The GST Council's 56th meeting has resulted in significant changes to India's tax system, including the removal of the Compensation Cess and the implementation of a simplified framework with only two main tax slabs. While this has brought relief to many households, the decision to not place bidis and 'tendu' in the 40% bracket has caused some confusion. The new top bracket now encompasses products deemed harmful to health or society, such as alcohol, tobacco, and sugary drinks.
In an exclusive interview, Indian Finance Minister Nirmala Sitharaman reveals that the government is working on a package to support exporters affected by US tariffs. She emphasizes the need to help exporters navigate the challenges of facing new markets and expresses hope that recent tax reforms will mitigate the impact of the tariffs on the country's GDP. The government has also voiced its opposition to the "unfair and unreasonable" tariffs imposed by the US.
GrabFood, a popular food delivery platform in Thailand, has joined forces with Shake Shack to offer a limited-time menu with a Thai twist. Co-created by the "World's Best Female Chef 2025" and featuring classic American dishes, the menu will be available from May 7 to July 6 at all Shake Shack locations in Bangkok and for delivery on the Grab app. This collaboration is part of Grab's efforts to provide exclusive culinary experiences for its users, with the code "SS50" offering 50 baht off for orders from the collaboration menu. Don't miss the chance to try these delicious and unique dishes!
In a recent interview, Finance Minister Nirmala Sitharaman stated that the government will stick to its budgetary planning and fiscal glide path despite the latest GST rate rationalisation. The changes in GST rates, which are expected to lead to a revenue loss of Rs 48,000 crore, will not affect the government's capital expenditure plans. Data shows that India's fiscal deficit in April-July 2025 has already reached 29.9%, with a sharp rise in capital spending suggesting strong progress towards achieving the targeted fiscal deficit of 4.4% by 2025-26.
US President Donald Trump has claimed that "India kills the US with tariffs" while speaking about his decision to impose levies on various countries. He also pointed out that due to tariffs, India has made concessions on the charges it imposes on US imports. The US federal appeals court recently declared most of Trump's tariff actions as illegal, which Trump believes is because other countries are taking advantage of the US. However, he has vowed that this will not happen anymore.
In a move to regulate unregistered online platforms, Nepal has ordered the blocking of 26 major social media platforms, including Facebook, WhatsApp, and YouTube. This decision comes after a Cabinet decision in August and a Supreme Court directive. Companies are required to register and secure a license within three months in order to operate within Nepal's jurisdiction.
The Goods and Services Tax (GST) Council in India held a 10-hour meeting where they announced a broad two-slab structure of 5% and 18% with a demerit rate of 40% for super luxury, sin, and demerit goods. The reforms aim to lower tax burden, ease blocked working capital, and improve ease of doing business. These changes will come into effect on September 22, benefiting common people, farmers, MSMEs, and middle-class citizens. The decision also includes sweeping rate cuts for common-use items, white goods, and automotive parts as well as a lower GST for health and physical well-being services.
Though once a top-selling brand in Germany, Tesla is now facing a major decline in sales due to the emergence of new electric vehicle options and negative sentiment towards CEO Elon Musk. This downturn highlights the challenges faced by the company in the competitive European market and the potential effects of political controversies on consumer perception. As the brand works to recover, it faces significant hurdles and a shifting market landscape.
Tesla, under the guidance of executive Lars Moravy, has announced the opening of a new development center in Berlin's Köpenick district. The site, expected to employ up to 250 engineers, will focus on material research, as well as vehicle and drive development. This move is part of Tesla's efforts to expand their presence in Europe, after experiencing a drop in sales in the region. With the new center, Tesla hopes to strengthen their position and continue to innovate in the market.
The Indian rupee started the day on a positive note, appreciating by 6 paise against the US dollar. This was supported by strong foreign institutional investor (FII) inflows and a decrease in global crude oil prices. Forex traders expect the rupee to stay within the 85.40-90 range due to mid-month demand for oil, defence, and government-related payments. The interbank foreign exchange market opened at 85.53 and later saw a rise to 85.51, marking a 6 paise gain from the previous day's close. According to experts, the rupee trade is likely to remain subdued as markets wait for updates on the US-China trade agreement.