Business
‘Truly Grateful’: Sitharaman Thanks State Ministers For Unanimous Support In GST Overhaul
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Nirmala Sitharaman thanked state finance ministers for supporting the GST overhaul, unanimously approved at the GST Council, and promising relief for the common man.
Finance Minister Nirmala Sitharaman.
Union Finance Minister Nirmala Sitharaman wrote to finance ministers of all states, expressing gratitude for their support and active role in helping implement the landmark overhaul of the goods and services tax (GST) regime.
In an interview with news agency PTI, Sitharaman said states made their view on the proposal to rejig tax rates but ultimately agreed that it was for the benefit of the common man, an argument that helped reach a unanimous decision at the GST Council meeting earlier this week.
The revision, set to take effect on September 22 and expected to reduce rates on a broad range of products—from butter and chocolates to shampoos, tractors, and air conditioners—was approved at a GST Council meeting on September 3. The council, chaired by Sitharaman, comprises representatives from all states and Union Territories.
“Yesterday, I wrote a letter to each finance minister thanking them, saying, you can have any number of intense discussions and arguments, but finally, the Council rose to the occasion and gave relief to the people of India, to all people of India. And, I am grateful for that gesture. So, I wrote that letter,” she said.
Seh called the work at the Council, truly ‘remarkable’. Despite concerns about potential revenue loss from reclassifying most products into two main categories—5% for essential goods and 18% for all others, eliminating the 12% and 28% slabs—the council unanimously approved the GST overhaul.
The panel was to meet for two days, starting September 3, to discuss the proposal made by the Centre, but ended up approving it on the very first day after a marathon day-long meeting.
“So the sense of the house was, this is a proposal which is going to undoubtedly benefit the common man. There is no point in standing against it… Ultimately, everybody came together for a good cause, and I’m truly very grateful,” the Finance Minister said.
The minister stated that while states have consistently supported rate reductions, their primary concern has been the impact on revenue following the tax cuts.
“I even appealed to them, saying, for the sake of the people of India, please. It’s not just the states. It’s even the Centre that is going to be affected by the reduction. But we’ll make up for it because once the rates come down, people are going to come out to buy, and that will take care of it (revenue impact). That’s how consensus was arrived at,” she said.
Speaking at a press conference following the GST Council meeting, Sitharaman expressed her gratitude to the states for their cooperation and collaborative efforts in implementing one of India’s most significant tax reforms.
On Saturday, she observed that the Council had patiently considered every comment and suggestion from its members. “All points were carefully discussed before reaching a consensus,” she said.
She also emphasised the inclusive nature of the discussions, noting that several ministers who wished to speak again after their initial points had been addressed were allowed to do so.
“Their additional inputs were heard and taken into account,” the Finance Minister emphasised. She also credited states for their constructive participation in the GST Council and their commitment to driving tax reform.
September 06, 2025, 19:39 IST
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Business
‘Our refineries are robust!’: India can process Venezuelean crude oil when available; here’s what IOCL chairman said – The Times of India
Indian Oil Corporation Ltd (IOCL) said that the country’s refineries are capable of processing Venezuelan crude if supplies resume. “If at all things start settling down, if at all a lot of crude starts coming out of Venezuela, then can’t we import oil from Venezuela?” he said.The executive further added that the company, used to process Venezuelean crude a decade back and can do so again. “Venezuelan crude earlier when it was available, like 10 years back or eight years back when it used to be there in the market,” Sahney said at the World Economic Forum (WEF) in Davos.
Speaking about the capabilities of the refineries, the chairman highlighted that they are strong and can process the supplies. “So our refineries are varied, our refineries are robust. They can process in an admixed manner, but we can process Venezuelan crude if and when it is made available.”The remarks follow the US’s capture of outsted Venezuelan President Nicolas Maduro in a military operation and an agreement to send 50 million barrels of oil, worth $5.2 billion, to the interim Venezuelan government.Sahney also highlighted India’s favourable economic and energy landscape. “India is growing at a phenomenal rate, and everybody is interested in talking about doing business with India,” he said.Commenting on global crude prices, he noted, “Crude has been trading in the range of $60-65 per barrel over the past several months. For the better part of the last six months, they were at $60 or below. This is a good zone where economic growth is also happening and sellers of crude are comfortable.”Pointing out India’s reliance on imports, he said, “India remains heavily dependent on imports to meet its energy needs, with IOCL importing about 85-87% of its crude oil requirements. The current price band is supportive for economic stability.”Sahney explained that refining margins depend on more than crude prices. “Refining margin is a very broad term. It is finally affected by the cracks in the international market. Today, cracks are working fine. They have returned to normalcy but are still in a healthy zone,” he said.He added that government policy has also supported the sector. “There is no problem on the policy side. Whatever support is required has already been given. It is up to us to improve profitability by increasing efficiency, reducing costs and optimising the supply chain,” Sahney said.Moving forward, Indian Oil plans to continue investing across the energy value chain, including downstream petrochemicals and cleaner energy solutions.The WEF’s 56th Annual Meeting runs from January 19 to 23, 2026, in Davos-Klosters, with around 3,000 participants from over 130 countries, including world leaders, CEOs, innovators and policymakers, under the theme “A Spirit of Dialogue.”
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.
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