While India Inc is largely positive about GST, which completes five years of operation on July 1, most CEOs say that a lot more needs to be done to fine-tune the tax rates and reduce litigation. In the light of RBI not permitting the loading of PPIs from credit lines, card-based fintech players may have to stop their offers until the central bank clears the air on some issues. Read more on these in our top headlines.
India Inc gives thumbs up to GST, but says long way to go in fixing issues
While India Inc is largely positive about the Goods and Services Tax (GST), which completes five years of operation on July 1, most CEOs say that a lot more needs to be done to fine-tune the tax rates and reduce litigation. Industry leaders in various sectors say that though the GST has been a good piece of reform, there ought to be more rationalisation and clarity on the tax rates. Read more
RBI’s credit line norms: Card-based fintech players may have to stop offers
In the light of the Reserve Bank of India (RBI) not permitting the loading of prepaid payment instruments (PPIs) from credit lines, card-based fintech players may have to stop their offers until the central bank clears the air on some issues. Earlier this week, the RBI wrote to some non-bank PPI issuers, stating that the direction on this did not permit loading PPIs from credit lines. Read more
India’s Russian oil imports jump over 50 times since April: Official
India’s crude oil imports from Russia have jumped over 50 times since April and now make up for 10 per cent of all crude bought from overseas, a senior government official said on Thursday. Russian oil made up for just 0.2 per cent of all oil imported by India prior to the Ukraine war. Read more
GST Council meeting next week may consider e-way bill for gold transport
The Goods and Services Tax (GST) Council is likely to consider, at its meeting next week, imposing e-way bills for the movement of gold and precious stones within a state. This is based on the recommendations of a group of ministers (GoM) headed by Kerala Finance Minister K N Balagopal. Read more
Hindustan Unilever to take further price hikes despite volumes taking a hit
Hindustan Unilever (HUL) will continue to increase prices of its products as inflation remains high even as market growths have moderated and volume growth has declined, Nitin Paranjpe, chairman of the company, told shareholders at its 89th annual general meeting (AGM) on Thursday. Read more
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