School Assembly News Headlines (Sept 04): Top National, World, Sports Updates

School Assembly News Headlines (Sept 04): From national reforms and global diplomacy to education updates and sports highlights, here are the stories shaping todays news.

Industrialist Harsh Goenka has called the recent Centre's decision to slash and rationalise Goods and Services Tax (GST) rates under the NextGen GST framework a "big Diwali gift" for every Indian.

New GST Slabs: The Goods and Services Tax (GST) Council on Wednesday approved a complete overhaul of India's tax consumption tax since its launch in 2017.

Senior Congress leader and Rajya Sabha MP P Chidambaram has welcomed the Centre's recent GST rationalisation and rate cuts but criticised the move as being "8 years too late".

Union Home Minister Amit Shah lauded Prime Minister Narendra Modi for the GST reforms and called it a "historic decision" to cut tax rates.

Andhra Pradesh Chief Minister N. Chandrababu Naidu hailed the Goods and Services Tax (GST) reforms approved by the GST Council as "pro-poor" and "growth-oriented".

The GST revamp that slashes tax rates on goods and services into a simplified two-slab structure addresses deeper structural changes, prioritising the "real drivers of the economy", says Deloitte India.

Finance Minister Nirmala Sitharaman on Wednesday announced a sweeping reduction in Goods and Services Tax (GST) rates on a wide range of essential items, automobiles, agriculture inputs, and electronic appliances.

The government's big move to rationalise the Goods and services Tax may not lead to a loss, Revenue Secretary Arvind Shrivastava told reporters this evening as the new, simplified tax slabs were announced.

The GST Council on Wednesday approved historical changes to India's indirect tax structure - adopting a 5 per cent and 18 per cent tax structure - and several daily-use goods will become cheaper from September 22.

GST reforms are not just for rationalising rates but structural too, Nirmala Sitharaman said on Wednesday, adding that the decision of the GST Council has been taken with full consensus and all ministers supported rate rationalisation.

In a historic step toward overhauling India's indirect tax system, the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, on Wednesday approved sweeping rate rationalisation reforms.

Small cars and motorcycles with engines up to 350 cc will now have their GST reduced from 28 percent to 18 percent.

The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, announced a major change that only two rates will remain from September 22 - 5 per cent and 18 per cent, eliminating the 12 per cent and 28 percent GST slabs.