BUSINESS
Curd, Paneer turn costlier by 5%, issues for retailers and manufacturers remain
"The GST falls at the time of sale. The problem now will be with the old stock sporting the Maximum Retail Price (MRP). A retailer cannot sell at a price that is more than MRP nor he can alter the retail price by pasting a sticker," L.S. Karthikeyan, GST Consultant in Bengaluru told IANS. He also said the retailers selling the old stock will not get the input tax credit.
CAIT to start movement for new GST law
The CAIT said the existing GST Act and its rules should be reviewed and bring in radical change. The CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said the government and the traders have had many experiences in the last five years, so on the basis of those experiences, it is necessary to streamline the GST tax system to make compliance easy.
Online interior design startup Modsy shuts down, lays off employees
San Francisco-based Modsy has abruptly ceased offering design services, laid off its designers and left its customers in disarray, reports TechCrunch. The startup returned some service order charges and promised to refund furniture deliveries to those who filled an online form. "But more than two weeks later, tweets show that many Modsy customers are still awaiting updates," the report said late on Sunday.
Once a Wall Street darling, Netflix in choppy financial waters
Netflix is having a terrible year. In April, the company reported that it had lost subscribers in the first quarter of 2022 -- the first time that had happened in any quarter for more than a decade. Netflixs stock subsequently burst into flames, it's currently down about 70 per cent so far this year, wiping out billions of dollars in market value, and the company laid off hundreds of employees.
Mahindra's tweet on 'latest tech' to dry clothes leaves Twitterati in splits
Business tycoon Anand Mahindra has shared a picture of a 'latest technology to dry clothes on Twitter, and it has left Twitterati amused and in splits. On the microblogging site, Mahindra posted a cartoon of two women conversing by an ordinary rope with washed clothes drying over it suspended from both ends in a yard. "It dries the washing using the latest technology -- a combination of solar and wind power," a woman was seen telling another one.
Ola CEO shares plan on sports car, upcoming update for e-scooters
"We are going to build the sportiest car ever built in India!" the tech honcho wrote on the microblogging platform Twitter. Aggarwal also shared a video on the platform where he tested the Moods feature in the upcoming update MoveOS 3. In another tweet, the founder and CEO of the platform mentioned that the upcoming update is scheduled for Diwali.
Flour, pre-packed food to attract 5% GST
Exemptions have been withdrawn for pre-packed and pre-labelled food grains. Hotel accommodation up to Rs 1,000 per day will now be taxed at 12 per cent. Tax rates have been increased from 12 per cent to 18 per cent on products such as printing, writing or drawing ink, knives with cutting blades, spoons, forks, paper knives, pencil sharpeners, and LED lamps.
How ONDC is set to be India's UPI moment for e-commerce
With ONDC, a Unified Payments Interface (UPI)-type initiative of the Ministry of Commerce and Industry to promote open networks, the government is trying to create the largest interoperable open platform in a bid to break e-commerce monopolies and build a more democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online. Currently, only 5-6 per cent of India's retail activity is digital.
Amazon sees $12 bn worth sales on Prime Day globally
It was the first Amazon Prime Day event under the new CEO Andy Jassy who took over from Jeff Bezos last year. According to an analysis by Digital Commerce 360, consumers worldwide spent more than $12 billion during the e-commerce giant's eighth annual Prime Day. That's up 8.1 per cent (year over year) from last years' Prime Day which ran from June 21-22. In 2021, Prime Day sales reached $11.19 billion and represented a 7.7 per cent increase over Amazon's 2020 event.
Uttar Pradesh is now 'Expressway Pradesh'
Today, the state has emerged as the expressway capital of the country with 13 expressways -- six expressways having been completed and seven under various stages of construction. Prime Minister Narendra Modi, on Sunday, inaugurated the sixth 296-km-long Bundelkhand Expressway that directly connects with Delhi. It will connect the backward districts of the region such as Chitrakoot, Banda, Mahoba, Hamirpur, Jalaun, Aurraiya and Etawah.
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