Top headlines: Fantasy games may be taxed at 28%, input tax credit & more

The Goods and Services Tax (GST) Council in its two-day meeting is likely to consider a proposal for imposing a flat 28 per cent tax on online skill gaming, bringing it on a par with betting and gambling. It had been argued that online skill gaming and gambling should not be distinguished “merely on the ground that an activity is a game of skill or chance or both”. India’s biggest carmaker Maruti Suzuki would go for the Bharat NCAP ‘star rating’ for its vehicles only if the customer shows a preference for the mechanism proposed under the Bharat New Car Assessment Progr­amme. 

GST Council may treat fantasy games on a par with gambling, taxed at 28%

The Goods and Services Tax (GST) Council in its two-day meeting is likely to consider a proposal for imposing a flat 28 per cent tax on online skill gaming, bringing it on a par with betting and gambling. It had been argued that online skill gaming and gambling should not be distinguished “merely on the ground that an activity is a game of skill or chance or both”. The Council, which will meet on June 28 and June 29 in Chandigarh, may also consider bringing stringent enforcement measures under the GST regime to plug revenue leakage. Read more

Will go for Bharat NCAP 'star rating' only if customer wants it: Maruti

India’s biggest carmaker Maruti Suzuki would go for the Bharat NCAP ‘star rating’ for its vehicles only if the customer shows a preference for the mechanism proposed under the Bharat New Car Assessment Progr­amme, the draft of which was recently approved by the Ministry of Road Transport & Highways, said the company’s chairman, R C Bhargava. Read more

Debt funds' exposure to banks' certificates of deposit doubles, shows data

The exposure of debt mutual fund (MF) schemes to certificates of deposit (CDs) issued by banks has more than doubled in the past year. Meanwhile, exposure to commercial papers issued by non-banking financial companies (NBFCs) and government securities (G-secs) has increased 17.5 per cent and 7.6 per cent, respectively. Read more
 

Adani group firm Kutch Copper raises Rs 6,071 cr for one mn tonne unit

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

June sell-off: Most EMs see deeper cuts than India after Fed's rate hike

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