It is the GST Council chaired by the Union Finance Minister and including Ministers of all the States/UTs, which is empowered to recommend GST rates including changes to them. 
| Photo Credit: PTI

Statement from the Central Board of Indirect Taxes (CBIT) and Customs on GST rate hike reports that have been doing the rounds since last night

There are various reports in the media regarding the Group of Ministers (GoM) recommendations on GST rate changes regarding various goods and services. The reports in public media on the basis of GoM deliberations are premature and speculative.

A Group of Ministers (GoM) was constituted to look into the GST rate rationalization apart from certain other issues referred by the GST Council. The GoM comprises of Hon’ble Ministers from the States of Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka and Kerala with the deputy Chief Minister of Bihar as the Convenor.

It is the GST Council chaired by the Union Finance Minister and including Ministers of all the States/UTs, which is empowered to recommend GST rates including changes to them.

The GoM is only a recommendatory body. The GST Council has not yet deliberated on any GST rate changes.

The Council has not even received the recommendations of the GoM. In fact the GoM has yet to finalise and present its recommendations to the Council after which the Council will take a final view on the recommendations of the GoM. The reports in the media are thus premature and speculative.

CAD Foundation President Dr. Padmanabha Kamath presents an ECG machine donated by Mangalore Refinery and Petrochemicals Ltd., to a PHC representative in Mangaluru on December 18, 2024.
| Photo Credit: SPECIAL ARRANGEMENT

Mangalore Refinery and Petrochemicals Limited (MRPL), in collaboration with Cardiology at Doorsteps (CAD) Foundation Trust, distributed 64 ECG machines to Primary Health Centres (PHCs) and Namma Clinics across Dakshina Kannada district on Wednesday (December 18, 2024) here.

Distribution of ECG machines to PHCs was an initiative to enhance primary healthcare services in the district, said a release. The project, with an estimated cost of ₹18.8 lakh, aims to improve access to essential diagnostic tools and strengthen the healthcare infrastructure in rural and urban areas.

Zilla Panchayat CEO K. Anandh, CAD Foundation Trust President Padmanabha Kamath, District Health Officer H.R. Thimmaiah, MRPL Chief General Manager Manoj Kumar and others were present.

Mr. Manoj Kumar said MRPL was committed to enhancing community welfare. He said, “Healthcare is a fundamental right and we are proud to contribute towards improving diagnostic capabilities at the grassroot level. We hope this initiative will empower healthcare workers and ensure timely medical interventions.”

Dr. Kamath echoed similar sentiments, highlighting the importance of ECG machines in early detection and management of cardiac conditions, particularly in rural settings.

The release said the initiative underscores MRPL’s dedication to corporate social responsibility and its ongoing efforts to address critical healthcare needs in the region. By equipping PHCs and Namma Clinics with ECG machines, MRPL and CAD Foundation Trust aim to bridge the gap in healthcare delivery and create a lasting impact on community well-being.

File picture of B.V.R. Subrahmanyam, Chief Executive Officer of NITI Aayog
| Photo Credit: Shiv Kumar Pushpakar

U.S. President-elect Donald Trump’s pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that, NITI Aayog CEO B.V.R. Subrahmanyam said on Wednesday (December 4, 2024).

Mr. Trump last week vowed to introduce 25% tariffs (or customs duty) on imports from Mexico and Canada and an additional 10% on China.

“Whatever Trump has announced so far… I think there are opportunities for India. We are a man at first slip, the ball is coming in our direction. Are we going to hold it or drop the catch, it’s for us to see… and I think, you will see some steps in next few months,” Mr. Subrahmanyam told reporters here.

He said there is going to be huge disruptions because of that in the U.S. trade and that would open up “huge” opportunities for India.

“The question is if we actually prepare ourselves, it can lead to a massive boom… because there is going to be trade diversion,” he added.

The U.S. is the largest trading partner of India. India’s exports stood at $77.51 billion, while imports aggregated at $42.2 billion in the last fiscal. The U.S. also accounts for 70% of India’s IT export revenue.

“Our relationship with the U.S. is multi-dimensional. It is very deep. It’s not standing only on one leg which is trade, there are many many other dimensions. The two nations have a much deeper relationship and all these things will be taken into account,” he said.

These remarks assume significance as Mr. Trump during his election campaign, called India an “abuser” of import tariffs, a claim that echoed his October 2020 statement labelling India the “Tariff King”.

He has also warned BRICS countries against any move to replace the U.S. dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil, among others.

Niti Aayog also unveiled a report on India’s trade. It will be released on a quarterly basis.

Mr. Subrahmanyam said trade needs to be promoted actively to make India a developed nation.

Vice Chairperson, NITI Aayog, Suman Bery said one should not be “obsessed with” trade deficits as a economy gains more from imports.

“Because we have a floating exchange rate, we structurally will have a trade deficit and because we want to invest, we will structurally have a current account of deficit….these are goods not bads,” Mr. Bery said adding “we have to walk a very careful line about not closing of imports to the point where we are cultivating local monopolies”.

Trade is not only about exports, it is about imports also, he added.

 The decision taken at the RBI Governor Shaktikanta Das headed six-member Monetary Policy Committee will be announced on Friday (December 6, 2024)
| Photo Credit: Reuters

Reserve Bank’s high level panel on Wednesday (December 4, 2024) started deliberations on the bi-monthly monetary policy amid expectations of status quo on interest rate as the retail inflation is above the upper tolerance level of the central bank.

The decision taken at the RBI Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) will be announced on Friday (December 6).

Mr. Das is chairing the last MPC meeting of his current term which ends on December 10.

The government has tasked the RBI to ensure consumer price index (CPI) based inflation remains at 4% with a margin of 2% on the either side.

The Reserve Bank has kept the repo or short-term lending rate unchanged at 6.5% since February 2023 and experts think some easing could only be possible in 2025.

“We do not foresee rate cut during the current FY… First rate cut and further change in stance likely in April 2025,” said a SBI research report.

The report further said it is better that the second quarter growth numbers “do not prompt a knee jerk reaction” in terms of monetary impulse like rate cut as headline inflation continues to trade at uncomfortable levels.

India’s economic growth slowed to near two-year low of 5.4% in the July-September quarter of this fiscal due to poor performance of manufacturing and mining sectors. The gross domestic product (GDP) had expanded by 8.1% in the July-September quarter of 2023-24 fiscal.

The central bank last hiked the repo rate to 6.5% in February 2023 and since then it has held the rate at the same level.

The RBI kept the repo rate unchanged in its last bi-monthly review (October) also amid risks from higher food inflation.

On expectations from the MPC, Mandar Pitale, Head Treasury, SBM Bank India, said the RBI may consider to infuse durable liquidity by phased reduction in CRR (25 basis points in 2 phases till the next MPC meeting) to support growth through liquidity injection rather than considering a rate cut. MPC may also consider an option of infusing durable liquidity through OMO purchase.

Atul Monga, CEO and Co-founder of BASIC Home Loan, too expects the RBI to keep the repo rate unchanged with an aim to balance inflation and support economic growth.

“With the repo rate remaining unchanged, housing demand is expected to remain steady, especially in the mid-range and luxury segments, supported by stable interest rates. Both developers and home buyers can benefit from predictability in borrowing costs,” Monga said.

In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

The MPC members are: Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi; Saugata Bhattacharya, Economist; Ram Singh, Director, Delhi School of Economics; Rajiv Ranjan, Executive Director, RBI; Michael Debabrata Patra, Deputy Governor, RBI; and Shaktikanta Das, Governor, RBI.

South Korean stocks sank Wednesday (December 4, 2024) while the won rebounded from earlier losses after President Yoon Suk Yeol dramatically declared martial law overnight before reversing the decision hours later.

The shock announcement sent shivers through the trading floor in Seoul and fuelled a political crisis in Asia’s third-biggest economy, with the Opposition party saying it had submitted a motion to impeach Yoon.

Investors are now keeping a close eye on developments in the country, with analysts pointing out that the upheaval comes as authorities steeled for the second United States Presidency of Donald Trump who has vowed to reignite his hardball trade policy.

The Kospi index ended down more than one percent, having shed as much as 2.3% at the open, as traders fretted over the impact of Mr. Yoon declaring South Korea’s first martial law in more than four decades.

He said the decision was made “to safeguard a liberal South Korea from the threats posed by North Korea’s communist forces and to eliminate Anti-State elements plundering people’s freedom and happiness”.

However, he backed down hours later when lawmakers voted to oppose the declaration, while thousands of protesters took to the streets and the Nation’s largest umbrella labour union called an “indefinite general strike” until Mr. Yoon resigned.

The won tumbled more than three percent to a two-year low of 1,444 per dollar after the declaration, then bounced back to around 1,410 following the U-turn.

“Rarely does a combined sell-off in a Country’s stocks, bonds and currency feel like a relief rally,” said Thomas Mathews, head of Asia-Pacific markets at Capital Economics.

Mr. Mathews said the situation could have been “much worse” had the President not aborted his plan.

“Investors now ‘only’ have to worry about a period of significant Political uncertainty,” he said.

The South Korean Finance Ministry and Central Bank looked to provide stability and reassure markets.

“As announced together with the Government, it has been decided to temporarily supply sufficient liquidity until the financial and foreign exchange markets stabilise,” the Bank of Korea said.

It added that “the range of securities eligible for repurchase agreement (repo) transactions and the target institutions will be expanded”.

Deputy Prime Minister Choi Sang-mok, who also holds the economy portfolio, said Financial Authorities will keep International partners informed about developments.

But Michael Wan at Mitsubishi UFJ Financial Group warned of remaining uncertainty, despite the measures to recover from the initial economic hit.

“From a macro perspective, South Korea was already one of the more vulnerable countries to the impact of Trump’s proposed tariffs,” he said in a commentary.

“This recent development could raise some further risk premium on the currency at least until we get clarity on Political stability,” he added.

The losses in Seoul came on a mixed day for Asia markets, with Tokyo, Singapore, Taipei, Mumbai and Jakarta rising but Shanghai, Sydney, Wellington, Bangkok and Manila falling. Hong Kong was marginally lower.

London fell at the open, while Frankfurt hit another fresh record after ending Tuesday (December 3, 2024) above 20,000 for the first time.

Wall Street had provided a healthy lead, with the S&P (Standard & Poor’s) 500 and Nasdaq hitting fresh records as investors try to assess the chances of the Federal Reserve slashing interest rates again this month.

Even Paris eked out gains despite the brewing Political crisis in France, where opposition lawmakers vowed to topple the three-month-old minority Government of Prime Minister Michel Barnier in a no-confidence vote owing to a budget standoff.

The euro remained wedged just above a 14-month low on concerns about the outlook for the eurozone’s number two economy.

Oil prices extended gains after surging around 2.5% Tuesday (December 3, 2024) on reports that major producers at the Organization of the Petroleum Exporting Countries (OPEC+) grouping were close to a deal to extend output limits.

Key figures around 0810 GMT

Seoul – Kospi Index: DOWN 1.4% at 2,464.00

Tokyo – Nikkei 225: UP 0.1% at 39,276.39

Hong Kong – Hang Seng Index: FLAT at 19,742.46

Shanghai – Composite: DOWN 0.4% at 3,364.65

London – FTSE 100: DOWN 0.1% at 8,353.21

Euro/dollar: DOWN at $1.0508 from $1.0511 on Tuesday (December 3, 2024)

Pound/dollar: UP at $1.2679 from $1.2673

Dollar/yen: UP at 150.30 yen from 149.53 yen

Euro/pound: DOWN at 82.90 from 82.94 pence

West Texas Intermediate: UP 0.3% at $70.12 per barrel

Brent North Sea Crude: UP 0.3% at $73.85 per barrel

New York – Dow: DOWN 0.2% at 44,705.53

Efforts to remove waste underway, at a village in Tirunelveli, Tamil Nadu, on December 22, 2024.
| Photo Credit: PTI

A team of 25 members from Kerala arrived in Tirunelveli district to remove truckloads of hazardous waste dumped at various locations across the district, which had been transported from Kerala. The cleanup operation commenced on Sunday (December 22, 2024) morning.

The waste found in the places including Pazhavoor, Kodaganallur, Kallur and Kondanagaram comprised biomedical materials including syringes, blood samples and other hazardous waste mixed with solid wastes. These waste materials were reportedly transported from Regional Cancer Centre and a private hospital in Thiruvananthapuram.

The issue which drew significant media attention prompted the Southern Bench of the National Green Tribunal to take up the matter suo moto.

The Bench comprising Justice Pushpa Sathyanarayana and expert member Satyagopal Korlapati on Thursday directed the Kerala government to remove the biomedical wastes mixed with solid waste within three days of the order.

Following this directive, officials from the Kerala government inspected the affected sites on Friday and said that necessary actions would be taken in line with NGT’s instructions. They also added that a detailed report would be submitted to the Kerala government.

Also read | Two held for dumping biomedical waste in Tamil Nadu

In compliance with the order and to execute the cleanup 16 heavy load trucks were brought from Kerala to remove the tonnes of wastes dumped at six various locations in Tirunelveli district. Officials present at the site included Sakshi Mohan, Assistant Collector, Thiruvananthapuram alongside officials from Kerala Pollution Control Board.

Additionally, Cheranmahadevi Sub Collector Arpeet Jain, Assistant Collector (training) Ambica Jain and officials from Revenue and Health department were also present to oversee the operation.

Congress senior leader Digvijaya Singh. File
| Photo Credit: The Hindu

Congress Rajya Sabha member Digvijaya Singh has said he is doubtful that the ‘one nation, one election’ bills will be passed in Parliament.

Also Read | ‘One nation, one election’ Bill will deepen north-south fault lines: Neerja Chowdhury

Talking to reporters in Madhya Pradesh’s Agar Malwa district on Saturday (December 21, 2024) night, Mr. Singh also denied the allegations against Leader of Opposition in the Lok Sabha Rahul Gandhi of “pushing and shoving” BJP MPs on Parliament premises on Thursday.

The two ‘one nation, one election’ (ONOE) bills, including one requiring an amendment in the Constitution, lay down the mechanism to hold simultaneous elections and were introduced in the Lok Sabha on Tuesday after a fiery debate.

The Lok Sabha on Friday (December 20) referred the two bills on simultaneous polls to a joint committee of Parliament (JPC).

To a question on the ONOE bills, Digvijaya Singh said, “The JPC has been constituted and I don’t think that it will be passed.” On Thursday, an FIR was registered against Rahul Gandhi at Parliament Street police station following the BJP’s complaint, accusing him of physical assault and incitement after MPs Pratap Chandra Sarangi and Mukesh Rajput were injured.

The Congress has strongly rejected the claim, alleging that BJP MPs pushed Congress chief Mallikarjun Kharge and “physically manhandled” Gandhi.

Asked about the accusations against Gandhi of “pushing and shoving” the BJP MPs, Singh termed them as completely false.

“This is absolutely wrong. There was pushing and shoving between BJP leaders,” the former State Chief Minister claimed.

“One BJP MP fell on another. Both were injured. The one who fell said that Rahul Gandhi was standing in front of him. If he was standing in front, could he have pushed him?” he asked.

Notably, Rashtriya Swayamsevak Sangh chief Mohan Bhagwat recently expressed concern over the resurgence of several temple-mosque disputes and said certain individuals, after the construction of Ayodhya Ram temple, seem to believe they can become leaders of Hindus by raking up such issues.

To a question on Bhagwat’s statement, Mr. Singh said, “If we talk about such persons who wanted to become leaders by talking about Hindu-Muslim issues then the biggest proof in front of them is Prime Minister Narendra Modi. Why he doesn’t make him (Modi) understand?”

Bhagwat is only delivering statements but “why he keeps silent when excesses are committed against Muslims,” the Congress leader claimed.

To another question, Mr. Singh said such statements of Mr. Bhagwat are positive, but he should stop the organisations associated with Sangh.

“Vishwa Hindu Parishad and Bajrang Dal are their organisations (associated with Sangh). Why doesn’t he stop them?” the Congress leader asked.

National Green Tribunal (NGT). File
| Photo Credit: Sushil Kumar Verma

West Bengal and Bihar are impacted the most by arsenic contamination of groundwater, the Centre has informed the National Green Tribunal (NGT).

The tribunal is hearing the issue of rice being susceptible to arsenic contamination because it absorbs more of the toxic semi-metallic element from water and soil. Earlier, it sought a reply from the Centre on it.

In an order dated December 16, a bench of NGT Chairperson Justice Prakash Shrivastava and expert member A Senthil Vel noted that the Union Ministry of Agriculture and Farmers Welfare had filed its reply after seeking inputs from the Indian Council of Agricultural Research (ICAR).

“States of West Bengal and Bihar are reported to be most affected by arsenic contamination of groundwater irrigation by contaminated groundwater is the major route for arsenic entry into agricultural soil which ultimately leads to its entry into the food chain,” the Centre said in its reply.

There can be a “significant build-up” of the toxic element in rice as it is a water-intensive crop, the reply stated.

“Transport of arsenic-contaminated rice grain grown in arsenic-endemic areas to non-endemic sites and consequent dietary intakes will also spread arsenic exposure in the non-endemic population,” it noted.

The tribunal noted that, according to the reply, the distribution of arsenic content in plant parts generally followed the order of roots, stems and leaves.

“The edible parts of leafy (spinach, fenugreek etc.) and underground vegetables (beet, radish etc.) contained much higher arsenic as compared to vegetables with fruit as edible part (brinjal, beans, ladies’ finger, tomato etc.). In general, fruit/grain of plants showed less accumulation of arsenic compared to root, stem and leaf,” it noted.

The reply also suggested various remedial measures to minimise the effect of arsenic in the soil-plant system.

These include replacing water-intensive rice varieties with other less water-intensive crops and relatively arsenic-tolerant rice varieties, growing non-edible and leguminous crops during the dry season in the hotspot areas, application of biochar (modified charcoal produced from burning biomass sources), and increased use of green manures and application of silicate fertilisers.

The reply also suggested other remedial measures, such as storing arsenic-contaminated groundwater in ponds and subsequent dilution with rainwater along with conjunctive use of ground and surface water to dilute the arsenic content.

The tribunal then impleaded the ICAR as a respondent and sought its response. It will hear the matter next on April 15.

India’s July-September growth slides: what options does RBI have? | Business Matters

| Video Credit:
The Hindu

Economic growth fell sharply to 5.4% for the quarter ended September. The important question is, what next?

Are we looking at a prolonged slowdown? And as importantly, will the Reserve Bank cut rates, something that observers have been expecting it to do for a while so that lower borrowing costs may spur growth? Or will the latest inflation print of a high 6.2% force its hand to maintain status? 

Presentation and direction: K. Bharat Kumar

Video: Thamodharan B.

Editing: Shibu Narayan

नई द‍िल्‍ली. Samsung Galaxy S23 Ultra 5G price in India: अगर आप कोई ऐसा फोन चाहते हैं, ज‍िसमें आपको कैमरा, परफॉरमेंस या डिजाइन से कोई समझौता न करना पडे तो आपको सैमसंग के Galaxy S23 Ultra 5G के बारे में जरूर सोचना चाह‍िए. क्‍योंक‍ि सैमसंग के इस फ्लैगशिप फोन में वो सब कुछ है, ज‍िसकी आप तलाश कर रहे हैं. साथ ही इसमें AI की खूब‍ियां भी हैं. सैमसंग ने इसके 12जीबी रैम और 256जीबी स्‍टोरेज वाले वेर‍िएंट को 1,49,999 रुपये कीमत पर लॉन्‍च क‍िया था. लेक‍िन आप इसे आधे दाम पर खरीद सकते हैं.

जी हां, अमेजन इस हैंडसेट पर 51 फीसदी का ड‍िस्‍काउंट दे रहा है, ज‍िसके बाद सैमसंग गैलेक्सी S23 अल्ट्रा 5G की कीमत 72,999 रुपये हो गई है. अमेजन एक्‍सचेंज ऑफर भी दे रहा है. अगर आप इसके एक्‍सचेंज ऑफर का लाभ उठाते है तो इस कीमत में 27,350 रुपये की और कटौती हो जाएगी. इस ड‍िस्‍काउंट के बाद फोन की कीमत 45,649 रुपये हो जाएगी. हालांक‍ि इस बात को याद रखें क‍ि पुराने फोन की कीमत उसके कंड‍िशन और मॉडल के आधार पर तय की जाएगी.

फ्ल‍िपकार्ट इस फोन पर 47 फीसदी का ड‍िस्‍काउंट दे रहा है. हालांक‍ि फ्ल‍िपकार्ट कोई एक्‍सचेंज ऑफर नहीं दे रहा.

यह भी पढें : 2GB वाले iPhone 14 पर हो रही ऑफर की बरसात, जल्‍दी बुक कर लें, डील कहीं हाथ से न न‍िकल जाए

Samsung Galaxy S23 Ultra 5G स्‍पेस‍िफ‍िकेशन :
सैमसंग गैलेक्सी S23 अल्ट्रा में 6.8 इंच की डायनामिक AMOLED 2X QHD+ 120Hz स्क्रीन दी गई है. इसमें कॉर्निंग गोरिल्ला ग्लास विक्टस 2 परफॉर्मेंस दी गई है. हुड के नीचे, स्मार्टफोन एड्रेनो 740 GPU के साथ स्नैपड्रैगन 8 जेन 2 चिप पर चलता है और इसे जल्द ही Android 15-आधारित OneUI 7 मिलेगा, जो गैलेक्सी AI के और भी फीचर लाएगा. स्मार्टफोन में 5,000 mAh की बैटरी और 45W फास्ट चार्जिंग सपोर्ट है.

यह भी पढें: iPhone 14 Plus पर ऐसी डील फिर कहां म‍िलेगी, 7000 में खरीद लो 256GB वाला हैंडसेट

कैमरे के मामले में, डिवाइस 200MP OIS कैमरा, 12MP अल्ट्रा-वाइड सेंसर और 10MP 3x टेलीफोटो लेंस के साथ-साथ 10MP 10x पेरिस्कोप टेलीफोटो लेंस के साथ आता है. सेल्फी के लिए, डिवाइस 12MP के फ्रंट-फेसिंग कैमरे के साथ आता है.

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