Stocks to Watch: Maruti, Tata Motors, BoB, Delta Corp, ITC, Adani Enterprises
Maruti Suzuki/M&M/Tata Motors: The tweak in the definition of an SUV for attracting a cess over and above the GST rate will provide clarity on the taxation structure for utility vehicles, ensuring that the rate entry is more precise leaving little room for interpretation on the ambit of ground clearance, auto industry experts said on Tuesday. The Goods and Services Tax (GST) Council decided that the definition of an SUV will include only the length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen ground clearance of 170 mm and more).
Bank of Baroda: India’s second largest state-owned lender Bank of Baroda on Tuesday denied its officials used the phone numbers of strangers to inflate registrations on its mobile banking app Bob World. A report by Al Jazeera alleged that bank officials linked bank accounts to unrelated mobile numbers in order to achieve stiff onboarding targets.
The report cited internal emails of the bank to state that branches were asked to conduct a “discreet inquiry" into the issue and to recommend whether those mobile numbers should be withdrawn. Delta Corp/Nazara Tech: The Goods and Services Tax (GST) Council on Tuesday levied a 28% uniform GST on online gaming, horse racing, and casinos on the full value of the bets.
In the case of online gaming, horse racing, and casinos, a vexed issue on which ministers consulted extensively, the council recommended amendments to the law to specify a 28% tax on all three categories at their full face value. “Simply put, online gaming, horse racing, and casinos will be taxed at 28% and will be taxed on full face value," Sitharaman said.
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