pre-filled returns, thus reducing manual intervention and eliminating mismatches.
3. Refund: Faster and automated processing of refunds for exporters and those with inverted duty structure.
Finance Ministry has said that GST Council meets will deliberate on the recommendations of #GoM, and every effort will be made to facilitate early implementation so that the intended benefits are substantially realised within the current financial year.
Business
Stock Market Update: Sensex Rises Over 50 Points, Nifty Above 25,250; Eternal, Sun Pharma Gain 2% Each
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A day after Indian equity markets witnessed heavy selling pressure, benchmark indices are likely to open marginally higher on Wednesday
Stock Market Today
A day after Indian equity markets witnessed heavy selling pressure, benchmark indices are likely to open marginally higher on Wednesday. However, sentiment remains cautious as global cues continue to stay weak amid escalating geopolitical tensions.
The early indicator of market direction, GIFT Nifty, was trading 0.05 percent higher at around 8:00 AM.
Trading on Dalal Street is expected to remain stock-specific with the Q3 earnings season in full swing. Companies such as Eternal, Dr Reddy’s Laboratories, Hindustan Petroleum and PNB Housing Finance are scheduled to announce their quarterly results today.
Rupee At Record Low
The Indian rupee opened at a record low of 91.07 against the US dollar on Wednesday.
Global cues
Asian markets extended their losses on Wednesday, weighed down by renewed geopolitical concerns after the US President issued fresh warnings to European nations over the Greenland issue. Japan’s Nikkei slipped 0.35 percent after government bond yields rebounded, a day after a sharp selloff.
Trump has imposed a 10 percent tariff on eight European countries, effective February 1, with the rate set to rise to 25 percent in June, after they opposed his plans to acquire Greenland.
Overnight, Wall Street recorded its worst session since April last year, according to Bloomberg, with market volatility touching its highest level since November. Both the S&P 500 and the Nasdaq ended more than 2 percent lower.
The spotlight this week remains on the World Economic Forum in Davos, where global leaders have raised concerns over the dominance of “superpowers”. Canadian Prime Minister Mark Carney, in a key address, said the “rules-based international order” is effectively dead.
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January 21, 2026, 09:11 IST
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Snapchat’s parent Snap has settled a social media addiction lawsuit just days before the landmark case was due to go to trial in Los Angeles.
Terms of the deal were not announced as it was revealed by lawyers at a California Superior Court hearing, after which Snap told the BBC the parties were “pleased to have been able to resolve this matter in an amicable manner”.
Other defendants in the case include Instagram parent Meta, ByteDance’s TikTok and Alphabet’s YouTube, none of which have settled.
The plaintiff, a 19-year old woman identified by the initials K.G.M., alleged that the algorithmic design of the platforms left her addicted and affected her mental health.
In the absence of a settlement with the other parties, the trial is scheduled to go forward against the remaining three defendants, with jury selection due to begin on 27 January.
Meta boss Mark Zuckerberg is expected to testify, and until Tuesday’s settlement, Snap CEO Evan Spiegel was also set to take the stand.
Meta, TikTok and Alphabet did not respond to BBC inquiries seeking reaction to the settlement.
Snap is still a defendant in other social media addiction cases that have been consolidated in the court.
The closely watched cases could challenge a legal theory that social media companies have used to shield themselves.
They have long argued that Section 230 of the Communications Decency Act of 1996 protects them from liability for what third parties post on their platforms.
But plaintiffs argue that the platforms are designed in a way that leaves users addicted through choices that affect their algorithms and notifications.
The social media companies have said the plaintiffs’ evidence falls short of proving that they are responsible for alleged harms such as depression and eating disorders.
Adverts for five tanning companies have been banned for making misleading and irresponsible claims about the safety of sunbeds.
Ads for tanning studios The Sun Company, SunShine Co and Tanbox Towcester, as well as for Tan & Deliver Home Hire Sunbeds and Byrokko, which sells products to accelerate tanning, made “a number of problematic claims” about safety, the Advertising Standards Authority (ASA) said.
Their misleading and irresponsible claims included that sunbed use is safe or that tanning can be achieved safely, and that sunbeds could boost vitamin D, improve mood and energy levels, and treat health conditions such as seasonal affective disorder (SAD), psoriasis and eczema.
The ASA said it found the ads using its AI-powered Active Ad Monitoring system.
The watchdog said the rulings come amid public health concerns about the risks of ultraviolet (UV) exposure and the continued popularity of tanning, with some experts highlighting the role of social media in promoting and normalising sunbed use.
Long-standing advice from the NHS and Cancer Research UK says there is no safe or healthy way to get a tan using UV radiation.
Cancer Research UK warns that sunbeds use high-intensity UV radiation for quick tanning which can damage the DNA in skin cells. This can lead to skin cancer, including melanoma, which is the most serious type.
Too much UV radiation is the third biggest cause of cancer and the main cause of skin cancer in the UK.
The ASA said the ads for all five firms were irresponsible and likely to mislead people for downplaying the risks or presenting tanning as beneficial to health.
Some of the ads also implied that sunbeds could be used to help manage medical conditions, which risked discouraging people from seeking appropriate medical advice or treatment, it added.
All five advertisers have been told the banned ads must not appear again, and that future advertising must not suggest that sunbeds are safe, provide health benefits or can be used to treat medical conditions.
The ASA’s regulatory projects manager, Jess Tye, said: “Given the serious dangers of UV exposure, it’s vital that ads for sunbeds don’t suggest that they’re safe or offer health benefits.
“These rulings demonstrate that information about health in ads must be clear, accurate and responsible.
“Protecting people from misleading or irresponsible ads is at the heart of our work and we’ll take action where ads break the rules by putting people at risk.”
All five firms have been approached for comment.
The Sun Company said: “We acknowledge the ASA’s ruling in relation to an early social media post made shortly after opening. The specific content referenced in the ruling has been removed, and we have reviewed our advertising practices to ensure full compliance going forward.
“Customer transparency and regulatory compliance are important to us.”
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Stock Market Update: Sensex Rises Over 50 Points, Nifty Above 25,250; Eternal, Sun Pharma Gain 2% Each
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