Business
Traders up in arms against 12% GST on textiles, footwear
The Confederation of All India Traders (CAIT) said that instead of simplifying and rationalising the GST tax structure, the GST Council has made it as “most complicated GST law in India over the world” and much against the GST structure shown to CAIT by the then Finance Minister Arun Jaitley.
CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that in the cotton textile industry there was no inverted tax structure, then why fabric and other cotton textile goods were brought under the 12 per cent bracket.
Even in the man-made textile industry, at the stage of manufacturing garments, sarees and all types of made ups, there was no inverted tax issue. Without having any understanding of the stages of the textile industry such a harsh decision will be a regressive step.
The Central Government’s notification to increase the rate of GST on basic items like textiles and footwear from 5 per cent to 12 per cent is being opposed all over the country, including Delhi, and the CAIT has decided to launch a mega agitation across the country against such arbitrariness.
The agitation will be led by two important trade associations of cloth trade, namely Delhi Hindustani Mercantile Association and Federation of Surat Textile Association (FOSTA) under the umbrella of CAIT. Apart from textiles and footwear, trade organisations of all types of trade, workers, employees associated with them will also participate in it.
Bhartia and Khandelwal said, “Roti, Kapda & Makaan are three basic things of life. Bread has already become very expensive due to high rise in prices, buying a house is beyond the reach of a common man and the cloth, which was accessible, has also been made expensive by the GST Council.
“After all, what kind of treatment is being done to the common man of the country. In this matter not only the Central Government but also the State Governments are completely guilty because these decisions have been taken unanimously in the GST Council and no one has opposed such an irrational decision,” CAIT said.
They have demanded that the increased rate of GST on clothes and footwear should be withdrawn immediately. They said that retail trade in the country has already been destroyed due to Covid and now that the business was resuming on track from this year, the increase in the GST rates will be the last nail in the coffin of the trade, CAIT said.
Bhartia and Khandelwal said that according to sources, it has been learnt that the Fitment Committee of GST has recommended an increase in the GST rate on gold jewelry from 3 per cent to 5 per cent and the current tax rate in GST 5 per cent has been recommended to 7 per cent, 12 per cent to 14 per cent and 18 per cent to 20 per cent. They said that this proposed increase in tax rate is highly irrational and unjustified and is clearly arbitrary action by the fitment committee.
In the matter of increase in clothes and footwear, no consultation was done with any stakeholder of the country. GST is being distorted continuously and the concept of “One Nation-One Tax” has been made a joke.
They said that traders across the country have mobilised against this unilateral and arbitrary increase against which the traders across the country are in great anger and resentment.
To decide about the future strategy of the agitation, the CAIT has convened a video conference on November 28 with the leaders of textile and footwear trade across the country, which will also be joined by prominent trade leaders of all States.
Bhartia and Khandelwal said that it is very unfortunate that the GST which was talked and explained to CAIT by the then Finance Minister Arun Jaitley, who by soliciting the support of trading community on June 4, 2017 was a simple tax structure having minimal compliance, but has been blown up and replaced by a very complex GST tax system. Prime Minister Narendra Modi’s announcement of Ease of Doing Business and One Nation-One Tax is being openly ridiculed, CAIT said.
CAIT said the officers have become autocratic and either the command of the responsible leaders has become lose or they are also involved in torturing the traders. Traders across the country will no longer tolerate this situation.
Business
India’s forex reserves surge by $4.5 bn to cross $702 bn mark

Mumbai, Oct 24: India’s foreign exchange reserves rose by $4.5 billion to $702.3 billion for the week ended October 17, mainly driven by an increase in the value of gold reserves, according to data released by the Reserve Bank of India (RBI) on Friday.
India’s gold reserves held by the RBI as part of the country’s foreign exchange reserves surged by $6.2 billion to surpass the $108.5 mark for the first time on the back of a sharp rise in the price of the precious metal and increased purchases by the central bank.
Foreign currency assets, the largest part of the reserves, fell by $1.7 billion to $570.4 billion during the week. These assets are affected by changes in the value of currencies such as the euro, pound, and yen.
India’s reserve position with the International Monetary Fund (IMF) declined by $30 million to $4.62 billion during the week, RBI data showed.
The share of gold in India’s foreign exchange reserves has almost doubled over the past decade – from below 7 per cent to nearly 15 per cent – reflecting both steady central bank accumulation and a surge in global bullion prices. This is the highest proportion of gold in the country’s total reserves since 1996-97, according to market analysts.
Gold prices have shot up by as much as 65 per cent in 2025 due to the increased demand for the precious metal as a safe haven asset amid rising geopolitical uncertainty in the Middle East and the trade wars triggered by the US tariff hikes.
Central banks worldwide have accumulated substantial amounts of gold as a safe-haven asset in their foreign exchange reserves amid uncertainty created by geopolitical tensions. The share of gold maintained by the Reserve Bank of India as part of its foreign exchange reserves has almost doubled since 2021.
The RBI has added approximately 75 tonnes to its gold reserves since 2024, bringing its total holdings to 880 tonnes, which now constitute about 14 per cent of India’s total foreign exchange reserves, according to a Morgan Stanley report.
India is the world’s second-largest consumer of gold, next only to China and relies on imports to meet demand. Buying gold is deeply rooted in Indian culture and is used in large quantities in the form of jewellery gifts for the bride and bridegroom during wedding ceremonies. It also constitutes an important channel of safe-haven investment and a status symbol for families and individuals.
Business
Sensex, Nifty open lower amid US-China trade tension

Mumbai, Oct 24: Indian stock markets opened lower on Friday amid reports that the United States may launch a fresh investigation into China over their 2020 trade deal.
Rising oil prices, driven by new US sanctions against Russia, also weighed on investor sentiment.
At the opening bell, the Sensex was down 113 points, or 0.13 per cent, at 84,443, while the Nifty slipped 27 points, or 0.10 per cent, to 25,866.
Commenting on Nifty’s technical outlook, analysts said, “The index continues to exhibit a sideways to bullish bias, holding firmly above key support levels at 25,700 and 25,750.”
“Immediate resistance is placed at 25,950, with further upside targets at 26,000 and 26,100. The overall trend remains bullish, provided the index sustains above 25,780 on a closing basis,” they added.
Heavyweights such as Hindustan Unilever, Kotak Bank, Axis Bank, Titan, Power Grid, ITC, NTPC, Tech Mahindra, Maruti Suzuki, and Axis Bank were among the top laggards, losing up to 3.5 per cent.
On the other hand, ICICI Bank, Tata Steel, Bharat Electronics (BEL), Mahindra & Mahindra, Bharti Airtel, HDFC Bank, and State Bank of India were trading in the green, helping limit the overall losses.
In the broader markets, buying activity continued as the Nifty MidCap index inched up 0.05 per cent, and the Nifty SmallCap index added 0.09 per cent.
Sector-wise, metal stocks were the top performers, with the Nifty Metal index rising 1 per cent, followed by modest gains in the Realty and Financial Services indices.
However, FMCG stocks faced pressure, with the Nifty FMCG index falling 1.4 per cent, making it the biggest sectoral loser of the day.
“Given the current setup of heightened volatility and mixed market signals, traders are advised to adopt a cautious “buy-on-dips” approach, especially when using leverage,” market analysts said.
Booking partial profits during rallies and maintaining tight trailing stop-losses will be key to managing risk effectively, as per the analysts.
Business
Colgate-Palmolive India’s Q2 profit falls 17 pc, revenue slips over 6 pc

Mumbai, Oct 23: Colgate-Palmolive (India) Limited on Thursday reported a 17 per cent drop in its net profit for the second quarter of the current financial year (Q2 FY26).
The company’s profit stood at Rs 327.50 crore for the quarter ended September 2025, compared to Rs 395.05 crore in the same period last financial year (Q2 FY25), according to its stock exchange filing.
Revenue also fell 6.15 per cent year-on-year (YoY) to Rs 1,519.50 crore, down from Rs 1,619.11 crore in the previous fiscal.
Operating income or EBITDA declined 6 per cent to Rs 465.43 crore, while the EBITDA margin was almost unchanged at 30.6 per cent, compared to 30.7 per cent last financial year.
Prabha Narasimhan, Managing Director and CEO of Colgate-Palmolive India, said the quarter’s performance reflected a temporary impact from disruptions among distributors and retailers due to the GST rate revision.
She added that the company has worked with its partners to ensure consumers benefit from the lower prices that took effect after the tax change.
“Despite the short-term challenges, we remain focused on our long-term strategic goals and will continue to invest in our brands,” Narasimhan said.
Alongside the results, the company announced a first interim dividend of Rs 24 per share for the financial year 2025–26, amounting to a total payout of Rs 652.8 crore.
The record date for the dividend has been set as November 3, and the payment will be made on or before November 19, according to the company’s exchange filing.
Colgate-Palmolive (India)’s quarterly results were released after market hours. On Thursday, its shares closed 1.16 per cent higher at Rs 2,286.90 on the NSE.
However, the stock has fallen 31.35 per cent over the past year and 14.69 per cent so far in 2025.
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