Main titles: fantasy games can be taxed at 28%, input tax credit, etc.



The Goods and Services Tax (GST) Council at its two-day meeting is likely to consider a proposal to impose a flat 28% tax on online games of skill, bringing it to a equal footing with betting and gambling. It has been argued that games of skill and online gambling should not be distinguished “simply on the grounds that an activity is a game of skill or chance, or both”. India’s largest automaker, Maruti Suzuki, would only opt for Bharat NCAP ‘star rating’ for its vehicles if the customer shows a preference for the mechanism offered under the Bharat New Car Assessment Program.

GST board can treat fantasy games on equal footing with gambling, taxed at 28%

The Goods and Services Tax (GST) Council at its two-day meeting is likely to consider a proposal to impose a flat 28% tax on online games of skill, bringing it to a equal footing with betting and gambling. It has been argued that games of skill and online gambling should not be distinguished “simply on the grounds that an activity is a game of skill or chance, or both”. The Council, which will meet on June 28-29 in Chandigarh, may also consider putting in place tough enforcement measures under the GST regime to stem revenue leakages. Read more


Will only opt for Bharat NCAP “star rating” if customer wants: Maruti

India’s largest automaker, Maruti Suzuki, would only opt for Bharat NCAP “star rating” for its vehicles if the customer shows a preference for the mechanism offered under the Bharat New Car Assessment Program, of which the project has recently been approved by the Ministry of Road Transport & Highways, company chairman RC Bhargava said. Read more


Debt fund exposure to bank certificates of deposit doubles, data shows

Debt mutual fund (MF) exposure to certificates of deposit (CDs) issued by banks has more than doubled over the past year. Meanwhile, exposure to commercial paper issued by non-bank financial corporations (NBFCs) and government securities (G-secs) increased by 17.5% and 7.6%, respectively. Read more


Adani Group company Kutch Copper raises Rs 6,071 cr for one million ton unit

Kutch Copper, a subsidiary of Adani Enterprises, is setting up a new copper refinery project to produce one MTPA (million tons per year) in two phases. The company has achieved financial close of SR 6,071 crore for the first phase. Phase 1 of the project will have a capacity of 0.5 MTPA at Mundra, Gujarat. KCL has signed the financing documents with the consortium led by the State Bank of India (SBI). Read more


June sell-off: Most emerging markets see bigger declines than India after Fed rate hike

Emerging markets (EM) and currencies took a major rout this month, following the US Federal Reserve’s decision to raise interest rates by 75 basis points (bps) and announce another hike by 75bp in July. The safe-haven greenback has strengthened against most currencies this year amid a reversal in capital flows. The dollar retreated somewhat last week as falling commodity prices eased some inflation fears. The month-to-date returns for most stock market indicators are flashing red. Read more

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