Business
Petrol likely to go cheaper by Re0.61, diesel by Rs3.13 per litre | The Express Tribune
ISLAMABAD:
The price of petrol is likely to drop by Re0.61 for the next fortnight from September 1. According to sources, the prices of other petroleum products are also expected to see downward revision as high-speed diesel (HSD) price may go down by Rs3.13 per litre.
Similarly, the price of kerosene is expected to drop by Rs1.57 per litre, and light diesel oil (LDO) may become cheaper by Rs2.61 per litre.
Officials said the Oil and Gas Regulatory Authority (OGRA) will finalise its pricing calculations and forward the working paper to the Ministry of Petroleum, which will then share it with the Finance Division.
The final decision on the new prices will be made after consultation with Prime Minister Shehbaz Sharif, following which the Ministry of Finance is expected to issue an official notification. If approved, the revised prices will come into effect from midnight on September 1.
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Govt plans a two-slab GST reform by Diwali 2025, cutting rates on cement and materials, promising 8-15% savings for homebuyers and transforming real estate with transparency.
The GST reform is expected to particularly benefit affordable housing, with ripple effects across the sector.
Authored By Sahil Agarwal
India’s real estate sector stands on the brink of a revolutionary transformation as the government proposes a simplified two-slab GST structure, replacing the current complex four-tier system. Expected to roll out by Diwali 2025, this reform promises substantial savings for homebuyers while fundamentally reshaping the real estate industry.
The proposal consolidates GST into just 5% and 18% slabs, eliminating the existing 12% and 28% brackets. Research by ClearTax indicates that 99% of items in the 12% bracket will move to 5%, while 90% of items in the 28% bracket will shift to 18%. This rationalization will significantly lower construction costs, with homebuyers emerging as the primary beneficiaries.
Cement, currently taxed at 28%, will drop to 18%, a 10 percentage point reduction. Paint and other construction materials will see similar cuts. These reductions are expected to translate into 8-15% savings for residential buyers. For a Rs 50 lakh apartment, this could mean potential savings of Rs 4-7.5 lakhs.
Industry surveys suggest the reform will alter how developers approach project planning and pricing. With simplified tax structures and lower input costs, the focus will shift from tax optimization to customer value creation. Developers are likely to adopt transparent pricing models and customer-first strategies, broadening the homebuyer base and compelling innovation in design, amenities, and financing partnerships.
The reform is poised to particularly benefit affordable housing, with ripple effects across the sector. Price-sensitive buyers in tier-II cities such as Pune, Ahmedabad, Kochi, and Indore are expected to drive unprecedented demand growth. Data from ASSOCHAM indicates the simplified GST structure will bring millions of first-time buyers into the market. Developers will need to tailor projects for young professionals and growing families, reshaping portfolios and accelerating residential expansion beyond metros.
On the supply side, the two-slab structure will revolutionize real estate operations. Predictable tax rates will enable developers to forge long-term supplier relationships and streamline procurement, reducing project timelines and enhancing quality. Simplified compliance will free up resources for PropTech adoption, digital customer experiences, and process automation, modernizing industry operations.
Banks and housing finance companies will also benefit, with clearer cost structures leading to faster loan approvals and innovative financing products. Stronger partnerships between developers and financial institutions are expected, expanding homebuyer financing options. Smaller developers will gain from reduced compliance costs, while larger players will need to compete on innovation and customer service rather than tax structuring expertise.
Ultimately, the industry will witness a clear shift toward innovation, customer focus, and operational efficiency. This reform represents one of the most significant structural changes in Indian real estate in decades — one that promises to democratize homeownership while driving transparency, efficiency, and customer-centric growth across the sector.
(The author is the chief executive officer of Nimbus Realty)
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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Andy GiddingsBBC News, West Midlands
Telford Crisis SupportSchemes offering help to families struggling with the cost of school uniforms have reported a growth in demand this summer.
It comes after the average cost of a school uniform was just over £340 for primary school children and around £454 for those in secondary education, government figures indicated earlier this year.
The charity Parentkind produced research this month which suggests 30% of parents go without food or heating to afford uniform and 45% rely on credit cards.
Erin Aston, from Telford Crisis Support, said: “If somebody can’t afford food they might not be able to afford other items like uniform.”
The charity runs a scheme which has been giving free school uniform to children in the Telford area since 2019 and it has grown year-on-year.
‘Branded items expensive’
In its first year it received 125 requests, but Ms Aston, the charity’s coordinator, said this year it had received 320 requests in August alone and a similar number in July, with those two months the most busy.
The charity is helped by the local authority as well as businesses and community groups.
Buying school uniform could be expensive, Ms Aston said, especially branded items such as blazers and PE kit, which are often in short supply at the charity.
But she said legislation, due to come in next year, which will limit the number of branded items schools can ask parents to buy would be a big help.
Zoe TurnerZoe Turner runs a similar scheme in nearby Shifnal, which collects donated school uniforms and then gives them away for a donation of just £1 per item.
She set up Uniforms Together at the start of the year, initially to help parents with the cost of Scouts uniform, which she said was in limited supply at charity shops.
She has been supported by Woods, the local dry cleaners, which cleans the clothing and serves as a collection point and by St Andrew’s Church, which provides venues for the sales.
‘World Book Day help’
Ms Turner said 236 items went in her first sale, in April, and another 370 were snapped up this summer, with another sale due next month, with all money going to local church groups for children.
She said her group had become “really busy” and was now taking donations for schools outside Shifnal.
Her next move is to offer prom clothes and costumes for World Book Day, but storage space has become an issue, so she has asked local businesses if they have room they can give up.
Wolverhampton City Credit UnionWolverhampton City Credit Union gives a different form of support.
Since last year it has been offering to match pound-for-pound the first £75 paid into one of its child savings accounts.
That extra money can then be spent on school uniforms.
‘Super, super busy’
Antoinette Kelly, who operates the scheme, said she believed: “Every child deserves the chance to have a new uniform on the first day of term.”
Last year 340 children were supported by the scheme and she said it had been “super, super busy” this summer.
The scheme is financed by the city council. and she expected demand this year to be even greater than last year and said it was better for families to use offers like this than to get into debt by taking out loans.
She also said Wolverhampton had numerous second hand uniform banks, based at community centres and churches around the city.
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Selling inherited gold? You might owe capital gains tax. Here’s what Indian tax law says about jewellery passed down from parents or grandparents.
According to Indian tax laws, inherited gold is considered a capital asset, so any profit made from selling it may be subject to capital gains tax. (AI Generated)
Gold has long been a symbol of tradition, prosperity, and financial security for Indian families. Often passed down through generations, gold jewellery is typically received as part of family heritage, gifted during weddings or other significant occasions by parents and grandparents.
However, if the time has come to sell this inherited gold, it’s important to understand how taxation applies.
Is Inherited Gold Taxable? Yes, Here’s How
According to Indian tax laws, inherited gold is treated as a capital asset. This means that if you sell it, capital gains tax may apply on the profit made.
A unique aspect of inherited gold is that, for tax purposes, the purchase date and cost are considered the same as those of the original owner, such as your mother or grandmother.
For instance, if your grandmother purchased the gold in 1981 and you received it during your marriage, the cost and purchase date from 1981 are used for calculating capital gains.
Gold Purchased Before 2001? You Have An Advantage
If the gold was originally purchased before April 1, 2001, you have the option to use the Fair Market Value (FMV) as of April 1, 2001 instead of the actual purchase price. This often benefits the seller, especially when historical records are missing or unclear.
Short-Term vs Long-Term Capital Gains: What’s The Difference?
It’s essential to understand the distinction between short-term and long-term capital gains, as the tax treatment differs:
Previously, gold held for more than 36 months was considered a long-term asset. After the Finance Act 2024, this threshold has been reduced to 24 months.
So now, if you’ve held the gold for over 24 months, the profit is treated as a long-term capital gain, and you’ll be taxed at 12.5% (without indexation). However, if you sell the gold within 24 months, the profit is considered a short-term gain, and will be taxed according to your income tax slab.
Gold vs Nifty50 vs Fixed Deposits: Who Wins Over 10 Years?
When comparing returns on various investments over a decade, such as gold, Nifty50, and fixed deposits (FDs), gold has often delivered competitive, if not superior, returns, especially when held for decades. For example, a Rs 1 lakh investment made decades ago in gold could well have outperformed traditional savings instruments.
In cases where the gold is several decades old, the 12.5% long-term capital gains tax will apply, but that still leaves a significant profit margin.
No Purchase Records? Here’s What You Can Do
If you don’t have access to the original purchase records for the inherited gold, don’t worry. You can rely on either:
- A valuation report from a certified jeweller, or
- The historical gold rates published by the local Jewellers’ Association.
These can serve as valid documentation for determining the cost of acquisition during tax assessment.
In conclusion, yes, tax is applicable when selling inherited gold. But the good news is that the rates are reasonable, especially for long-term holdings. With the right paperwork, such as FMV documents or jewellers’ valuation, calculating and filing taxes becomes a straightforward task.
So, if you’re planning to sell inherited gold, be informed and prepared, and you can make the most of your family treasure, both sentimentally and financially.
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