Top headlines: GST council meet, non-BFSI Q3 profit shrinks, and more

Business Standard brings you the top headlines at this hour

Labelling of millet-based health products to dictate 5% or nil GST

The all-powerful Goods and Services Tax (GST) Council, scheduled to meet on Saturday, will take up changes to tax rates on some items, including millet-based health mix. A committee of officials has recommended a revision, according to the agenda document reviewed by Business Standard.

However, the GST Council may defer the issue of tax treatment of multi-utility vehicles (MUVs), whether they would be taxed on a par with sport utility vehicles (SUVs) that currently attract a 22 per cent compensation cess. Read more...

Non-BFSI companies' net profits shrink sharply for second quarter

Corporate results for October-December 2022 (Q3FY23) suggest a sharp slowdown in economic activities in non-financial services, including manufacturing.

On costs, companies got some respite from rising prices of commodities and energy but these gains were offset largely by faster growth in interest expenses. A combination of slowdown in revenue growth and a faster rise in expenses adversely affected the earnings of non-BFSI (banking, financial services, and insurance) companies. Read more...

Trusted fact checkers: Govt to work with tech majors to create a framework

The Ministry of Electronics and Information Technology (MeitY) will work with internet intermediaries to create a framework for “trusted fact checkers”, government sources said on Thursday after a high-level meeting with representatives of technology companies like Google, Meta and Koo. These firms, also referred to as significant social media intermediaries, deliberated on the various aspects of fact-checking of content on their platforms. Read more...

Adani Group aims to tackle debt deadlines with cash, private notes

Executives of the embattled Adani group told investors in a call on Thursday that they would address deadlines to repay debt with options including private placement notes and cash from operations.

The management will come up with a plan to refinance Adani Green Energy’s bonds due in 2024 by the end of June, according to people familiar with the matter. The bonds rallied the most ever after the comments. Read more...

Centre aims to mop up Rs 75,000 cr from senior citizen savings scheme

The maximum investable amount of the senior citizen savings scheme (SCSS) — enhanced from Rs 15 lakh to Rs 30 lakh in the Union Budget 2023-24 (FY24) — could mobilise Rs 75,000 crore. This will help the government avoid overshooting the projected net market borrowing of Rs 11.8 trillion for FY24, said a government source.

According to government sources, there are 5 million accounts under SCSS, of which 500,000 had hit the previous upper limit of Rs 15 lakh. Read more...