The proposed revamp of the Goods and Services Tax (GST) into a two-tier structure with lower levies on household goods could lift consumption by Rs 1.98 lakh crore but also result in an estimated yearly revenue loss of Rs 85,000 crore, SBI Research said in a report released Tuesday.The Centre has put forward a ‘next-gen…
ITR filing: Taxpayers who miss the regular deadline for filing their income tax return get an additional chance through the updated income tax return (ITR-U) facility, introduced under Section 139(8A) of the Income Tax Act. This option allows individuals to correct errors, add omitted income, or rectify misreporting even after the due dates for belated…
Union Minister Nitin Gadkari on Tuesday said the government’s aim is to make India’s automobile industry the number one in the world within the next five years.Launching a report prepared by The Express Industry Council of India (EICI) and KPMG, Gadkari said the outlook for the express industry is also promising.“The size of Indian automobile…
US Treasury Secretary Scott Bessent on Tuesday said that interviews for Federal Reserve Chair Jerome Powell’s replacement are expected to start around September 1, with 11 candidates under consideration.President Donald Trump’s choice of the next Fed chief is being closely tracked, especially after his repeated criticism of the central bank for holding back on interest…
Wall Street stocks were mixed in early trade on Tuesday as major US retailers began reporting quarterly results, while investors awaited Federal Reserve Chair Jerome Powell’s policy remarks later this week.Around 15 minutes into trading, the Dow Jones Industrial Average gained 0.4% to 45,084.70. The broad-based S&P 500 was flat at 6,447.61, while the tech-heavy…
India-based corporates have limited direct exposure to US tariffs, but sectors such as pharmaceuticals that are currently unaffected could face risks if Washington announces further measures, Fitch Ratings has cautioned.The US has imposed a 25% “reciprocal” tariff on Indian goods from August 7, 2025, and an additional 25% levy will take effect on August 27,…
Many legacy instruments serve essential portfolio or risk-management roles, and discontinuing them may impair financial resilience or return optimization. (AI image) New income tax regime savings: The adoption of the new income tax regime has eliminated most deduction-linked incentives. However, evaluating investments purely on tax efficiency can be misleading. Many legacy instruments serve essential portfolio…
Air Canada said Tuesday it will gradually restart operations after reaching an agreement with the union representing 10,000 flight attendants to end a strike that had disrupted travel for about 130,000 passengers daily at the peak of the summer season.The deal was announced by the Canadian Union of Public Employees (CUPE) early Tuesday after both…
Indian Railways passengers will soon need to have their luggage weighed using electronic machines. Soon, your baggage on the train may have to undergo a weight check! Indian Railways is rolling out stringent baggage rules for train passengers, in line with the practices adopted by airlines.According to the proposed regulations, railway passengers will soon need…
The new Kota-Bundi airport will be constructed at an estimated cost of Rs 1507 crore. (AI image) Kota to get a new airport! The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, has approved the Airports Authority of India’s (AAI) proposal to develop a green field Airport in Kota-Bundi, Rajasthan. The new…