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They have demanded that the increased rate of GST on clothes and footwear should be withdrawn immediately.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
Emirates resumes flight operations after temporary suspension at Dubai airport (Lead)

New Delhi, March 7: Emirates has resumed flight operations after temporarily suspending services to and from Dubai International Airport due to safety concerns, the airline said on Saturday in an update on social media.
In an update shared on the social media platform X, the airline said passengers with confirmed bookings for flights scheduled later in the day can now proceed to the airport.
The airline also said the advisory applies to travellers who are transiting through Dubai, provided their connecting flights are operating as scheduled.
“Our post from 11:08am Dubai time regarding operational status is no longer current, and has been deleted to avoid causing unnecessary confusion,” it said.
“Passengers who have confirmed bookings for this afternoon’s flights may proceed to the airport. This includes customers transiting in Dubai if their connecting flight is also operating,” the airline added.
Emirates advised passengers to check the status of their flights and seat availability through its official channels before heading to the airport. This is to ensure that their flights are operating as scheduled.
The airline added that it is closely monitoring the situation and will make adjustments to its operational schedule if required.
“Emirates continues to monitor the situation, and we will develop our operational schedule accordingly,” the airline stated.
“We would like to thank our customers for their understanding and patience. The safety of our passengers and crew is our highest priority and will not be compromised,” it mentioned.
Meanwhile, earlier in the day, the airline said it has temporarily suspended all flights to and from Dubai until further notice, advising passengers not to travel to the airport while operations remain halted.
In that earlier post, the airline said it will provide further updates once more information becomes available. It stressed that passenger and crew safety remains its top priority.
However, the post has been deleted now as it was creating confusion among travellers, the airline noted.
Business
AI, 6G, Quantum Computing to drive India-Finland strategic partnership: PM Modi

New Delhi, March 5: Prime Minister Narendra Modi on Thursday said that India and Finland are working to strengthen their ties as a strategic partnership in digitalisation and sustainability, which will accelerate collaboration in advanced technologies ranging from Artificial Intelligence and 6G telecommunications to clean energy and quantum computing.
Speaking after holding bilateral talks with Finnish President Alexander Stubb, the Prime Minister highlighted that cooperation in these high-tech sectors will add new energy and direction to relations between the two countries.
“We are shaping India-Finland relations into a strategic partnership in digitalisation and sustainability,” Prime Minister Modi stated.
“This partnership, from AI to 6G telecom, from clean energy to quantum computing, will give momentum and energy to our cooperation in many high-tech areas,” PM Modi mentioned.
PM Modi also noted that the historic India-European Union Free Trade Agreement, reached earlier this year, will further strengthen trade, investment and technology collaboration between India and Finland.
The two leaders held detailed discussions at Hyderabad House in the national capital, where they explored ways to expand cooperation across several sectors and deepen economic engagement between the two nations.
“In early 2026, a historic India-European Union Free Trade Agreement was signed. This Agreement will further strengthen trade, investment, and technology cooperation between India and Finland,” Prime Minister Modi said.
According to the Ministry of External Affairs, the talks covered a wide range of issues aimed at enhancing bilateral cooperation and strengthening strategic ties.
Both sides also exchanged views on regional and global developments and discussed cooperation in multilateral forums.
Prime Minister Modi also hosted a lunch in honour of President Stubb following the talks.
Earlier in the day, External Affairs Minister S. Jaishankar met the Finnish President and discussed bilateral ties ahead of the high-level meeting with the Prime Minister.
EAM Jaishankar said he also looked forward to President Stubb’s address at the Raisina Dialogue, where the visiting leader is scheduled to deliver the keynote speech.
Business
Gold, silver surge over 1 pc amid escalating conflict in Middle East

New Delhi, March 4: Gold and silver prices climbed over 1 per cent on Wednesday amid escalating conflict between the US‑Israeli combine and Iran, driving safe haven demand.
MCX gold April futures gained 1.04 per cent to Rs 1,62,790 per 10 grams around 11.30 am on an intraday basis. Meanwhile MCX silver May futures gained 1.84 per cent to Rs 2,70,200 per kg.
Increased tensions in the Middle East and chances of energy disruption pushed investors toward safe‑haven assets and while concerns about inflation in the US led to investors considering prospects of the US Federal Reserve keeping interest rates unchanged for longer.
Gold and silver exchange-traded funds (ETFs), however, saw a steep correction on Wednesday despite gains in precious metals. Major silver ETFs dipped 7.12 per cent to 7.43 per cent, while Gold ETFs dropped between 3–3.87 per cent.
Spot gold rose around 1 per cent to $5,138.46 an ounce, while US gold futures for April delivery gained 0.5 per cent to $5,147.10. Gold has jumped 19 per cent year‑to‑date after surging 64 per cent in 2025, driven by geopolitical turmoil and strong central bank buying.
The dollar index surged 0.15 per cent to 99.20, making greenback-backed bullion expensive for buyers in overseas currencies, capping further gains in the yellow metal.
US President Donald Trump said American forces had struck numerous Iranian naval and air targets, while Iran targeted critical oil infrastructure across the Gulf region.
This led investors to pull back from equities amid fears of wider disruption to energy markets and shipping routes.
WTI crude climbed above $75 a barrel, extending a two-day gain of approximately 11 per cent. Brent traded near $81 a barrel as the widening Middle East conflict and shipping disruptions through the Strait of Hormuz kept supply risks firmly in focus.
Investors remain keen on cues from US Manufacturing and Non-Manufacturing PMI, ADP Non-Farm Employment Change and Unemployment data for assessing the direction of Federal Reserve policy.
“Gold has support at Rs 1,58,000 and Rs 1,62,000 while resistance at Rs 1,75,000 and Rs 1,80,000. MCX silver has support at Rs 2,50,000 and Rs 2,70,000, and resistance is at Rs 3,00,000 and Rs 3,20,000,” an analyst said.
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