BUSINESS
Greed & Fear: Profit booking, global volatility to impact stock moves (IANS Market Forecast)
Accordingly, market observers, pointed out high possibility of profit booking led slide on the back premium valuations and likely absence of positive domestic triggers.
Deadline for PAN-Aadhaar linkage extended till March 2022
"The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961," CBDT said in a statement late on Friday night.
Covid might shift India's growth model
In its Ecoscope report, Motilal Oswal Financial Services, said: "With Covid-19 hurting India's 'Household' (HH) and 'Government' sectors adversely, the continuity of strong consumption growth is in question."
GST Council rejigs some rates, extends cess levy, petroleum still out
It also decided to correct inverted duty structure in footwear and textile sectors while deciding to treat food delivery apps such as Zomato and Swiggy as restaurants, thereby, becoming responsible to pay 5 per cent GST on supplies made by them. However, the new system will not make meals dearer since no new tax component has been added.
Parties in commercial litigation should avoid filing mindless appeals, says SC
A bench of Justices Sanjay Kishan Kaul and Hrishikesh Roy said: "In carrying on commercial litigation, parties must weigh the commercial interests, which would include the consequences of the matter not receiving favourable consideration by the courts. Mindless appeals should not be the rule." The bench noted that tender jurisdiction was created for scrutiny of commercial matters.
Council rejigs some rates, extends cess levy, petroleum still out
It also decided to correct inverted duty structure in footwear and textile sectors while deciding to treat food delivery apps such as Zomato and Swiggy as restaurants, thereby, becoming responsible to pay 5 per cent GST on supplies made by them. However, the new system will not make meals dearer since no new tax component has been added.
Majority of Council opposed bringing petroleum products under GST: Sitharaman
Addressing the media after the conclusion of the Council's 45th meeting and the first held in a physical format after start of the Covid-19 pandemic, she said that the issue was deliberated at the meeting, after it was added to the agenda at the last moment on the back of a Kerala High Court order. The Council members did not see find the current situation appropriate to bring petroleum products under the GST.
Swiggy, Zomato to collect 5% GST on deliveries, food not to get dearer
Such food delivery apps will now be required to collect 5 per cent GST, or Goods and Services Tax, from consumers instead of the restaurant they pick up orders from, Finance Minister Nirmala Sitharaman said on Friday evening after the Council meeting. There would be no extra tax burden on the end consumers taking food delivery from restaurants registered with the GST.
NPS subscriber base crosses 4.5 cr by August 2021: PFRDA
According to the Pension Fund Regulatory and Development Authority (PFRDA), total subscribers in various schemes under NPS rose to 453.41 lakh by end-August 2021 from 365.47 lakh during the corresponding period of 2020, showing a year-on-year increase of 24.06 per cent. As of August 31, 2021, total pension assets under management stood at Rs 6,47,621 crore showing a Y-o-Y growth of 32.91 per cent.
Markets descend from record highs, profit bookings subdue sentiments
Both key indices -- S&P BSE Sensex and NSE Nifty50 -- ended in the red after making intra-day record highs. Both key indices had a gap-up opening, following which the Sensex crossed the 59,700 mark, while Nifty breached the 17,790 level. Sector-wise, metals, realty, power, oil and gas and healthcare stocks fell the most whereas telecom and bank stocks rose the most.
Don't Miss
Advertisement