GST HIKE
Expect 8-10% industry volume growth for FY-25: Mohan Bangur, Shree Cement
So, in the next three quarters, the demand has to meet around 9% to 10% to make up for the lost time. In the first quarter, there were elections, there were water shortage, uncertainty of election results were there, now all those is over.
Budget 2024: Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears
Union Budget: Finance Minister Nirmala Sitharaman emphasised the Centre's commitment to supporting states through timely tax devolution and GST compensation arrears to boost economic growth during a pre-budget meeting with state finance ministers. She encouraged states to utilize the 50-year interest-free loan scheme for reforms. States appreciated the assistance and provided suggestions for the upcoming Union Budget, with specific requests for projects and allocations.
Third Eye: Chasing fertile pastures, Sidda’s U-turn on fuel hike, and a no-show in Paris
Deputy CM DK Shivakumar, Karnataka Congress' strongest Vokkaliga face, is considering throwing his hat in the by-election ring. With Bengaluru rural seat, of which his assembly seat Kanakapura is a part, having delivered a resounding "no" to his brother DK Suresh in the Lok Sabha election, it will be interesting to see how the region responds to DKS walking away from it for more fertile Vokkaliga pastures.
Reduce GST slabs, hike exemption threshold for firms with up to Rs 1.5 cr turnover: GTRI
The Global Trade Research Initiative (GTRI) proposed several reforms to enhance India's Goods and Services Tax (GST) system on its 7th anniversary. Recommendations include raising the GST exemption limit to Rs 1.5 crore for firms (up from Rs 40 lakh), simplifying the tax structure by reducing slabs and eliminating state-wise registration requirements. GTRI highlighted GST's role as the world's largest indirect tax platform, with over 1.46 crore registrations.
Hike capex by 25%, reduce GST slabs to maximum of 3 in Union Budget: FICCI tells Nirmala Sitharaman
Budget 2024: Industry lobby group FICCI in pre-budget consultation with Finance Minister Nirmala Sitharaman in Delhi emphasized the need to support growth momentum, infrastructure development, rein in food inflation, support MSMEs, and prioritize innovation and research & development for accelerated growth.
Karnataka BJP protests fuel price hike with cycle jatha, party workers detained
Karnataka BJP has staged a 'cycle jatha' in various locations across the state to protest the state government's hike in fuel rates. Workers in Bengaluru were detained midway, calling the detention unconstitutional. The party accused the government of suppressing protests and urged the people to revolt against the government.
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Siddaramaiah blames GST regime for taxes on autofuel, even as BJP takes out bullock-cart protest
CM Siddaramaiah blames GST regime for fuel price hike, leading to protests by BJP leaders. Petrol price in Bengaluru now Rs 102.84, diesel Rs 88.95.
CM Siddaramaiah challenges BJP to stage demo against Centre over injustice to Karnataka
Karnataka Chief Minister Siddaramaiah challenged the BJP to protest against the Centre's treatment of the state, citing fuel price hikes and lack of central funds. He criticized the BJP for failing to address issues like rising petrol prices despite lower crude oil costs. Siddaramaiah highlighted discrepancies in fund allocation and accused the BJP of neglecting Karnataka's development needs.
Latest SBI loan interest rates June 2024: State Bank of India hikes interest rates on these loans
SBI loan interest rates June 2024: The State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) on select tenures by 10 basis points (bps), making most consumer loans costlier for borrowers.
Health insurance premium shot up over 25% last year for 52% policyholders, finds survey; here's how the impact can be reduced
Health insurance: Premiums of health insurance policies went up by more than 25% for 52% policyholders in India over the last 12 months. In this article we tell you how this will impact senior citizens and others and how you can take steps to reduce its impact if you are a new health insurance policy buyer.
SBI hikes annual maintenance charges related to these debit cards from April 1, 2024: Check details
SBI debit card charges: State Bank of India (SBI) has revised the annual maintenance charges related to certain debit cards. Here is a look at the revised annual maintenance charges effective from April 1.
Gaming app Hike posts almost 8-fold surge in FY23 revenue, losses up by 24%
Hike's overall expenses surged to Rs 299 crore in FY23, up 114% on year from Rs 140.45 crore in the previous fiscal. This increase was mainly driven by higher employee salaries, server costs and marketing expenses.
Zomato shares rise 3% on platform fee hike
Earlier in December 2023, Zomato received a Rs 402-crore show-cause notice from the goods and services tax (GST) authorities over unpaid dues.
More startups want to ‘flip’ back to India; SoftBank’s returns from listed firms
Startups are moving their overseas holding entities to India ahead of their forthcoming public listings, especially in the fintech sector which is governed by the country’s central bank regulations.
Tax reforms, elevated capex among steps to turn India into a $5-trillion economy: Finance Ministry
The Finance Ministry highlighted various initiatives taken by the Modi government, aimed at propelling India into a $5-trillion economy. These measures include tax reforms, a significant increase in capital spending, and robust public digital infrastructure. The government cited the restructuring of corporate tax rates, the reduction of tax litigation, and the implementation of Goods and Services Tax (GST) as successful direct and indirect tax measures.
MPL-backed Web 3 fantasy platform Striker shuts down operations
The shutdown comes amid several layoffs and closures in the online real money gaming sector, which followed the imposition of a 28% goods and services tax (GST) on the sector.
Game theory: How fortunes of India's gaming industry turned from being a sunrise sector
From being a sunrise sector to a stressed one, fortunes of India’s gaming industry have quickly turned. ET looks at what is driving the bullish investor sentiment in the sector despite recent setbacks
RBI MPC: Between a pause and a pivot, what will Das & co do on Oct 6?
The RBI MPC is expected to keep the repo rate unchanged at 6.5% at its upcoming meeting. The RBI will be in a wait-and-watch mode to assess the impact of previous rate hikes before making any decisions. India's economic growth forecast of 6.3% by the World Bank is slightly lower than the RBI's estimate of 6.5%.
GST on online gaming triggers CV deluge
The increasing number of job seekers reflects their concerns about the GST’s potential effects on their future, say experts.
Govt not planning to levy any tax on diesel vehicles: Nitin Gadkari
The road transport and highways minister noted that from the pollution point of view, diesel is very hazardous and it is really causing health problem in the country. Gadkari emphasised that he is not against any industry and pointed out that the government is already giving incentives for electric cars.
Hike lays off around 55 people after GST hike on online gaming
The development comes within a week of gaming unicorn Mobile Premier League (MPL) laying off about half of its India team or close to 350 people to cut down cost burden due to the increase in GST to 28 per cent.
Rate hikes, margin pinch put pay-later companies in a tough spot
Rupifi, ePayLater and others in the online segment are feeling the heat, with eB2B marketplaces scaling down or tightening operations across categories.
Prices of SUVs and MPVs to go up 2% following the GST cess increase
The GST Council in India has raised the cess on utility vehicles (UVs) by 200 basis points from 20% to 22%, leading to a price rise of 2% for UVs measured at over four metres. Currently, big UVs are subject to a GST rate of 28%, plus a cess of up to 22%. However, the SUV condition has been removed, meaning all larger SUV/MPVs which attracted a 20% cess rate will now have a 22% rate.
GST Council Meet: 28% GST on online gaming; SUV, MPVs' price hikes & other key decisions
The Indian Goods and Services Tax (GST) Council has announced its decision to impose a 28% GST on three supplies, including online gaming, casinos and horse racing. The council has also reduced the GST on restaurants inside cineplexes from 18% to 5%, exempted the GST on cancer drug Dinutuximab and food for special medical purposes (FSMP).
Mobile GST hike gives government more than PLI outlay: Industry Executives
In fact, the five-year smartphone PLI scheme will leave a revenue surplus of ₹11,000 crore if only the Centre's GST (goods and services tax) collections are taken into consideration, industry body India Cellular and Electronics Association (ICEA) said in a June 5 letter to the finance ministry. The government increased the GST on mobile phones to 18% from 12% on April 1, 2020, the day the smartphone PLI scheme was announced.
Bring ATF under GST, moderate rate hikes: Ajay Singh, Assocham
Assocham President, Ajay Singh, says that while the RBI has done well in controlling inflation and external shocks, interest rates should be moderated to prevent any adverse impact on sectors such as autos and housing. Singh wants RBI to consider signalling that the period of growth of interest rates is coming to a close now.
RBI may hike benchmark lending rates by 25 bps in April policy: DBS Research
In an online session on 'Growth resilience and sticky inflation', DBS Group Research Executive Director & Senior Economist Radhika Rao said the RBI may hike interest rates by 25 basis points in April and maintain a hawkish bias as retail inflation is still high. Retail inflation in January spiked to 6.52 per cent against 5.72 per cent in December last year.
Government may revisit GST hike on scientific equipment
Following the July hike, the Department of Science & Technology and the Council for Scientific & Industrial Research have taken up the matter with the office of the Principal Scientific Advisor (PSA) and the finance ministry, expressing their deep concern, ET has learnt.
With no respite from inflation, brace for another 50 bps repo rate hike by RBI in December
This is the ninth straight month when retail inflation has remained above the RBI's comfort zone of 2-6%. The RBI will have to explain the reasons for not being able to bring it back within the tolerance band and the possible remedial measures to fix the problem to the government in a letter.
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