BackMint Midday Digest: Repo rate hiked by 50 bps, GST rule on house rent and more
Here are the top business news, equity market precursors, and economic and banking news updates from India and across the world for 5 August, 2022.
PremiumRBI retains GDP growth forecast; repo rate now above pre-Covid levels
The monetary policy committee of Reserve Bank of India (RBI) today decided to increase repo rate, the main lending rates to banks, by 50 basis points to 5.4% with immediate effect. The central bank also retained its GDP growth outlook for this fiscal. To curb inflationary pressures, the Reserve Bank of India has so far raised the repo rate by 140 basis points since embarking on a tightening cycle at an unscheduled policy meeting in May this year. The repo rate before the pandemic came was 5.15%. Read More Here.
Edible oil price to reduce by ₹10-12 after makers decided to cut retail prices
In what may come as a relief for the common man, the price of edible oils may see a further reduction in the coming days. The development took place after the edible oil processors and manufacturers agreed to cut prices by ₹10-12 to pass on the benefits of a decline in global prices to consumers, according to a report. Read More Here.
New GST rule on house rent: Do you have to pay 18% tax?
The goods and services tax (GST) is in attention these days as to whether a salaried individual should pay GST on home rent. According to tax experts, until 17th July 2022, GST was applicable on the rent of a commercial property but from 18th July 2022, GST shall be charged if such residence is rented or leased by a GST-registered person. As recommended at the 47th GST Council meeting, the tenant should pay 18 per cent GST on a reverse charge basis (RCM). However, they can claim this value as a deduction while they pay tax on sales in GST returns. Read More Here.
Bharat Bill Payment to facilitate inward gross payments for NRIs to pay bills in India
Reserve Bank of India (RBI) Governor Shaktikanta Das on 5 August said that Bharat Bill Payment System (BBPS) to facilitate inward gross payments for NRIs to pay bills in India. Read More Here.
33 companies contribute 90% to Nifty50's profit pool
Over the last decade, 17 stocks have exited the benchmark index Nifty50. Stocks that were removed from the index largely comprised oil marketing companies, and those in materials, utilities, the real estate industry and had a weightage of around 7% in 2012 in the index. Read More Here.
India reports 70 covid deaths, 20,551 new cases in a day
India has logged more than 20,551 covid cases and 70 deaths in the last 24 hours. There are around 1,35,364 active cases at present, the union health ministry data stated on Friday. Read More Here
Delhi govt likely to open 500 liquor stores by September 1: Report
After coming back to old liquor policy, the Delhi government is likely to operate 500 liquor stores from September 1 as it witnessed the absence of no private player in the retail sale of alcohol, officials told news agency PTI on Thursday. Read More Here.
UK PM race: Rishi Sunak scores surprise debate win over rival Liz Truss
Rishi Sunak on Thursday appeared to score a surprise win with a studio audience at a key debate with frontrunner Liz Truss in the race to become Britain's next prime minister. Read More Here.
Amazon Great Freedom Festival sale begins for Prime members: Check offers
Amazon Great Freedom Festival sale is live for Prime members. The sale offers discounts on a range of products including fashion, smartphones, electronic gadgets, appliances and more. Read More Here.
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RBI set to hike policy repo rates, third time in a row to tame inflation
The Reserve Bank of India (RBI) is likely to hike the policy repo rate by 25 to 50 basis points on 5 August in order to tame the inflationary pressure. Read More Here.
For India Inc, end of downgrade cycle in sight
Indian companies put out an impressive performance in the June quarter amid rising interest rates and inflationary pressures, prompting several analysts to conclude that the worst of earnings downgrades is over. Read More Here.
Centre mulls slashing steel export duty
The Union government may reduce or eliminate the export duty on steel products amid falling prices and rising domestic supply, two people familiar with the matter said, after a similar decline prompted a duty cut on petro products. Read More Here.
'Sarais' under religious or charitable trusts exempted from GST, says CBIC
'Sarais' run by religious or charitable trusts are exempt from the Goods and Services Tax (GST) irrespective of rent, the Union Finance Ministry said on 4 August. Read More Here.
The headwinds on Indigo’s profit path
One of the things that stands out in InterGlobe Aviation Ltd’s June quarter (Q1FY23) results is the strength in its yields, a measure of pricing. InterGlobe runs IndiGo, India’s largest domestic airline. IndiGo’s yields rose to ₹5.24 in the June quarter from ₹4.40 in the preceding three months and ₹3.48 in the year-earlier quarter. Read More Here.
How a celebrity CEO’s rule of fear helped bring down hot startup Zilingo
At first glance, the implosion of vaunted fashion startup Zilingo Pte looked jarringly sudden. Read More Here.
India saw highest net shutdowns globally in H1 2022
India accounted for as much as 85% of internet shutdowns in the first six months of 2022 out of the 10 countries where internet disruptions and restrictions were recorded, according to a new report. Read More Here.
Revealed: The little-talked about nepotism in south cinemas
In Telugu cinema, if it’s a Friday, it must be the family – specifically the four powerful clans of the film industry. Read More Here.
Commonwealth Games 2022 Day 8: India's full schedule and more
Indian players are all set to increase their medals tally across all categories on the eighth day of the Commonwealth Games 2022 in Birmingham on 5 August. Read More Here.
Do long Covid-19 symptoms affect people after getting recovered? Read here
One in eight Covid-19 infected person develops at least one symptom of long coronavirus infections that lasts 90 to 150 days after getting recovered, according to the most comprehensive studies on the condition to date suggested on Thursday. Read More Here.
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