Boosts domestic purchasing through tax reduction in India

In the world of news, there's been a flurry of significant developments across various sectors. Here's a summary of some noteworthy happenings:

Amanda Seyfried has made a splash at the Venice Film Festival, starring in a new film that has garnered attention.

In the realm of economics, the goods and services tax (GST) panel in India has approved a series of changes aimed at benefiting the common man. The panel has decided to lower taxes on everyday items and simplify the tax structure, while imposing a higher tax of 40% on luxury and sin goods such as cigarettes, cars with engine capacity exceeding 1500 cc, carbonated beverages, and more. The finance minister, Nirmala Sitharaman, has announced her decision to cut taxes on hundreds of consumer items, following Prime Minister Narendra Modi's announcement as part of a major GST reform plan.

The GST rate structure is set to undergo a transformation, with the panel approving a two-rate structure of 5% and 18%. This replaces the current four-rate structure that includes 12% and 28% tax bands. Under this new structure, taxes on consumer items such as toothpaste and shampoo have been reduced to 5% from 18%, while taxes on small cars, air conditioners, and televisions have been cut to 18% from 28%. Furthermore, GST has been exempted on all individual life insurance policies and health insurance.

The new GST rates will come into effect on September 22, coinciding with the first day of the Hindu festival of Navratri. In the wake of these changes, Modi has expressed his belief that the wide-ranging reforms will improve the lives of citizens and ensure ease of doing business for all, particularly small traders and businesses.

Meanwhile, in the sports world, Germany's coach Nagelsmann has declared that winning the World Cup next year is their primary goal. Abu Dhabi is also gearing up for its first-ever UFC women's title fight.

Elsewhere, Oman has launched a 10-year golden visa programme to attract global investors and drive economic growth. The UAE has also clarified its free zone tax regime with new rules on activities and pricing.

These developments underscore the dynamic nature of the global landscape, with changes taking place across various sectors and regions. Stay tuned for more updates as these stories continue to unfold.