Business
‘Truly Grateful’: Sitharaman Thanks State Ministers For Unanimous Support In GST Overhaul
Last Updated:
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
Read More
Across the UK, shopfronts are being exploited by criminal gangs pushing illegal drugs, experts say.
Source link
At around 8.25 am, the benchmark US oil contract, West Texas Intermediate (WTI) climbed 4.06% to US$96.73 per barrel.
International oil benchmark Brent North Sea crude rose 3.62% to US$105.63. Both eased back in the following minutes.
Oil prices have soared since Israel and the US attacked Iran on Feb 28, and they have kept inching up due to the uncertainty over whether war will resume.
As the clock ticked for a return to the war that has engulfed the region, US President Donald Trump had said Tuesday he would maintain the truce to allow more time for Pakistani-brokered peace talks.
Iran said it welcomed the efforts by Pakistan but made no other comment on Trump’s announcement.
Wall Street stocks gained ground following President Trump’s unilateral ceasefire extension in the Iran war.
All three major US stock indexes advanced, with tech shares helping to put the Nasdaq out front, while gold advanced and the dollar edged higher.
The S&P 500 and the Nasdaq reached record closing highs.
“Despite the energy shock and headlines that have inundated investors, the macroeconomy, corporate fundamentals, and consumer spending remain strong,” said Bill Merz, head of capital markets research at US Bank Wealth Management in Minneapolis.
“Investors are taking the stance that the Strait of Hormuz will open before too much damage is inflicted on the global economy.”
Iran’s Revolutionary Guards seized two vessels for maritime violations just hours after Trump agreed to extend the ceasefire until negotiations are concluded.
About a fifth of the world’s oil and liquefied natural gas (LNG) supplies normally pass through the strait.
US stocks, initially battered by the war, have since made a full recovery, with the S&P 500 and the Nasdaq having reached all-time closing highs in recent sessions.
But geopolitical uncertainty lingers, and a prolonged period of elevated oil prices remains a threat.
About two-thirds of the S&P 500 companies that have reported quarterly earnings since the beginning of April have voiced concerns about energy prices in their analyst conference calls, according to a Reuters review of transcripts.
“Anytime there’s a global event like the conflict in the Middle East, and it grabs so many headlines and captures attention, it will crop up in earnings commentary,” Merz added. “But we’re not seeing it significantly impact behaviour yet.”
First-quarter earnings season is well underway amid lofty expectations. Analysts currently estimate year-on-year S&P 500 earnings growth of 14.4% for the January-March period, according to the most recent LSEG data.
The Dow Jones Industrial Average rose 341.27 points, or 0.69%, to 49,490.52, the S&P 500 +gained 73.90 points, or 1.05%, to 7,137.91, and the Nasdaq Composite was up 397.60 points, or 1.64%, to 24,657.57.
European shares ended lower for the third straight session as the Middle East strife continued to weigh on markets and investors assessed a raft of corporate earnings.
Dozens of international firms have withdrawn guidance or signalled price hikes since the war began.
MSCI’s gauge of stocks across the globe rose 4.52 points, or 0.42%, to 1,070.98.
The pan-European STOXX 600 index fell 0.35%, while Europe’s broad FTSEurofirst 300 index fell 8.58 points, or 0.35%.
Emerging market stocks fell 9.41 points, or 0.58%, to 1,606.07. MSCI’s broadest index of Asia-Pacific shares outside Japan closed lower by 0.6%, to 822.27, while Japan’s Nikkei .N225 rose 236.69 points, or 0.40%, to 59,585.86.
The dollar rose amid lingering geopolitical worries.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.26% to 98.63, with the euro down 0.32% at $1.1704.
Against the Japanese yen, the dollar strengthened 0.12% to 159.56.
In cryptocurrencies, Bitcoin gained 4.13% to $78,866.74. Ethereum rose 3.48% to $2,398.37.
US Treasury yields increased, rangebound amid choppy trading.
The yield on benchmark US 10-year notes rose 1.2 basis points to 4.304%, from 4.292% late on Tuesday.
The 30-year bond yield rose 1.1 basis points to 4.9091% from 4.898% late on Tuesday.
The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2.1 basis points to 3.8%, from 3.779% late on Tuesday.
Jenny Lennick’s colourful hair clips are sold across the US and around the world.
Source link
Canada forms new advisory committee to strengthen US trade relations
High street drug dealer sells cannabis to undercover reporter
Clearing Hormuz Strait mines could take six months: report
-
Fashion1 week agoFrance’s LVMH Q1 revenue falls 6%, shows resilience amid Iran war
-
Entertainment1 week agoIs Claude down? Here’s why users are seeing errors
-
Tech1 week agoThe Deepfake Nudes Crisis in Schools Is Much Worse Than You Thought
-
Sports1 week agoPSL 11: Peshawar Zalmi win toss, opt to field first against Quetta Gladiators
-
Tech1 week agoHuman-machine teaming dives underwater
-
Business1 week agoStandard Life buys rival in £2b deal to create savings giant
-
Business1 week agoBP sees ‘exceptional’ oil trading result as Iran war sends crude costs soaring
-
Fashion1 week agoWhat no one is saying about the 2026 apparel slowdown