THE HEADLINES :
- GST Council unveils next-generation GST reforms; Daily essentials to become cheaper; New rates to come into effect from 22nd of this month; Council approves two-tier rate structure of 5 percent and 18 percent.
- Prime Minister Narendra Modi hails next-generation reforms in GST; Says it will benefit common man, farmers, MSMEs, middle-class, women and youth.
- Industry bodies appreciates GST reforms; Say it will help in ease of doing business.
- Prime Minister Modi to hold bilateral meeting with his Singaporean counterpart Lawrence Wong in New Delhi today.
- Relief and rescue operations continue in flood hit Punjab, Himachal Pradesh and Jammu and Kashmir at war footing; IMD issues heavy rainfall at isolated places in Jammu and Kashmir and Himachal Pradesh today.
- In Asia Cup Hockey Championship, second Super 4 stage match between India and Korea ends in a draw at Rajgir, Bihar.
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The GST Council has approved the rate rationalisation with a focus on the common man, labour-intensive industries, farmers and agriculture, health, and key drivers of the economy. Briefing the media in New Delhi last night, Finance Minister Nirmala Sitharaman said that the Goods and Services Tax on common man and middle-class items has been reduced from 18 per cent or 12 per cent to 5 per cent. Rationalizing the indirect tax structure, the GST Council also cut the current four slabs down to two by scrapping the 12 per cent and 28 per cent rates, while retaining the 5 per cent and 18 per cent slabs.
All these changes will come into effect from the 22nd of this month, the first day of Navratri. Ms Sitharaman said this move aims to make insurance affordable for the common man and increase insurance coverage in the country.
The Finance Minister further announced the reduction of GST from 12 per cent to NIL on 33 life-saving drugs and medicines, and from 5 per cent to NIL on three life-saving drugs used for the treatment of cancer, rare diseases, and other severe chronic conditions. GST on all other drugs and medicines has been reduced from 12 per cent to 5 per cent.
The Finance Minister informed that items such as hair oil, toilet soap, soap bars, shampoos, toothbrushes, toothpaste, bicycles, tableware, kitchenware, and other household articles will now have only 5 per cent GST. She further said that GST on ultra-high temperature milk, chena and paneer has been reduced to zero from 5 per cent, while all Indian breads will now see a nil rate.
The Minister added that the GST slab on items like air-conditioning machines, televisions above 32 inches, all types of TVs, dishwashing machines, small cars and motorcycles has been lowered to 18 per cent from 28 per cent.
Ms Sitharaman said that labour-intensive industries have given strong support, while farmers and the agriculture sector will also benefit from the decisions. She said, the GST on all agricultural equipment has been reduced from 12 per cent to 5 per cent.
Revenue Secretary Arvind Shrivastava said the rationalisation of rates would entail a financial impact of 48,000 crore rupees, which would be “fiscally sustainable for Centre and state.
The 56th Meeting of the GST Council was held in New Delhi under the chairmanship of the Finance Minister.
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Prime Minister Narendra Modi has hailed the next-generation reforms in GST announced by Finance Minister Nirmala Sitharaman. In a social media post, Mr. Modi said that the government has decided to cut GST rates, which will benefit the common man, farmers, MSMEs, middle-class, women and youth. He added that the government had prepared a detailed proposal for broad-based GST rate rationalisation and process reforms, aimed at ease of living.
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Union Home Minister Amit Shah has called GST rate cuts as a historic decision which will bring huge relief to the poor and middle class, farmers, MSMEs, women and youth. In a social media post, Mr Shah said that by simplifying the system and reducing the burden on common citizens, these reforms will not only ensure ease of living but also give a big boost to ease of doing business, especially for small traders and entrepreneurs.
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Industry bodies have welcomed the next-generation GST reforms saying that the simplification of the tax set-up will help in ease of doing business. The Confederation of Indian Industry – CII said that the two rates of 5 percent and 18 percent, will simplify refunds and MSME procedures. It also hailed the exemption of individual life and health insurance from GST as pathbreaking. It further added that this clarity will ease compliance, reduce litigation, and give businesses and consumers the predictability they need.
Federation of Indian Chambers of Commerce and Industry – FICCI said the reforms reflect the maturation of the indirect tax regime which has seen a steady rise in collections. FICCI President Subhrakant Panda called it a big bang move. He said this strengthens the foundation for a self-reliant India.
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Prime Minister Narendra Modi will meet his Singaporean counterpart Lawrence Wong today in New Delhi to review the robust and multifaceted cooperation between the two nations. The visiting leader will also call on President Droupadi Murmu. Our correspondent reports that Mr Wong is accompanied by a high-level delegation including Cabinet Ministers and Senior Officials.
The visit will provide an opportunity for both Prime Ministers to review the robust and multifaceted cooperation between the two nations, setting the path for future collaborations. The two Prime Ministers will also engage on regional and international issues of mutual interest. External Affairs Minister Dr S Jaishankar and other dignitaries are also scheduled to call on Prime Minister Wong.
The External Affairs Ministry said that the visit of Prime Minister Wong coincides with the 60th anniversary of India-Singapore diplomatic relations and reaffirms the continued commitment of both countries to further strengthen this partnership. The Ministry further highlighted that Singapore is an important partner for India, including in the Act East’ policy, and the bilateral ties between the two nations were elevated to a Comprehensive Strategic Partnership during Prime Minister Modi’s Singapore visit in September last year. Adarsh for Akashvani News, Delhi.
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In Punjab, incessant rain, rising water levels in Beas, Satluj, Raavi and Ghaggar rivers and controlled release of excess water from Bhakra, Pong and Ranjit Sagar dams is keeping the border state on high alert. The floods have affected 1650 villages in all its 23 districts and have submerged over one lakh 75 thousand acres of farmland causing massive damage to paddy and other crops. These worst floods in decades have also taken away 37 lives and 3 are still missing.
Our correspondent reports that rescue and relief operations are continuously being carried out by the Indian Army, Airforce, BSF, NDRF and NGOs on war footing.
The swollen Satluj and Ghaggar rivers have reportedly impacted villages of Patiala, Mohali, Sangrur and Jalandhar as well besides those already inundated in other districts. Due to the prevailing situation, the state government has ordered the closure of all educational institutions until September 7th.
Union Agriculture Minister, Shivraj Singh Chauhan is visiting the flood affected state today to take stock of the situation and meet affected villagers in Amritsar, Gurdaspur and Kapurthala before convening a review meeting of the concerned officials of centre and state government. Rajesh Bali/ Akashvani News/ Jalandhar.
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In Himahal Pradesh, efforts are underway to bring normal life back on track after the disruption caused by monsoon rains. However, continuous bad weather is hampering relief operations. In the state, 5 national highways and more than 1,350 roads remain blocked for traffic.
“The monsoon rains have severely affected daily life in the state. The Meteorological Department has issued a yellow alert for heavy rainfall at several places today as well. The department has also forecast that the rains will continue in the state until 7th September.
Meanwhile, Chief Minister Sukhvinder Singh Sukhu has directed all district administrations to carry out relief and rescue operations on a war footing. Prabha Sharma, Akashvani News, Shimla.”
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In Jammu and Kashmir, the Meteorological Centre forecast that the weather will remain generally cloudy today with light to moderate rain and thundershowers at many places. As per the fresh weather advisory some districts of Jammu division are likely to receive heavy rainfall, while South Kashmir may experience moderate to heavy showers. From today to September 7, brief spells of rain and thundershowers at a few places, with moderate showers are expected over isolated areas of Jammu division.
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The Indian Metrological Department has issued red alert for extremely heavy to heavy rainfall in the Gujarat region for next three days and for west Madhya Pradesh till tomorrow. According to IMD, Isolated heavy rainfall likely over the places of Vidarbha, Chhattisgarh and Odisha. The MeT Department has also issued orange alert for heavy to very heavy rainfall over East Rajasthan, Konkan & Goa, Madhya Maharashtra and West Madhya Pradesh.
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News from the world of sports:
In Hockey, The second Super 4 stage match between India and Korea in the Asia Cup Championship ended in a 2-2 draw last evening at Rajgir, Bihar. India will now face Malaysia in the next encounter today at 7:30 PM. In Tennis, India’s Yuki Bhambri paired with Michael Venus of New Zealand stormed into the semi-finals of the US open. The duo defeated Croatian Nikola Mektić and Rajeev Ram of United States in the men’s doubles quarter-finals this morning. The Yuki-Michael duo is set to face the British pair, Neal Skupski and Joe Salisbury, later today. In Men’s singles, Novak Djokovic entered the semi-finals beating Taylor Fritz in the quarter-finals yesterday. The serb will now take on Carlos Alcaraz of Spain in the semi-finals. Moving on the women’s singles, American Amanda Anisimova stunned Iga Swiatek of Poland in the quarter-finals to book a place in the semi-finals of the tournament. Meanwhile, Defending champion Aryna Sabalenka moved into the semi-finals. SANYUKTA YADAV, SPORTS DESK.
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TODAY’S NEWSPAPERS HEADLINE,
- ALL PAPERS headline the story of GST council approving a 2 tier rate structure of 5 percent and 18 percent. Introduces 40 percent on tobacco and luxury products and removes tax on life insurance and health policies. The Pioneer headlines “GST reset to good and simple tax. The Times of India headlines “Life and health cover, white goods,most cars to get cheaper after GST revamp.
- Xi parades firepower, says world faces peace or war, Trump sees a conspiracy is a front page story in The Indian Express, The Tribune adds ” For first time, China displays nuclear triad at parade”
- And finally a story in The Pioneer says Sarsatia a rare dessert made from the resin of a tree finds its way to Dubai.
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THE HEADLINES ONCE AGAIN
- GST Council unveils next-generation GST reforms; Daily essentials to become cheaper; New rates to come into effect from 22nd of this month; Council approves two-tier rate structure of 5 percent and 18 percent.
- Prime Minister Narendra Modi hails next-generation reforms in GST; Says it will benefit common man, farmers, MSMEs, middle-class, women and youth.
- Industry bodies appreciates GST reforms; Say it will help in ease of doing business.
- Prime Minister Modi to hold bilateral meeting with his Singaporean counterpart Lawrence Wong in New Delhi today.
- Relief and rescue operations continue in flood hit Punjab, Himachal Pradesh and Jammu and Kashmir as at war footing; IMD issues heavy rainfall at isolated places in Jammu and Kashmir and Himachal Pradesh today.
- In Asia Cup Hockey Championship, second Super 4 stage match between India and Korea ends in a draw at Rajgir, Bihar.
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