The 2-day GST Council meet began today with sweeping reforms under discussion. The Centre has proposed rationalising GST rates by merging the current 5, 12, 18 and 28% slabs into a simpler two-slab structure — a 5% merit rate and an 18% standard rate. A 40% demerit rate is also being considered for goods like tobacco, pan masala and cigarettes.
India to get cheaper Russian oil, defence deliveries
According to Bloomberg, India will soon receive Russian Urals crude at discounts of $3-4 a barrel compared to Brent ,a move that may draw US ire. Meanwhile, Moscow is set to deliver two pending S-400 long-range surface-to-air missile systems, paid for in 2018, in 2026 and 2027.
China stages massive military parade
China marked 80 years since the end of World War II with a grand parade in Beijing’s Tiananmen Square. On display were advanced stealth fighters, tanks and long-range missiles. President Xi Jinping presided over the event alongside visiting leaders, including Russian President Vladimir Putin and North Korean leader Kim Jong Un.
Trump rattled by Xi-Putin-Kim trio
US President Donald Trump took to Truth Social accusing Xi, Putin and Kim of conspiring against Washington after their joint appearance in Beijing. A Kremlin dismissed the remarks saying "no one even has this in their thoughts". The comment has come after Putin and Kim held talks in Beijing, hailing a deepening military partnership between Moscow and Pyongyang.
