National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

The government may go with the option of offloading&nbsp;its stake in the national carrier Air India in parts, according to a report in Reuters.

The idea behind selling stake in parts is to attract buyers. The government had approved the stake sale in the flagship carrier last month.&nbsp;

Successive governments have pumped billions of dollars into the fledgling airline which has a massive debt burden of $8.5 billion on its books.

Over the years, Air India has lost ground to&nbsp;private carriers like Indigo and Jet and its market share has shrunk to 13 per cent, the report said.&nbsp;

The PMO has set early next year as the deadline to get the process underway.

&nbsp;&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

The flagship carrier has lost considerable ground to private carriers like Indigo and its market share has shrunk to 13%

The government may go with the option of offloading its stake in the national carrier Air India in parts, according to a report in Reuters. The idea behind selling stake in parts is to attract buyers. The government had approved the stake sale in the flagship carrier last month. Successive governments have pumped billions of dollars into the fledgling airline which has a massive debt burden of $8.5 billion on its books. Over the years, Air India has lost ground to private carriers like Indigo and Jet and its market share has shrunk to 13 per cent, the report said. The PMO has set early next year as the deadline to get the process underway.

Government may opt for stake sale in Air India in parts

India has emerged as the economic pole of global growth by surpassing China and is expected to maintain its lead over the coming decade, says a new study by Harvard University.

According to the Harvard University&#39;s Center for International Development (CID) growth projections,&nbsp;India will feature on top of the list of the fastest growing economies till 2025 with an average annual growth of 7.7 per cent, for a variety of reasons.

&quot;The economic pole of global growth has moved over the past few years from China to neighbouring India, where it is likely to stay over the coming decade,&quot; the CID research suggested.

The study attributed India&#39;s rapid growth prospects to the fact that it is particularly well positioned to continue diversifying into new areas, given the capabilities accumulated to date.

&quot;India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics,&quot; the growth projection pointed out.

&quot;The major oil economies are experiencing the pitfalls of their reliance on one resource. India, Indonesia and Vietnam have accumulated new capabilities that allow for more diverse and more complex production that predicts faster growth in the coming years,&quot; it added.

Stating that economic growth fails to follow one easy pattern, the study said, &quot;The countries that are expected to be the fastest growing - India, Turkey, Indonesia, Uganda, and Bulgaria -&nbsp;are diverse in all political, institutional, geographic and demographic dimensions.&quot;

&quot;What they share is a focus on expanding the capabilities of their workforce that leaves them well positioned to diversify into new products and products of increasingly greater complexity,&quot; the new growth projections by CID added.

Besides, the projections divide countries into three basic categories -- the ones with too few productive capabilities to easily diversify into related products, the countries that have enough capabilities that make diversification and growth easier, which include India, Indonesia and Turkey, and&nbsp;the advanced countries such as Japan, Germany and the US that already produce nearly all existing products, so that progress will require pushing the world&#39;s technological frontier by inventing new products, a process that implies slower growth.

Growth in emerging markets is predicted to continue to outpace that of advanced economies, though not uniformly says CID&#39;s new growth projections. The growth projections are based on measures of each country&#39;s economic complexity, which captures the diversity and sophistication of the productive capabilities embedded in its exports and the ease with which it could further diversify by expanding those capabilities.

The CID is a university-wide center that works to advance the understanding of development challenges and offer viable solutions to problems of global poverty.&nbsp;

India will feature on top of the list of the fastest growing economies till 2025 with an average annual growth of 7.7%, the study by Harvard University states

India has emerged as the economic pole of global growth by surpassing China and is expected to maintain its lead over the coming decade, says a new study by Harvard University. According to the Harvard University's Center for International Development (CID) growth projections, India will feature on top of the list of the fastest growing economies till 2025 with an average annual growth of 7.7 per cent, for a variety of reasons. "The economic pole of global growth has moved over the past few years from China to neighbouring India, where it is likely to stay over the coming decade," the CID research suggested. The study attributed India's rapid growth prospects to the fact that it is particularly well positioned to continue diversifying into new areas, given the capabilities accumulated to date. "India has made inroads in diversifying its export base to include more complex sectors, such as chemicals, vehicles, and certain electronics," the growth projection pointed out. "The major oil economies are experiencing the pitfalls of their reliance on one resource. India, Indonesia and Vietnam have accumulated new capabilities that allow for more diverse and more complex production that predicts faster growth in the coming years," it added. Stating that economic growth fails to follow one easy pattern, the study said, "The countries that are expected to be the fastest growing - India, Turkey, Indonesia, Uganda, and Bulgaria - are diverse in all political, institutional, geographic and demographic dimensions." "What they share is a focus on expanding the capabilities of their workforce that leaves them well positioned to diversify into new products and products of increasingly greater complexity," the new growth projections by CID added. Besides, the projections divide countries into three basic categories -- the ones with too few productive capabilities to easily diversify into related products, the countries that have enough capabilities that make diversification and growth easier, which include India, Indonesia and Turkey, and the advanced countries such as Japan, Germany and the US that already produce nearly all existing products, so that progress will require pushing the world's technological frontier by inventing new products, a process that implies slower growth. Growth in emerging markets is predicted to continue to outpace that of advanced economies, though not uniformly says CID's new growth projections. The growth projections are based on measures of each country's economic complexity, which captures the diversity and sophistication of the productive capabilities embedded in its exports and the ease with which it could further diversify by expanding those capabilities. The CID is a university-wide center that works to advance the understanding of development challenges and offer viable solutions to problems of global poverty.

India surpasses China, becomes new economic growth pole: Harvard study

Former finance minister P Chidambaram has said the Goods and Services Tax -- with its many rates -- is &quot;very, very imperfect&quot;.&nbsp;

And that since it has seven or more rates, it cannot be called &quot;one nation, one tax&quot;.&nbsp;

That has been one of the main criticisms of the GST -- that it has too many rates.&nbsp;

&quot;It is a mockery of the GST. When we have rates such as 0.25, 3, 5, 12, 18, 28 and 40, and possibly more because of the discretion vested with state governments, how can we call this a &#39;one nation, one tax&#39; regime,&quot; said Chidambaram.&nbsp;

The main aim of the GST had been to replace India&#39;s many indirect taxes with one single tax, turning the country into a single market.&nbsp;

A single tax would allow for the seamless and faster flow of goods from one state to another.&nbsp;

Chidambaram also said that both authorities and businesses were &quot;unprepared or under-prepared&quot; for GST and that it should have been put on a trial run.&nbsp;

He also added that experts feared GST might be inflationary in the short run, but that his party would welcome any measure taken to contain inflation. 
&nbsp;

'When we have rates such as 0.25, 3, 5, 12, 18, 28 and 40, and possibly more because of the discretion vested with state governments, how can we call this a 'one nation, one tax' regime,' said Chidambaram

Former finance minister P Chidambaram has said the Goods and Services Tax -- with its many rates -- is "very, very imperfect". And that since it has seven or more rates, it cannot be called "one nation, one tax". That has been one of the main criticisms of the GST -- that it has too many rates. "It is a mockery of the GST. When we have rates such as 0.25, 3, 5, 12, 18, 28 and 40, and possibly more because of the discretion vested with state governments, how can we call this a 'one nation, one tax' regime," said Chidambaram. The main aim of the GST had been to replace India's many indirect taxes with one single tax, turning the country into a single market. A single tax would allow for the seamless and faster flow of goods from one state to another. Chidambaram also said that both authorities and businesses were "unprepared or under-prepared" for GST and that it should have been put on a trial run. He also added that experts feared GST might be inflationary in the short run, but that his party would welcome any measure taken to contain inflation.

Chidambaram: GST, with its many rates, 'very, very imperfect'

The Reserve Bank of India will soon come up with new Rs 200 notes and they have already placed a printing order for the same, sources told ANI. 
&nbsp; 
&quot;Printing order has been placed,&quot; A top Government official, who was reportedly a part of the decision-making process, told ANI.

In its report, ANI said the decision was taken by the RBI with the consultation of Finance Ministry in March.

It further says that a notification may be issued by the Reserve Bank of India on the same. 
&nbsp; 
After the announcement of demonetisation in November last year, the RBI had introduced new notes of Rs. 500 and 2,000.&nbsp;

India&#39;s top court today gave the Indian government and the central bank another two weeks to consider the option to grant a window to those who want to exchange their demonetised Rs 500 and Rs 1,000 notes.

Also read:&nbsp;<a href="http://www.wionews.com/south-asia/why-bar-a-person-from-depositingdemonetised-notes-supreme-court-to-government-17585">Why bar a person from depositing&nbsp;demonetised notes? Supreme Court to government</a> 
&nbsp;

The decision to introduce Rs. 200 notes was taken by the RBI with the consultation of Finance Ministry in March

The Reserve Bank of India will soon come up with new Rs 200 notes and they have already placed a printing order for the same, sources told ANI. "Printing order has been placed," A top Government official, who was reportedly a part of the decision-making process, told ANI. In its report, ANI said the decision was taken by the RBI with the consultation of Finance Ministry in March. It further says that a notification may be issued by the Reserve Bank of India on the same. After the announcement of demonetisation in November last year, the RBI had introduced new notes of Rs. 500 and 2,000. India's top court today gave the Indian government and the central bank another two weeks to consider the option to grant a window to those who want to exchange their demonetised Rs 500 and Rs 1,000 notes. Also read: Why bar a person from depositing demonetised notes? Supreme Court to government

RBI to soon unveil new Rs 200 notes, printing order placed: Report

Indian government bonds yields rose sharply on Monday after the Reserve Bank of India (RBI) announced an open market sale of debt to remove some of the excess cash left at lenders because of the government&#39;s removal of a big part of currency bills last year.

The central bank said late on Friday it will sell 100 billion rupees ($1.55 billion) of government bonds on Thursday.

The new 10-year bond jumped as much as 11 basis points to 6.62 per cent in early trade, its highest level since June 7, from its close of 6.51 pe rcent.

Traders said the timing of the open market sale was a surprise as markets had expected it to happen in August to coincide with the time when the RBI must pay a hefty dividend to the government.

The RBI has so far resorted to selling short-end securities through a special scheme to drain out some of the excess cash, a method that was seen as less disruptive.

The new 10-year bond jumped as much as 11 basis points to 6.62 per cent in early trade, its highest level since June 7, from its close of 6.51 per cent

Indian government bonds yields rose sharply on Monday after the Reserve Bank of India (RBI) announced an open market sale of debt to remove some of the excess cash left at lenders because of the government's removal of a big part of currency bills last year. The central bank said late on Friday it will sell 100 billion rupees ($1.55 billion) of government bonds on Thursday. The new 10-year bond jumped as much as 11 basis points to 6.62 per cent in early trade, its highest level since June 7, from its close of 6.51 pe rcent. Traders said the timing of the open market sale was a surprise as markets had expected it to happen in August to coincide with the time when the RBI must pay a hefty dividend to the government. The RBI has so far resorted to selling short-end securities through a special scheme to drain out some of the excess cash, a method that was seen as less disruptive.

India bonds slump after RBI announces open market bond sale

&nbsp;

<meta charset="utf-8" />

China on Monday opened up its $10 trillion bond market to foreign investors, in the latest liberalisation move by Beijing as it seeks to draw in more fund flows as it battles slowing economic growth.

The new conduit comes via Hong Kong, where &quot;qualified investors&quot; will be able to buy debt in China -- the world&#39;s third-largest bond market after the United States and Japan.

Qualified investors include central banks, sovereign wealth funds, and other major financial institutions, according to the People&#39;s Bank of China (PBoC) and the Hong Kong Monetary Authority, who jointly announced the platform on Sunday.

Their statement said the &quot;bond connect&quot; arrangement between the Hong Kong and mainland Chinese markets went into &quot;experimental operation&quot; from Monday.

The announcement came on a weekend in which Hong Kong and China marked the 20th anniversary of Britain&#39;s handover of the southern Chinese financial centre back to Beijing in 1997.

&quot;The bond connect is an important move for the central government to support Hong Kong&#39;s development and promote cooperation between the mainland and Hong Kong,&quot; the PBoC said Monday.

It will &quot;promote Hong Kong&#39;s long-term prosperity and stability and provide a more convenient investment channel for overseas investors. It will also steadily push forward the opening up of China&#39;s financial market&quot;.

The growing Chinese bond market has been virtually out of reach for foreign investors, who currently hold less than 1.5 per Fcent of bonds issued in China, according to estimates by Bloomberg.

The new platform mirrors previously established link-ups between the share markets of Hong Kong and mainland China that now allow foreign and Chinese investors to buy shares in the each other&#39;s markets.

Those links give foreigners some access to China-listed shares, while also allowing Chinese firms to buy Hong Kong-traded stocks.

The new bond connect scheme, however, currently only allows foreign investors to buy Chinese debt.

HSBC said it completed its first deal under the new arrangement as underwriter for a bond issue by Agricultural Development Bank of China.

&quot;The enhanced ease of investment under Bond Connect will attract more overseas funds, creating a more diversified investor base and further enhancing the market&#39;s size and depth,&quot; Helen Wong, HSBC Greater China Chief Executive, said in a statement.

&quot;This will help pave the way for China bonds to be included in major global bond indices in the future.&quot;

China has for years faced foreign complaints about restricted access to its markets, but has recently made a series of liberalisation pledges partly to expand its global market influence.

Last month, leading index compiler MSCI said it would include Chinese shares in its global emerging-market indices, citing loosening restrictions on foreign ownership of Chinese stocks.

Utilisation of the new bond connect platform, however, could hinge on fears of mounting Chinese debt levels which have prompted warnings of a looming crisis and possible defaults. China has moved aggressively in recent months to rein in runaway credit.

China has for years faced foreign complaints about restricted access to its markets, but has recently made a series of liberalisation pledges partly to expand its global market influence

China on Monday opened up its $10 trillion bond market to foreign investors, in the latest liberalisation move by Beijing as it seeks to draw in more fund flows as it battles slowing economic growth. The new conduit comes via Hong Kong, where "qualified investors" will be able to buy debt in China -- the world's third-largest bond market after the United States and Japan. Qualified investors include central banks, sovereign wealth funds, and other major financial institutions, according to the People's Bank of China (PBoC) and the Hong Kong Monetary Authority, who jointly announced the platform on Sunday. Their statement said the "bond connect" arrangement between the Hong Kong and mainland Chinese markets went into "experimental operation" from Monday. The announcement came on a weekend in which Hong Kong and China marked the 20th anniversary of Britain's handover of the southern Chinese financial centre back to Beijing in 1997. "The bond connect is an important move for the central government to support Hong Kong's development and promote cooperation between the mainland and Hong Kong," the PBoC said Monday. It will "promote Hong Kong's long-term prosperity and stability and provide a more convenient investment channel for overseas investors. It will also steadily push forward the opening up of China's financial market". The growing Chinese bond market has been virtually out of reach for foreign investors, who currently hold less than 1.5 per Fcent of bonds issued in China, according to estimates by Bloomberg. The new platform mirrors previously established link-ups between the share markets of Hong Kong and mainland China that now allow foreign and Chinese investors to buy shares in the each other's markets. Those links give foreigners some access to China-listed shares, while also allowing Chinese firms to buy Hong Kong-traded stocks. The new bond connect scheme, however, currently only allows foreign investors to buy Chinese debt. HSBC said it completed its first deal under the new arrangement as underwriter for a bond issue by Agricultural Development Bank of China. "The enhanced ease of investment under Bond Connect will attract more overseas funds, creating a more diversified investor base and further enhancing the market's size and depth," Helen Wong, HSBC Greater China Chief Executive, said in a statement. "This will help pave the way for China bonds to be included in major global bond indices in the future." China has for years faced foreign complaints about restricted access to its markets, but has recently made a series of liberalisation pledges partly to expand its global market influence. Last month, leading index compiler MSCI said it would include Chinese shares in its global emerging-market indices, citing loosening restrictions on foreign ownership of Chinese stocks. Utilisation of the new bond connect platform, however, could hinge on fears of mounting Chinese debt levels which have prompted warnings of a looming crisis and possible defaults. China has moved aggressively in recent months to rein in runaway credit.

In liberalisation step, China opens up $10 trillion bond market

Maruti has cut the prices of its cars by up to 3 per cent.&nbsp;

The cut passes on the benefit of a drop in tax rates on cars under GST to customers.&nbsp;

GST taxes small and mid-sized cars at 28%.&nbsp;

Small and mid-sized cars were earlier taxed at between 30 to 50%.&nbsp;

A statement from the company read: &quot;Maruti Suzuki India Limited today announced that the Company has passed on the entire benefit of GST rates on vehicles to its customers. The ex-showroom prices of Maruti Suzuki models have come down by upto 3%. The rate of reduction varies across locations depending on the VAT rates applicable prior to GST.&quot;&nbsp;

Maruti has however hiked the prices of its Smart Hybrid Ciaz diesel and Smart Hybrid Ertiga diesel cars by over Rs 1 lakh, owing to the withdrawal of tax concessions on mild hybrid vehicles.&nbsp;

The change in prices is effective from July 1, 2017.&nbsp;

Maruti has however hiked the prices of its Smart Hybrid Ciaz diesel and Smart Hybrid Ertiga diesel cars by over Rs 1 lakh, owing to the withdrawal of tax concessions on mild hybrid vehicles

Maruti has cut the prices of its cars by up to 3 per cent. The cut passes on the benefit of a drop in tax rates on cars under GST to customers. GST taxes small and mid-sized cars at 28%. Small and mid-sized cars were earlier taxed at between 30 to 50%. A statement from the company read: "Maruti Suzuki India Limited today announced that the Company has passed on the entire benefit of GST rates on vehicles to its customers. The ex-showroom prices of Maruti Suzuki models have come down by upto 3%. The rate of reduction varies across locations depending on the VAT rates applicable prior to GST." Maruti has however hiked the prices of its Smart Hybrid Ciaz diesel and Smart Hybrid Ertiga diesel cars by over Rs 1 lakh, owing to the withdrawal of tax concessions on mild hybrid vehicles. The change in prices is effective from July 1, 2017.

Maruti passes on GST benefit to customers, cuts prices of its cars by up to 3%

The Goods and Services Tax or GST is scheduled to be launched on the 1st of July, and it is set to revolutionize the way we do our taxes. Catch the latest update on GST only on WION

GST The Game Changer: Finance Minister Arun Jaitley speaks to WION

GST The Game Changer: President Pranab Mukherjee, PM Modi launch India's biggest tax reform

GST The Game Changer: Are Laptops, computers set to become costlier?

GST The Game Changer: Cheaper or Costlier? This is how GST will affect your  furniture

GST The Game Changer: How the tax reform advanced through the years

Union consumer affairs ministry on Tuesday said service charge on a food bill is not compulsory and that consumers can choose to have it waived off if not satisfied.

GST The Game Changer: Confusion, chaos at restaurants post GST

What is GST and how will it affect you? All your questions answered

Under the new GST rate, while imported phones will become cheaper, locally manufactured phones (and phone accessories) are expected to become more expensive.WION explores

GST The Game Changer: Is GST set to make mobile expensive?

GST The Game Changer: India set for biggest tax reform

As the Goods and Services Tax (GST) becomes a reality in India after a long wait of 17 years, laptops and desktops are set to become costlier when the landmark tax reform comes into effect.&nbsp;

The GST council has kept laptops and desktops in the 18 per cent slab, compared to the current levy of 14-15%. However, products such as monitors and printers will be taxed at 28%.

Mobile phones, which fall in the 12 per cent&nbsp;slab, may get costlier by four to five per cent. Basic phone prices may increase while&nbsp;imported smart phones are likely to get cheaper.

Though taxes have been simplified with service tax, excise duty and VAT subsumed under a single tax bracket of 12 per cent, the domestic industry (Make in India) can be an area of concern.

To counter this, a 10 per cent differential customs duty may be levied on imported phones. A final decision in this regard is yet to be taken.

&quot;The prices of desktops or laptops are going to be fairly neutral. Currently India has an excise duty which is nearly 12% of the retail prices, 5% VAT and 2% central sales tax which applies on transaction between importer and distributor. The total tax comes to roughly about 17% on laptops and desktops, the government has made it 18%. However, taxes on the multi functional printer and monitor will go up to around 28% which is currently 24%.&quot; says Priyajit Ghosh, partner at KPMG, India.

Priya Suman owns two electronic stores in Nehru Place (Asia&#39;s second largest IT market). She explains, &quot;The fear in the mind is unknown because it is happening for 
the first time and the fact that some people anticipate that the prices might go up. It&#39;s lack of knowledge I would say, especially about products such as laptop and mobile phones.&quot;

These reforms will also provide a level playing field to online and offline retailers of products. Till now, the brick and mortar stores incur a lot of services and end up 
paying VAT and service tax which they couldn&#39;t cut off earlier.

Many consumers are participating in pre-GST sales as they believe the prices would go up after GST is rolled out in the country. &ldquo;I have not been able to understand the whole concept of GST so far, everybody explains it differently. However, most of the shops and online retaliers are claiming that they are providing upto 50% discount on laptops so I am here to buy one before July 1.&rdquo;

Indian industry is concerned that the inverted duty structure that made it cheaper to import than manufacture domestically may return post GST regime.

Clarity is awaited on GST in services and treatment of area-based exemptions. Clarity is also required on differential duty on imports and local manufacturing to see the full impact of GST.

&nbsp;

Computers will be taxed at 18% under GST. Peripherals such as monitors and printers will be taxed at 28%

As the Goods and Services Tax (GST) becomes a reality in India after a long wait of 17 years, laptops and desktops are set to become costlier when the landmark tax reform comes into effect. The GST council has kept laptops and desktops in the 18 per cent slab, compared to the current levy of 14-15%. However, products such as monitors and printers will be taxed at 28%. Mobile phones, which fall in the 12 per cent slab, may get costlier by four to five per cent. Basic phone prices may increase while imported smart phones are likely to get cheaper. Though taxes have been simplified with service tax, excise duty and VAT subsumed under a single tax bracket of 12 per cent, the domestic industry (Make in India) can be an area of concern. To counter this, a 10 per cent differential customs duty may be levied on imported phones. A final decision in this regard is yet to be taken. "The prices of desktops or laptops are going to be fairly neutral. Currently India has an excise duty which is nearly 12% of the retail prices, 5% VAT and 2% central sales tax which applies on transaction between importer and distributor. The total tax comes to roughly about 17% on laptops and desktops, the government has made it 18%. However, taxes on the multi functional printer and monitor will go up to around 28% which is currently 24%." says Priyajit Ghosh, partner at KPMG, India. Priya Suman owns two electronic stores in Nehru Place (Asia's second largest IT market). She explains, "The fear in the mind is unknown because it is happening for the first time and the fact that some people anticipate that the prices might go up. It's lack of knowledge I would say, especially about products such as laptop and mobile phones." These reforms will also provide a level playing field to online and offline retailers of products. Till now, the brick and mortar stores incur a lot of services and end up paying VAT and service tax which they couldn't cut off earlier. Many consumers are participating in pre-GST sales as they believe the prices would go up after GST is rolled out in the country. “I have not been able to understand the whole concept of GST so far, everybody explains it differently. However, most of the shops and online retaliers are claiming that they are providing upto 50% discount on laptops so I am here to buy one before July 1.” Indian industry is concerned that the inverted duty structure that made it cheaper to import than manufacture domestically may return post GST regime. Clarity is awaited on GST in services and treatment of area-based exemptions. Clarity is also required on differential duty on imports and local manufacturing to see the full impact of GST.

GST fall-out: Laptops, computers set to become costlier

43 out of 55 McDonald&rsquo;s restaurants in New Delhi will be shut from Thursday after a failure to renew eating house licenses by its North and East India licensee Connaught Plaza Restaurants Pvt Ltd (CPRL), PTI reported.

CPRL is a 50:50 joint venture between Vikram Bakshi and McDonald&#39;s India, that runs the fast food chain in north and east India.

McDonald&#39;s said, &quot;the eating house licenses of a number of McDonald&#39;s restaurants in Delhi have expired&quot;.

&quot;The Board of CPRL is working to obtain the required licenses. Pending this, CPRL is temporarily suspending the operations of the affected restaurants,&quot; McDonald&#39;s India Pvt Ltd (MIPL) spokesperson Barry Sum said.&nbsp;

Media reports said this would lead to a loss of 1,700 jobs, but Barry Sum rubbished the reports, saying &quot;employees becoming jobless is erroneous&quot;.

&quot;We understand that CPRL is retaining the employees of affected restaurants and will pay them their salary during the period of suspension,&quot; he added.

Without specifying a number, a source told PTI that more outlets in the Capital could be shut as a result of expired licences.

&nbsp;

McDonald's said 'the eating house licenses of a number of McDonald's restaurants in Delhi have expired'

43 out of 55 McDonald’s restaurants in New Delhi will be shut from Thursday after a failure to renew eating house licenses by its North and East India licensee Connaught Plaza Restaurants Pvt Ltd (CPRL), PTI reported. CPRL is a 50:50 joint venture between Vikram Bakshi and McDonald's India, that runs the fast food chain in north and east India. McDonald's said, "the eating house licenses of a number of McDonald's restaurants in Delhi have expired". "The Board of CPRL is working to obtain the required licenses. Pending this, CPRL is temporarily suspending the operations of the affected restaurants," McDonald's India Pvt Ltd (MIPL) spokesperson Barry Sum said. Media reports said this would lead to a loss of 1,700 jobs, but Barry Sum rubbished the reports, saying "employees becoming jobless is erroneous". "We understand that CPRL is retaining the employees of affected restaurants and will pay them their salary during the period of suspension," he added. Without specifying a number, a source told PTI that more outlets in the Capital could be shut as a result of expired licences.

43 out of 55 McDonald's outlets in Delhi to shut shop from today

India is bracing for upheaval as it storms ahead with its most ambitious reform in decades -- transforming the world&#39;s fastest growing major economy into a single market for the first time.

The long-awaited goods and services tax (GST) rolls out Saturday even as businesses complain they are ill-prepared for the massive changes about to ripple through India&#39;s unwieldy, $2 trillion economy.

The government promises the new regime will not just simplify trade by replacing more than a dozen levies with one tax, but combat corruption and enrichen state coffers by bringing the informal economy into the digital era.

Most economists agree the reform -- first proposed in 2006 -- is necessary and long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke, growth in the short term as businesses adjust.

There are already signs the transition could be rocky.&nbsp;

Industries are on strike, others are facing an avalanche of paperwork, while some retailers remain unclear about what to charge just days before the taxes take effect.

&quot;There are different rates for a mobile set, charger and headphones -- all of which come in one box,&quot; said Praveen Khandelwal, secretary general of Confederation of All India Traders, pointing to one such example.

&quot;What tax rate will be applicable in such a scenario? We don&#39;t know yet.&quot;

It took more than a decade to get the GST through parliament and political bickering over the particulars now means there are four tax rates instead of one as originally envisioned.

A slew of basic staples like fresh vegetables and milk are exempted, along with less obvious items like temple offerings, the national flag and human hair.

So-called &quot;sin&quot; goods like tobacco will be slapped with extra levies, while states will still be allowed to separately tax some products including alcohol, petrol and aviation fuel.

Some industries have suddenly discovered their products elevated to a higher tax bracket.&nbsp;

Fireworks manufacturers are protesting over crackers being taxed at the maximum of 28 per cent, while garment and textile workers are crying foul over heightened imposts.

Ayushi Gudwani, who runs online fashion startup Fable Street, supports the creation of a common market but was shocked to learn her taxes had more than doubled.

&quot;Our profitability will be hit,&quot; she told told AFP.

Costs are also mounting at India&#39;s largest logistics firm Safexpress, which has hired 40 new staff to process a mountain of new paperwork.

Under the new regime, companies must file a tax return in every state they pass through -- a nightmare for a trucking company shipping goods nationwide. 
For Safexpress, that means instead of filing two annual tax returns they must submit 1,400, said managing director Rubal Jain.

&quot;It&#39;s going to be a lot of confusion and chaos and back and forth for the next three months, because no one knows what will happen,&quot; he told AFP.

&quot;It&#39;ll be great in the long run, but transition will be a pain.&quot;

All but the smallest businesses will now be required to declare their earnings online, an effort to broaden India&#39;s woefully small tax base, digitise the economy and flush out cash hoarders.

But training employers to log tax information online presents immense challenges in India, where most small and informal businesses don`t own computers, let alone access the internet, the trade association said.

Safexpress cannot file its own returns until drivers upload their monthly invoices -- a huge ask for truckers used to delivering goods, not paperwork, Jain said. 
Gudwani meanwhile worries her suppliers -- mostly tiny businesses -- will struggle to get the hang of issuing receipts and wind up losing contracts.

India has one of the lowest tax-to-GDP ratios in the world and these changes, though initially painful, will have a &quot;significant impact&quot; on compliance, said Neelkanth Mishra, managing director at Credit Suisse.

&quot;India is like a house under renovation. While the new parts are being built, no one will be happy,&quot; he told AFP.

The sweeping reforms comes less than a year after Prime Minister Narendra Modi devalued India`s largest banknotes in a sudden move designed to outmanoeuvre tax cheats, but was blamed for a crippling cash shortage and slowing growth.

To avoid a similarly rough landing, the government has trained 60,000 tax bureaucrats and run sessions with private accountants to ensure everyone is up to speed on the finer points of the GST.

A GST Council has spent months thrashing out the final legislation, which was blocked in parliament for a year until an amended version was approved. 
&quot;This is a tax reform that was needed,&quot; said Sunil Sinha, principal economist at Fitch India.

&quot;We came into existence as a nation in 1947 but never had a common Indian market. GST will make India one.&quot;

 
&nbsp;

Industries are on strike, others are facing an avalanche of paperwork, while some retailers remain unclear about what to charge just days before the Goods and Services Tax rolls out on July 1

India is bracing for upheaval as it storms ahead with its most ambitious reform in decades -- transforming the world's fastest growing major economy into a single market for the first time. The long-awaited goods and services tax (GST) rolls out Saturday even as businesses complain they are ill-prepared for the massive changes about to ripple through India's unwieldy, $2 trillion economy. The government promises the new regime will not just simplify trade by replacing more than a dozen levies with one tax, but combat corruption and enrichen state coffers by bringing the informal economy into the digital era. Most economists agree the reform -- first proposed in 2006 -- is necessary and long overdue, but warn the initial shock to the economy is likely to drag, rather than stoke, growth in the short term as businesses adjust. There are already signs the transition could be rocky. Industries are on strike, others are facing an avalanche of paperwork, while some retailers remain unclear about what to charge just days before the taxes take effect. "There are different rates for a mobile set, charger and headphones -- all of which come in one box," said Praveen Khandelwal, secretary general of Confederation of All India Traders, pointing to one such example. "What tax rate will be applicable in such a scenario? We don't know yet." It took more than a decade to get the GST through parliament and political bickering over the particulars now means there are four tax rates instead of one as originally envisioned. A slew of basic staples like fresh vegetables and milk are exempted, along with less obvious items like temple offerings, the national flag and human hair. So-called "sin" goods like tobacco will be slapped with extra levies, while states will still be allowed to separately tax some products including alcohol, petrol and aviation fuel. Some industries have suddenly discovered their products elevated to a higher tax bracket. Fireworks manufacturers are protesting over crackers being taxed at the maximum of 28 per cent, while garment and textile workers are crying foul over heightened imposts. Ayushi Gudwani, who runs online fashion startup Fable Street, supports the creation of a common market but was shocked to learn her taxes had more than doubled. "Our profitability will be hit," she told told AFP. Costs are also mounting at India's largest logistics firm Safexpress, which has hired 40 new staff to process a mountain of new paperwork. Under the new regime, companies must file a tax return in every state they pass through -- a nightmare for a trucking company shipping goods nationwide. For Safexpress, that means instead of filing two annual tax returns they must submit 1,400, said managing director Rubal Jain. "It's going to be a lot of confusion and chaos and back and forth for the next three months, because no one knows what will happen," he told AFP. "It'll be great in the long run, but transition will be a pain." All but the smallest businesses will now be required to declare their earnings online, an effort to broaden India's woefully small tax base, digitise the economy and flush out cash hoarders. But training employers to log tax information online presents immense challenges in India, where most small and informal businesses don`t own computers, let alone access the internet, the trade association said. Safexpress cannot file its own returns until drivers upload their monthly invoices -- a huge ask for truckers used to delivering goods, not paperwork, Jain said. Gudwani meanwhile worries her suppliers -- mostly tiny businesses -- will struggle to get the hang of issuing receipts and wind up losing contracts. India has one of the lowest tax-to-GDP ratios in the world and these changes, though initially painful, will have a "significant impact" on compliance, said Neelkanth Mishra, managing director at Credit Suisse. "India is like a house under renovation. While the new parts are being built, no one will be happy," he told AFP. The sweeping reforms comes less than a year after Prime Minister Narendra Modi devalued India`s largest banknotes in a sudden move designed to outmanoeuvre tax cheats, but was blamed for a crippling cash shortage and slowing growth. To avoid a similarly rough landing, the government has trained 60,000 tax bureaucrats and run sessions with private accountants to ensure everyone is up to speed on the finer points of the GST. A GST Council has spent months thrashing out the final legislation, which was blocked in parliament for a year until an amended version was approved. "This is a tax reform that was needed," said Sunil Sinha, principal economist at Fitch India. "We came into existence as a nation in 1947 but never had a common Indian market. GST will make India one."

Indian business braces for disruption ahead of GST

European union antitrust regulators slammed Google&#39;s Alphabet unit with 2.42-billion-euro ($2.7 billion) fine, on allegations that the world&#39;s most popular internet search engine favours its own shopping services and did not exercise a healthy competition with rivals.

The European Commission said that Google has 90 days to stop its unfair practices or Alphabet shall face a further penalty of up to 5 per cent of it&#39;s average daily global turnover.

After a seven-year long investigation, the Commission found that Google had systematically given prominent placement in searches to its own comparison shopping service -- Google Shopping, and demoted those of rivals in search results.

&quot;What Google has done is illegal under EU antitrust rules. It denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation,&quot; European Competition Commissioner Margrethe Vestager said in a statement.

It is the biggest regulatory setback for Google, which settled with US&nbsp;enforcers in 2013 with a requirement to stop &quot;scraping&quot; reviews and other data from rival websites for its own products.

The hard fine, which is the largest for a single company in an EU antitrust case, exceeding the 1.06-billion-euro sanction handed down to US&nbsp;chipmaker Intel in 2009, hints that EU will be just as tough with Google in the two other cases.

The EU competition enforcer has charged Google with using its Android mobile operating system to crush rivals, a case that could potentially be the most damaging for the company, with the system used in most smartphones.

The company has also been accused of blocking rivals in online search advertising, with the Commission warning of deterrent fines if Google is found guilty of breaching EU rules.&nbsp;

Google has released a statement, denying the allegations.

($1 = 0.8890 euros)

(With inputs from Reuters)

The commission found that Google had systematically given prominent placement in searches to its own comparison shopping service

European union antitrust regulators slammed Google's Alphabet unit with 2.42-billion-euro ($2.7 billion) fine, on allegations that the world's most popular internet search engine favours its own shopping services and did not exercise a healthy competition with rivals. The European Commission said that Google has 90 days to stop its unfair practices or Alphabet shall face a further penalty of up to 5 per cent of it's average daily global turnover. After a seven-year long investigation, the Commission found that Google had systematically given prominent placement in searches to its own comparison shopping service -- Google Shopping, and demoted those of rivals in search results. "What Google has done is illegal under EU antitrust rules. It denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation," European Competition Commissioner Margrethe Vestager said in a statement. It is the biggest regulatory setback for Google, which settled with US enforcers in 2013 with a requirement to stop "scraping" reviews and other data from rival websites for its own products. The hard fine, which is the largest for a single company in an EU antitrust case, exceeding the 1.06-billion-euro sanction handed down to US chipmaker Intel in 2009, hints that EU will be just as tough with Google in the two other cases. The EU competition enforcer has charged Google with using its Android mobile operating system to crush rivals, a case that could potentially be the most damaging for the company, with the system used in most smartphones. The company has also been accused of blocking rivals in online search advertising, with the Commission warning of deterrent fines if Google is found guilty of breaching EU rules. Google has released a statement, denying the allegations. ($1 = 0.8890 euros) (With inputs from Reuters)

EU slams Google with record 2.42 billion-euro fine for tampering with search results

Businessman Pankaj Jain is so worried about the impending launch of a new sales tax in India that he is thinking of shutting down his tiny textile factory for a month to give himself time to adjust.

Jain is one of millions of small business owners who face wrenching change from India&#39;s biggest tax reform since independence that will unify the country&#39;s $2 trillion economy and 1.3 billion people into a common market.

But he is simply not ready for a regime that from July 1 will for the first time tax the bed linen his 10 workers make, and require him to file his taxes every month online.

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>The prospect of disruption is drawing comparisons with demonetisation</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The prospect of disruption is drawing comparisons with demonetisation" target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

On the desk in his tiny office in Meerut, two hours drive northeast of New Delhi, lay two calculators. Turning to open a metal cabinet, he pulled out a hand-written ledger to show how he keeps his books.

&quot;We will have to hire an accountant - and get a computer,&quot; the thickset 52-year-old told Reuters, as a dozen ancient power looms clattered away in the ramshackle workshop next door.

Prime Minister Narendra Modi&#39;s government says that by replacing several federal and state taxes, the new Goods and Services Tax (GST) will make life simpler for business.

To drive home the point, Bollywood superstar Amitabh Bachchan has appeared in a promotional video in which he weaves a cat&#39;s cradle between the fingers of his hands - symbolising India&#39;s thicket of old taxes.

With a flourish, the tangle is gone and Bachchan proclaims: &quot;One nation, one tax, one market!&quot; (http://bit.ly/2sch8ou)

NOT SO SIMPLE

By tearing down barriers between India&#39;s 29 states, the GST should deliver efficiency gains to larger businesses. HSBC estimates the reform could add 0.4 percent to economic growth.

Yet at the local chapter of the Indian Industries Association, which groups 6,500 smaller enterprises nationwide, the talk is about how to cope in the aftermath of the GST rollout.

&quot;In the initial months, there may be utter confusion,&quot; said chairman Ashok Malhotra, who runs one firm that manufactures voltage stabilisers and a second that makes timing equipment for boxing contests.

A big concern is the Indian GST&#39;s sheer complexity - with rates of 5, 12, 18 and 28 percent, and myriad exceptions, it contrasts with simpler, flatter and broader sales taxes in other countries.

The official schedule of GST rates runs to 213 pages and has undergone repeated last-minute changes.

&quot;Rubber goods are taxed at 12 percent; sporting goods at 18 percent. I make rubber sporting goods &ndash; so what tax am I supposed to pay?&quot; asks Anurag Agarwal, the local IIA secretary.

GRACE PERIOD?

The top government official responsible for coordinating the GST rollout rebuts complaints from bosses that the tax is too complex, adding that the IT back-end that will drive it - crunching up to 5 billion invoices a month - is robust.

&quot;It is a technological marvel, as well as a fiscal marvel,&quot; Revenue Secretary Hasmukh Adhia told Reuters in an interview.

The government will, however, allow firms to file simplified returns for July and August. From September they must file a total of 37 online returns annually - three each month and one at the year&#39;s end - for each state they operate in.

One particular concern is how a new feature of the GST, the input tax credit, will work. This allows a company to claim refunds on its inputs and means it should only pay tax on the value it adds.

The structure will encourage companies to buy from suppliers that are GST-compliant, so that tax credits can flow down a supply chain.

That spells bad news for small firms hesitating to shift into the formal economy. The government estimates smaller companies account for 45 percent of manufacturing and employ more than 117 million people.

Adhia played down the risk of job losses, however, saying this would be offset by new service sector jobs.

DEMONETISATION 2.0

The prospect of disruption is drawing comparisons with Modi&#39;s decision last November to scrap high-value bank notes that made up 86 percent of the cash in circulation, in a bid to purge illicit &quot;black money&quot; from the system.

The note ban caused severe disruption to India&#39;s cash-driven economy and slammed the brakes on growth, which slowed to a two-year low in the quarter to March.

&quot;It could throw the business out of gear - it can affect your volumes by at least 30 percent,&quot; said the head of one large cement company in the Delhi region.

Back in Meerut, Pankaj Jain worries that hiring an accountant and charging 5 percent GST on his bedsheets could eat up to two-thirds of his annual profits of 400,000-500,000 rupees ($6,210-$7,760).

&quot;I know my costs will go up, but I don&#39;t know about my income,&quot; he said. &quot;I might even have to shut up shop completely and go into trading.&quot;

Many businesses are just not ready for the July 1 launch

Businessman Pankaj Jain is so worried about the impending launch of a new sales tax in India that he is thinking of shutting down his tiny textile factory for a month to give himself time to adjust. Jain is one of millions of small business owners who face wrenching change from India's biggest tax reform since independence that will unify the country's $2 trillion economy and 1.3 billion people into a common market. But he is simply not ready for a regime that from July 1 will for the first time tax the bed linen his 10 workers make, and require him to file his taxes every month online. The prospect of disruption is drawing comparisons with demonetisation × On the desk in his tiny office in Meerut, two hours drive northeast of New Delhi, lay two calculators. Turning to open a metal cabinet, he pulled out a hand-written ledger to show how he keeps his books. "We will have to hire an accountant - and get a computer," the thickset 52-year-old told Reuters, as a dozen ancient power looms clattered away in the ramshackle workshop next door. Prime Minister Narendra Modi's government says that by replacing several federal and state taxes, the new Goods and Services Tax (GST) will make life simpler for business. To drive home the point, Bollywood superstar Amitabh Bachchan has appeared in a promotional video in which he weaves a cat's cradle between the fingers of his hands - symbolising India's thicket of old taxes. With a flourish, the tangle is gone and Bachchan proclaims: "One nation, one tax, one market!" (http://bit.ly/2sch8ou) NOT SO SIMPLE By tearing down barriers between India's 29 states, the GST should deliver efficiency gains to larger businesses. HSBC estimates the reform could add 0.4 percent to economic growth. Yet at the local chapter of the Indian Industries Association, which groups 6,500 smaller enterprises nationwide, the talk is about how to cope in the aftermath of the GST rollout. "In the initial months, there may be utter confusion," said chairman Ashok Malhotra, who runs one firm that manufactures voltage stabilisers and a second that makes timing equipment for boxing contests. A big concern is the Indian GST's sheer complexity - with rates of 5, 12, 18 and 28 percent, and myriad exceptions, it contrasts with simpler, flatter and broader sales taxes in other countries. The official schedule of GST rates runs to 213 pages and has undergone repeated last-minute changes. "Rubber goods are taxed at 12 percent; sporting goods at 18 percent. I make rubber sporting goods – so what tax am I supposed to pay?" asks Anurag Agarwal, the local IIA secretary. GRACE PERIOD? The top government official responsible for coordinating the GST rollout rebuts complaints from bosses that the tax is too complex, adding that the IT back-end that will drive it - crunching up to 5 billion invoices a month - is robust. "It is a technological marvel, as well as a fiscal marvel," Revenue Secretary Hasmukh Adhia told Reuters in an interview. The government will, however, allow firms to file simplified returns for July and August. From September they must file a total of 37 online returns annually - three each month and one at the year's end - for each state they operate in. One particular concern is how a new feature of the GST, the input tax credit, will work. This allows a company to claim refunds on its inputs and means it should only pay tax on the value it adds. The structure will encourage companies to buy from suppliers that are GST-compliant, so that tax credits can flow down a supply chain. That spells bad news for small firms hesitating to shift into the formal economy. The government estimates smaller companies account for 45 percent of manufacturing and employ more than 117 million people. Adhia played down the risk of job losses, however, saying this would be offset by new service sector jobs. DEMONETISATION 2.0 The prospect of disruption is drawing comparisons with Modi's decision last November to scrap high-value bank notes that made up 86 percent of the cash in circulation, in a bid to purge illicit "black money" from the system. The note ban caused severe disruption to India's cash-driven economy and slammed the brakes on growth, which slowed to a two-year low in the quarter to March. "It could throw the business out of gear - it can affect your volumes by at least 30 percent," said the head of one large cement company in the Delhi region. Back in Meerut, Pankaj Jain worries that hiring an accountant and charging 5 percent GST on his bedsheets could eat up to two-thirds of his annual profits of 400,000-500,000 rupees ($6,210-$7,760). "I know my costs will go up, but I don't know about my income," he said. "I might even have to shut up shop completely and go into trading."

GST: Ready or not, Indian businesses brace for biggest-ever tax reform

Catch the latest from the world of business and finance with WION's Sumit Chaturvedi

WION Wallet: The impact of GST and more

The source of Rishi Shah's $3.6 billion estimated net worth is his 80% stake in his startup Outcome Health.

Who is Chicago's biggest billionaire? Meet Rishi Shah

Uber&nbsp;co-founder Travis Kalanick stepped down as chief executive of the ride-hailing service, the New York Times reported on Wednesday.

Kalanick&#39;s exit came under major pressure from Uber&#39;s investors. The New York Times called it a &quot;shareholder revolt&quot;.

Kalanick started the ride-sharing app that has been launched in countries all around the world, but has been beset by&nbsp;numerous scandals.

Uber was not immediately available to comment outside regular US&nbsp;working hours, Reuters reports.

&nbsp;

Five major investors reportedly demanded he resign immediately, and he did

Uber co-founder Travis Kalanick stepped down as chief executive of the ride-hailing service, the New York Times reported on Wednesday. Kalanick's exit came under major pressure from Uber's investors. The New York Times called it a "shareholder revolt". Kalanick started the ride-sharing app that has been launched in countries all around the world, but has been beset by numerous scandals. Uber was not immediately available to comment outside regular US working hours, Reuters reports.

Uber CEO Travis Kalanick resigns under shareholder pressure: NYT

Finance minister Arun Jaitley has said the GST will be launched exactly at midnight on June 30.&nbsp;

He said a programme would be organised late on June 30 in the Central Hall of Parliament, and the GST launch would take place after that exactly at midnight. &nbsp;

GST or the Goods and Services Tax will replace India&#39;s many different indirect taxes with one single tax.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/WATCH?src=hash">#WATCH</a> : Finance Minister Arun Jaitley addresses the media in Delhi <a href="https://t.co/GgDfYxEIoO">https://t.co/GgDfYxEIoO</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/877052799527174145">June 20, 2017</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Jaitley said that revenues would grow once GST is introduced because it is a more efficient system which helps check evasion.&nbsp;

An increase in revenues, said Jaitley, would increase the spending capacity of the central and state governments.&nbsp;

A number of economies that have moved to GST have seen a 1-2 per cent&nbsp;increase in their GDPs.&nbsp;

Jaitley added that the president, prime minister, vice president, state chief ministers and opposition leaders have been invited to be part of the GST launch. &nbsp;

Finance minister Arun Jaitley made the announcement on Tuesday

Finance minister Arun Jaitley has said the GST will be launched exactly at midnight on June 30. He said a programme would be organised late on June 30 in the Central Hall of Parliament, and the GST launch would take place after that exactly at midnight. GST or the Goods and Services Tax will replace India's many different indirect taxes with one single tax. #WATCH : Finance Minister Arun Jaitley addresses the media in Delhi https://t.co/GgDfYxEIoO — ANI (@ANI_news) June 20, 2017 × Jaitley said that revenues would grow once GST is introduced because it is a more efficient system which helps check evasion. An increase in revenues, said Jaitley, would increase the spending capacity of the central and state governments. A number of economies that have moved to GST have seen a 1-2 per cent increase in their GDPs. Jaitley added that the president, prime minister, vice president, state chief ministers and opposition leaders have been invited to be part of the GST launch.

GST to launch exactly at midnight, June 30

WION Wallet: Digital economy on the rise in Tanzania and more