The Union Cabinet on Wednesday approved changes to GST laws to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs, sources said. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which were approved by the GST Council last week, are likely to be introduced in the ongoing monsoon session of Parliament, which will end on August 11. The GST Council in its 51st meeting on August 2 recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
'In the long run, I don't foresee major ramifications [about Trudeau's allegations].' 'There's just enough hypocrisy among Western nations for India to douse the outrage.'
A strong business update for the April-June quarter of the 2023-24 financial year Q1FY24 has led to a big jump of over 7 per cent in the share price of Bajaj Finance on Tuesday (July 4). The non-banking financial company's (NBFC's) new loan book grew 34 per cent with 9.9 million new loans booked in Q1FY24 from 7.2 million loans booked in Q1FY23. The company's total customer franchise rose to 72.98 million (as on June 30, 2023), compared to 60.30 million year-on-year (YoY) with the highest-ever quarterly increase of 3.84 million in Q1FY24. Assets under management (AUM) grew by 32 per cent to about Rs. 270,050 crore in Q1FY24 from Rs. 204,018 crore in Q1FY23.
The old note will continue to be accepted for other utility bill payments as well as at railway ticketing counters and counters of government or public sector undertaking buses for purchase of bus tickets till December 15
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
Bankers need to take a call on whether they will allow technology firms to run banks or banks themselves will turn into tech firms, says Tamal Bandyopadhyay.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
Through this mobile application, the handset will be used for authenticating biometrics of customers making Aadhaar enabled payment.
The election in Bihar will never be the same, reports Aditi Phadnis
... and I learn more about economic trends than from books, says Ajit Balakrishnan.
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
'When resources are few; when frugality demands repairing a broken thing rather than replacing it with a brand new and expensive option, enterprising commoners in rural and urban India improvise on a daily basis and solve their problems with whatever they have,' observes Shivanand Kanavi.
Nivedita Mookerji finds out how Paytm CEO Vijay Shekhar Sharma is handling his soaring popularity after the note ban as well as the criticism that comes as a package deal.
The funds will be used to expand the merchant offerings across India to equip them with technology and various other services.
Experts say the new guideline is likely to hurt foreign players more, especially card companies such as Visa, MasterCard and American Express who process and store credit card transaction data outside of India.
A mobile wallet may offer discounts but allows transactions of limited amounts. And, while a bank app or internet account allows larger transactions, it might be less convenient
"The theme of tomorrow's meeting is 'Economic Policy Reform, Road Ahead'. The prime minister will make opening remarks. There are 15 invitees who will make their presentations before the prime minister," a senior government official said.
As Google evaluates its response to two recent penalties slapped by the Competition Commission of India (CCI), here is a look at the app economy. Apps are bread and butter for mobile operating systems. India ranks second in the number of mobile downloads, with nearly 27 billion downloads in 2021, according to Deloitte. Accounting for 11.6 per cent of global app downloads, the Indian smartphone user spends over 4 hours a day on apps.
Whether one likes it or not, services constitute the value-addition sector that the country has to build on, using its comparative advantage in infotech and related skills, suggests T N Ninan.
