GST Council defers implementation of tax rate hike on textiles
The Hindu
Currently, tax rate on manmade fibre (MMF) is 18 per cent, MMF yarn 12 per cent, while fabrics are taxed at 5 per cent.
The GST Council on Friday decided to put on hold the decision to hike tax rate on textiles to 12 per cent after many states, including Tamil Nadu and West Bengal, opposed the move, an official said.
The 46th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided to deliberate on the issue further in its next meeting.
Currently, tax rate on manmade fibre (MMF) is 18 per cent, MMF yarn 12 per cent, while fabrics are taxed at 5 per cent.
Markets tumble as Sensex and Nifty decline, with investors wary of foreign fund outflows and muted earnings.
Johnson & Johnson introduces TECNIS PureSee IOL for presbyopia in India, offering high-quality vision and reduced visual symptoms.
PMI Electro Mobility raises ₹250 crore for electric buses, accelerating growth plans with consortium investment.
India's wholesale price inflation slightly eased to 2.31% in January, driven by food and manufactured costs, with fuel prices in deflation.
AI could one day allow people to continue conversations with their loved ones after their death, said Sebastian Thrun, founder of Google X.
India considering liberalized air service agreement with Singapore, potentially allowing more flights and airport access.
February 13 saw a huge turnout, and the police expect this number to go up on February 14.
Sensex and Nifty rise on optimistic trade pact news, US market rally; key gainers include ICICI Bank, Infosys.
Elon Musk says he will abandon his $97.4 billion offer to buy the nonprofit behind OpenAI if the ChatGPT maker drops its plan.
Union Finance Minister Nirmala Sitharaman assures control over food prices in 2025, monitoring inflation to protect citizens.
BSE Sensex and NSE Nifty close lower amid global cues, retail inflation dip, and foreign fund outflows.
RBI Governor emphasizes NBFCs' role in inclusive development, customer protection, and financial stability, urging participation in ULI.
JPMorgan Chase begins job cuts as part of planned reductions, with fewer than 1,000 employees affected in February.