BUSINESS
Petrol breaches Rs 100 per litre mark in Mumbai
But Mumbai does not have the unique distinction of breaching the Rs 100 per litre mark. Thane already reached the mark a few days back while few other cities in Rajasthan (including Jaipur) Madhya Pradesh and Maharashtra, having the highest VAT levels on auto fuels in the country, have already been selling normal petrol for over Rs 100 a litre for the past several days.
GST Council extends compliance relief for all taxpayers, focus on smaller
It has been decided that late fee on returns to filed in form GSTR-3B for tax periods from July 2017 to April 2021 will be capped to a maximum of Rs 500 (Rs 250 each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods. Also, late fee has been capped to a maximum of Rs 1,000 (Rs 500 each for CGST & SGST) per return for other taxpayers.
India's forex reserves rises by over $2.8 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $592.894 billion from $590.028 billion reported for the week ended May 14. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
No IGST on imported Covid relief items till Aug 3, GoM to look at more relief
So far, IGST exemption was applicable only when these goods were imported 'free of cost' for free distribution. This exemption too has been extended till August 31. The exemption will be valid till August 31, 2021
Bank credit growth slowed down in March: RBI data
In March 2020, credit growth was 6.4 per cent. The central bank's 'Quarterly Statistics on Deposits and Credit of SCBs: March 2021' showed that combined credit by bank branches in top six centres -- Greater Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata -- which together accounted for over 46 per cent of total bank credit, declined marginally during 2020-21.
Indian Bank posts Rs 3,005 crore net profit for FY21
The bank had earned a total income of about Rs 44,099 crore and a net loss of Rs 4,643 crore for 2019-20. Last fiscal was the first full year of operations after the Allahabad Bank was merged with the Indian Bank. According to the Indian Bank, the figures for 2019-20 were arrived at by totaling the numbers of the two banks.
Unlock hopes, Covid decline pushes Nifty to record high
Accordingly, global cues and accelerated pace of economic recovery led both the indices - Nifty50 and S&P BSE Sensex - to open higher. During the trade session, all sectors barring Pharma and Auto traded in the green out of which Media and Metal sectors are showing the most strength. At 1.15 p.m., the Nifty50 of the National Stock Exchange ended the trade session at 15,431.80, up 93.95 points, or 0.61 per cent, from its previous close.
Amid Covid wave, GST Council meet begins; may consider duty cuts
The meeting is being chaired by Finance Minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and states are also present in the meeting.
Tata Digital acquires majority stake in BigBasket
According to the company, E-grocery has been one of the fastest growing segments in the consumer e-commerce space and its growth is propelled with India's rising consumption and digital penetration. "The current pandemic has further accelerated its adoption as consumers seek the convenience of ordering quality groceries delivered safely at home."
Tesla releases driver monitoring system using cabin camera
The aim is to help make sure drivers pay attention to the road while using Autopilot, the company's advanced driver assistance system, reports Electrek. "The cabin camera above your rearview mirror can now detect and alert driver inattentiveness while Autopilot is engaged.
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