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New GST Rates List Live Updates: GST 2.0 Comes Into Effect Today

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New GST Rates List Live Updates: GST 2.0 Comes Into Effect Today


New GST Rates List Live Updates: GST 2.0, a major overhaul in the indirect tax system of the country, has come into effect today, September 22, decreasing tax on essential items to boost consumption nationwide and rationalising rates on other products. Termed as GST Bachat Utsav (savings festival), coinciding with the first day of Navratri, products from groceries to electronics have become cheaper from today on account of lower GST. 

The 56th GST council, led by Finance Minister Nirmala Sitharaman, has merged the previous four slabs into two main categories with an additional “sin tax” bracket:

  • 5% slab — for essential goods.
  • 18% slab – for most other goods and services.
  • 40% slab – for luxury and sin goods such as tobacco, alcohol, betting, and online gaming.

This consolidation is expected to make tax compliance easier and also reduce prices on many items currently taxed at 12% or 28%.

Prime Minister Narendra Modi, while addressing the nation on Sunday ahead of the implementation of GST 2.0, said that people will save Rs 2.5 lakh crore, with the combined benefit of the goods and services tax (GST) cuts and the earlier Income Tax reduction.

PM Modi congratulated people on the GST Bachat Utsav (savings festival) kicking off on September 22 — the first day of Navratri. “GST Bachat Utsav would lead to savings and people will be able to purchase things easily,” he said.

PM Modi said that since 2014, GST has been a top priority, as reforms are continuous and need to adapt to the nation’s evolving needs. Before the rollout of GST 2.0, goods transported across states in India faced multiple hurdles, including a maze of documentation, numerous check posts, and differing tax systems at every location, said the PM in his address. He emphasised that these complexities often slowed business and increased costs.



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Tariff jitters: US consumer confidence slips in December; inflation and jobs worries deepen – The Times of India

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Tariff jitters: US consumer confidence slips in December; inflation and jobs worries deepen – The Times of India


US consumer confidence weakened in December, sliding to its lowest level since President Donald Trump rolled out sweeping tariffs earlier this year, as households grew more anxious about high prices, trade levies and job prospects, according to a survey by the Conference Board.The Conference Board said its consumer confidence index fell 3.8 points to 89.1 in December from an upwardly revised 92.9 in November, AP reported. The reading is close to the 85.7 level recorded in April, when the Trump administration introduced import taxes on key US trading partners, AP reported.Consumers’ assessment of current economic conditions saw a sharper drop. The present situation index fell 9.5 points to 116.8, reflecting growing unease about inflation and employment conditions. Write-in responses to the survey showed that prices and inflation remained the biggest concern for consumers, alongside tariffs.Short-term expectations for income, business conditions and the labour market were little changed at 70.7, but remained well below 80 — a threshold that can signal a recession ahead. This was the 11th straight month that expectations stayed under that level.Perceptions of the job market also weakened. The share of consumers who said jobs were “plentiful” fell to 26.7% in December from 28.2% in November, while those who said jobs were “hard to get” rose to 20.8% from 20.1%.The softer sentiment follows recent labour market data showing mixed signals. Government figures released last week showed the US economy added 64,000 jobs in November after losing 105,000 jobs in October. The unemployment rate climbed to 4.6% last month, its highest level since 2021.Economists say the labour market is stuck in a “low hire, low fire” phase, as companies remain cautious amid uncertainty over tariffs and the lingering effects of high interest rates. Since March, average monthly job creation has slowed to about 35,000, down from 71,000 in the year ended March. Federal Reserve chair Jerome Powell has said he suspects those figures could be revised even lower, AP reported.



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US economy grows at fastest pace in two years

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US economy grows at fastest pace in two years


The US economy picked up speed over the three months to September, as consumer spending jumped and exports increased.

The world’s largest economy expanded at an annual rate of 4.3%, up from 3.8% in the previous quarter. That was better than expected, and marked the strongest growth in two years.

The figures offer a clearer picture of the state of the US economy heading into the end of the year, after data collection had been delayed by the US government shutdown.

The report showed consumer spending rising by 3.5%, compared with 2.5% in the previous quarter.



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Fish and chip shop offers 100 free Christmas meals in Southampton

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Fish and chip shop offers 100 free Christmas meals in Southampton


“It’s just a way of us giving back to the community,” says a fish and chip shop owner, who is giving away 100 free meals on Christmas Eve.

Raj Khaira, from Southampton, has owned Top Catch fish and chips in Shirley for five years and says he wants to support lonely people in the area.

He says he feels lucky to have a big family but knows for some customers a conversation with a shopkeeper might be the only one they have some days.

He says the shop will give portions of sausage and chips to those in need as a way of “giving back to the people who haven’t got family around them and sometimes can’t afford a hot meal”.

Mr Khaira speaks about working in business all of his life and how much he enjoys meeting “different people every day, from different backgrounds”.

“I’ve done it since I was a young kid so it’s all I really know,” he says.

He adds that many of his customers are elderly and do not have connections over the festive period.

“Christmas for majority of us is probably going to be a joyful and busy day but for some people it’s probably going to be a quiet day,” he says.

After posting about the plans to donate on social media he received a lot of publicity and Mr Khaira is prepared to “probably do more than” 100 meals.

He says the shop has already organised a toy and present drop off to Southampton hospitals this December, with many of the donations coming from customers.

He says: “We’re only where we are as a busy shop because of our community and our lovely customers that come in and sometimes you’ve got to give back and I’m happy to do that.”

Looking back on some of the negative news reported in Shirley earlier this year with the rise in anti-social behaviour in the area, he admits he had suffered.

His shop window was smashed in the summer, but he says: “Christmas time lets us just try and forget that for a minute and just try and have a good time, and reflect back on the year and hopefully next year is going to be a better one.”



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