A year after the levy’s rollout, decision making on the goods and services tax (GST) could get overshadowed by politics as the election season takes over. Already, the frequency of meetings has come down from an average of over two a month till May to one in a gap of two and a half months. In fact, the meeting in early May was held through video conferencing. The next one is now slated for July 19. Reaching a consensus might also get tougher, as already seen with issues like inclusion of natural gas in GST and imposition of a sugar cess, both central proposals being resisted.
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Heavy rains clobbered large areas of Mumbai and other parts of Maharashtra on Monday, claiming at least five lives and disrupting road traffic and rail operations, officials said. Heavy rains also caused damage to properties in some areas. About half the land area and parking lot of Llyods Steel in Antop Hill area of Mumbai collapsed on Monday when a deep pit of a nearby construction site caved in, damaging seven to eight cars parked in the premises. The crater was dug by Mumbai based Dosti Group to build a 50 storeyed tower.
Asian shares got the week off to a cautious start on Monday amid lingering concerns about escalating trade frictions while U.S. oil prices maintained hefty gains made after major oil producers had agreed on a modest increase in production.S&P500 mini futures fell as much as 0.5 percent in early trade while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 percent. Japan's Nikkei lost 0.4 percent.
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