TARIFF REFUND IMPACT
GST 2.0: Reforms to propel MMF textile industry; sub-Rs 2,500 retail segment poised for growth
The reforms are expected to correct anomalies at the fibre stage, reduce costs at the yarn and fabric stages, improve garment affordability, revive demand at the retail stage, and enhance export competitiveness.
If Trump's biggest tariffs get thrown out, companies could get a refund - but not consumers
President Trump's imposition of tariffs under the International Emergency Economic Powers Act is facing legal challenges, with courts ruling he overstepped his authority. This could lead to the government refunding billions of dollars in collected tariffs to importers. The Supreme Court is now being asked to intervene, potentially impacting trade revenue and raising concerns about economic repercussions.
GST Council approves faster export refunds for claims below ₹1,000
The measures will improve the liquidity condition of exporters amid the US imposing 50% tariffs on India. The US decision would impact around $48.2 billion of outbound shipments based on 2024 trade values. The GST Council recommended an amendment to the rules to provide for sanction of 90% of refund claimed as provisional refund "on the basis of identification and evaluation of risk by the system", the council said in a statement.
Govt delivers 'GST Diwali bonanza': Cheaper essentials, big relief on insurance premiums
India's Goods and Services Tax (GST) undergoes a major overhaul, eight years after its launch, with the GST Council approving significant rate cuts on numerous everyday items. Effective September 22nd, the new rates aim to boost consumption by shifting to a two-slab structure of 5% and 18%, abolishing the 12% and 28% rates.
Roti, kapda aur makan: The firepower India's common man got as Diwali gift
GST rates slashed: India's GST revamp, dubbed the 'Great Savings Tax,' is easing the financial burden on the middle class. Reduced rates on essentials like food and clothing could save urban families 7-8% and rural families 5-6% monthly. This, coupled with income tax relief and lower interest rates, aims to boost consumption and savings, potentially transforming India into a middle-class-driven economy.
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Clean energy projects installations to get cheaper due to lower tax on devices
India reduces GST on renewable energy devices. The GST Council approved the rate cut to promote green power adoption. Fuel cell vehicles and solar cookers also see reduced duties. The new rates take effect from September 22. Industry leaders expect lower project costs and increased investment. This move supports India's renewable energy targets and sustainable future.
GST: Once branded Gabbar Singh Tax, it turns out to be Good and Simple Tax
Initially criticised as the 'Gabbar Singh Tax' by the opposition, India's Goods and Services Tax (GST) has undergone significant evolution since its implementation in 2017. The government took several years to reduce the number of GST slabs due to a combination of economic and administrative factors. Recent rationalisation efforts, dubbed GST 2.
GST Council slashes tax on personal-care items like shampoo, toothpaste, hair oil to 5%
The GST Council has agreed to reduce the tax rate on essential personal care items like hair oil, toothpaste, and shampoo from 18% to 5%, benefiting consumers and companies like Hindustan Unilever and Godrej Industries. This move, part of the broader GST 2.
SBI to states: Don’t fear PM Modi’s Diwali GST gift, you’ll still be net gainers
State Bank of India projects Indian states will remain net gainers from GST, even with rate rationalisation, due to revenue sharing mechanisms. This contradicts concerns of revenue loss expressed by some states. The bank suggests utilising the compensation fund surplus to offset potential losses from rate adjustments.
India steady amid levy, GST kitty up 6.5% in August
India's economy showed resilience in August, with strong domestic GST collections and UPI transactions offsetting concerns about higher US tariffs and declining car sales. Manufacturing activity surged, and power consumption rose, indicating robust domestic demand. While overall GST collection saw modest growth, economists remain cautious about external headwinds and tariff-related uncertainties impacting future growth.
Federal court strikes Trump’s tariffs — will consumers finally see cheaper imports
The federal appeals court’s decision against Trump’s sweeping tariffs has thrown U.S. trade policy into limbo — but not prices at the checkout line. Despite the ruling, tariffs are still in force until mid-October, leaving Americans stuck with costlier cars, clothing, and groceries while the Supreme Court takes up the fight.
Trump’s 50% tariff shock hits India – what it means for growth, jobs, and hardest-hit sectors
Trump India Tariffs Impact: US 50% tariffs on Indian exports take effect tomorrow, targeting textiles, seafood, gems, jewellery, and leather. Analysts warn the move could threaten millions of jobs and shave 0.5% off India’s GDP.
India's labour intensive sectors brace for 70% export collapse as US goes ahead with 50% tariffs: GTRI
Indian labour-intensive sectors anticipate a significant export decline due to impending US tariffs. The new tariffs, effective from August 27, could impact 66% of India's exports. Textiles, gems, jewellery, and shrimp exports are particularly vulnerable. The government is urged to implement tax reforms and support schemes for MSMEs.
$1,390 stimulus check in your bank account soon? IRS' crucial update for millions of Americans
Despite rumors circulating online, the IRS has confirmed that US citizens will not receive any new stimulus checks this summer. These claims falsely suggest that the IRS and Treasury Department approved $1,390 payments for low- and middle-income taxpayers. While a bill proposing tax rebates from tariff revenue exists, it has not been passed by Congress.
IRS reportedly says $1,390 stimulus checks for eligible Americans are on the way: here are all the details
IRS $1,390 stimulus checks are reportedly on track to reach millions of eligible Americans this late summer. The Treasury Department and IRS has debunked $2,000 rumors, aiming to provide relief for low- and middle-income households.
IRS Stimulus Checks Update: No new $1,390 payout this August, here’s what taxpayers should know — Fact Check
Several reports circulating online claim that the IRS has approved $1,390 stimulus checks for eligible households to be distributed later this summer, describing them as tax-free payments aimed at supporting low- and middle-income families. However, these claims are false.
Millions of Americans affected: IRS unveils 2025 rule that could slash or boost your take-home pay
IRS 2025 tax rule change is set to shape millions of paychecks, but not until 2026. The IRS confirmed that for 2025, there will be no changes to tax withholding tables or forms, giving employers and workers a year to prepare. The bigger shifts come in 2026 under Trump’s One Big, Beautiful Bill Act, with updates to overtime and tip reporting.
Booked to fly Air Canada? Massive flight attendants’ strike could wreck your plans - is yours on the list?
Air Canada flight cancellations latest news: Air Canada is preemptively canceling flights starting Thursday due to a potential strike by over 10,000 flight attendants this weekend, impacting up to 130,000 passengers daily. The strike stems from stalled negotiations between Air Canada and CUPE over wages and working conditions, despite the airline offering a 38% increase in overall compensation.
India’s Trump tariff crunch — and the policy levers that could shift the game
Recent US tariff actions, including levies on imports and penalties related to Russian oil, pose trade challenges for India. While other nations negotiated tariff adjustments, India faces the full impact, affecting key export sectors. The country may explore diplomatic solutions, diversify markets, and bolster domestic export competitiveness to navigate these evolving global trade dynamics.
Hand wash products sold at Walmart recalled nationwide over life-threatening risk. What should you do if you bought it?
A nationwide recall has been issued for several soap and lotion products sold in the US and Puerto Rico due to contamination with Burkholderia cepacia complex (Bcc) bacteria. DermaRite Industries initiated the recall after discovering the bacteria, which can cause life-threatening sepsis, especially in immunocompromised individuals. DermaKleen lotion soaps, PeriGiene antiseptic and KleenFoam soap are among those consumers should discontinue using.
US tariffs leave a deep cut in India's diamond industry
US tariffs on diamonds, escalating from 10% to 50% since April, have led to approximately 100,000 job losses in Saurashtra's diamond cutting and polishing industry, particularly impacting smaller units. While some workers are transitioning to lab-grown diamond (LGD) sector, concerns remain about potential tariff impacts on LGDs.
Govt forms panel to review export barriers amid global trade woes: Focus on customs duties, GST, incentives
Amidst a challenging global trade environment, the Indian government has formed a committee to assess the impact of taxes, incentives, and procedures on exports. This move comes as India's June exports saw a slight dip and the US imposed significant tariffs.
Zero buffer, maximum impact: India faces US President’s tariff heat
In a move to reinforce his "America First" policy, President Trump has imposed a 25% tariff on all Indian goods, effective August 7, causing alarm among Indian exporters. The US is India's largest export market, and this action threatens $25 billion worth of products, hitting sectors like textiles, pharmaceuticals, and auto components.
50% tariffs: Here’s how India can flip the script on Trump’s trade offensive
India is preparing to counter the impact of Trump’s 50% tariff through alternative markets and dedicated fund support, as key sectors such as textiles, gems & jewellery, and shrimp brace for the impact.
What happens next in the US court battle over Trump's tariffs?
A federal appeals panel has expressed doubt over Donald Trump's use of a 1977 law to impose tariffs, a move challenged by states and businesses. The case, questioning presidential authority over tariffs, is likely headed to the Supreme Court. A ruling against Trump could impact his trade policies and potentially lead to importers seeking tariff refunds.
Trump tariffs rake in big money, but who is paying?
Donald Trump's tariffs are impacting global trade. American firms pay the tariffs on imported goods. This increases costs, affecting consumers. Despite this, foreign exporters face reduced sales. They also experience instability in supply chains. The tariffs create uncertainty for international businesses. These businesses may delay investments and relocate operations. The long-term business relationships are also undermined.
FAME fallout hits EV makers; Tête-à-tête with TCS CEO
Happy Monday! Electric two-wheeler makers are reeling from the FAME subsidies crackdown. This and more in today’s ETtech Morning Dispatch.
Could Trump’s Big Beautiful Bill drive away World Cup tourists from the US?
As the U.S. prepares to co-host the 2026 FIFA World Cup, a new immigration law introduces a $250 "visa integrity fee" for many visa applicants, raising concerns within the tourism industry. Travel leaders fear the added cost and stricter controls could deter international fans, potentially undermining the expected economic benefits from the major sporting event.
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