Increase in GST rate on Ayurvedic products is disappointing: Ramdev

Commenting on the 12% tax proposed on ayurvedic products under the new GST regime, Yoga guru turned businessman Baba Ramdev said, "Increasing the GST rate on ayurvedic products is disappointing and disheartening. Without good health or good living, there cannot be achhe din.” Notably, ayurveda products attract an 8%-9% tax at present. 

 

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Jio accuses Airtel, Vodafone, Idea behind govt's Rs 400 crore loss

Telecom operator Reliance Jio on Tuesday claimed that Bharti Airtel, Vodafone India, and Idea Cellular were responsible behind an alleged Rs 400 crore loss in the payment of advance license fee for the last quarter of 2016-17. "The act of above mentioned incumbent telecom service providers has caused potential financial loss amounting to over Rs 400 crore to the government exchequer and in any event has caused a revenue shortfall of the said amount in FY 2016-17," Jio said in a letter to the Department of Telecommunication.

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Meizu launches M5c with Android Marshmallow, 16GB storage

Chinese smartphone maker Meizu has reportedly launched its new M5c smartphone in China. According to reports, M5c comes with features like a 5-inch HD display, 1.3GHz quad-core processor, 2GB RAM, Android Marshmallow OS, 16GB inbuilt storage, 8MP rear and 5MP front cameras and a 3,000mAh non-removable battery.

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Over 2.5 lakh units of Redmi 4 sold in eight minutes

Xiaomi has reportedly announced that more than 2.5 lakh units of Redmi 4 smartphones were sold in eight minutes on Amazon India. According to reports, the smartphone went on sale at 12 pm on Tuesday at a starting price of Rs 6,999. Notably, Redmi 4 sports a 5-inch HD display, Snapdragon 435 SoC, 13MP rear and 5MP front cameras and a 4100 mAh battery.

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Xiaomi to launch ceramic edition of Mi 6 on Wednesday

Chinese smartphone maker Xiaomi is reportedly all set to launch a new ceramic edition of its most-popular Mi 6 smartphone on Wednesday. According to reports, the company had announced the version during the launch of the smartphone but was delayed due to supply constraints. Notably, the ceramic edition will be priced at around Rs 28,000.

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SpiceJet ticket fares start at just Rs 12

Indian airline SpiceJet is reportedly offering domestic and international travel at a starting fare of Rs 12. According to reports, the company announced this special discount on the occasion of its 12th anniversary. Notably, tickets can be booked from May 23 to May 28, 2017, while the travelling period is between June 26, 2017, and March 24, 2018.

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Smartphone to cost less with GST

Since the GST scheduled to be rolled out from July 1, the government on Monday reportedly said that it is set to benefit consumers as tax incidence on smartphones, medical devices and cement will come down. The Goods and Service Tax Council comprising state finance ministers and headed by Union Finance Minister Arun Jaitley had last week finalised the GST tax on most of the items and services.

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Vodafone to offer 45 GB free data for users buying Redmi 4

Chinese smartphone maker Xiaomi’s recently launch Redmi 4 smartphone will reportedly go on sale on Amazon India and ‘mi.com’ website on Tuesday at a starting price of Rs 6,999. According to reports, Vodafone has partnered with the company to offer 45 GB free data for its postpaid and prepaid users buying the smartphone. Notably, the Vodafone users must have at least 1GB data pack on their numbers.

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Nokia 3310 clone selling in India for Rs 799

Darago 3310, a clone of recently launched Nokia 3310 feature phone, has reportedly been sold on Indian e-commerce website Flipkart for just Rs 799. According to reports, Darago 3310 sports a 1.77-inch display, 1GB RAM, 8GB external storage, a 0.3-megapixel VGA camera with LED flash and a 1050 mAh battery.

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Foodpanda raises USD 431.45 million from Naspers

Food delivery platform foodpanda on Monday has received an investment worth USD 431.45 million, the company reportedly announced on Monday. foodpanda’s parent company Delivery Hero received the investment from global internet and entertainment group Naspers, and the investment is aimed at fueling foodpanda's growth plans and strengthen its marketplace in India.

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Amazon India receives Rs 100 crore funding from Amazon Inc

Jeff Bezos-led Amazon Inc and Amazon Corporate Holdings have reportedly extended a Rs 100 crore funding to Amazon wholesale India, the business-to-business wholesale marketplace that operates the e-commerce in the country. The company received the funds through a board resolution passed in December last year. Amazon Wholesale India was incorporated in 2013, the same year in which Amazon made its e-commerce foray into India. 

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Idea Cellular reports loss of Rs 325.6 crore due to Jio

Indian telco Idea Cellular has reportedly faced a consolidated loss of Rs 325.6 crore in the quarter ended March 31, 2017. According to reports, the massive Q4 loss is said to have occurred due to the promotional offers provided by Ambani-owned Reliance Jio. Notably, the company had reported a profit of Rs 449.2 crore in the same three-month period in 2016.

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Spicejet planning Delhi-London return flight at Rs 30,000

Indian airline Spicejet is reportedly planning to rollout a direct flight service from Delhi to London at a round trip fare of Rs 30,000. According to reports, Spicejet Chairman and MD Ajay Singh has said that as the country becomes richer, personal incomes increase and people want to travel, provided fares are affordable. Notably, the current rate for this round trip is around Rs 45,000.

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Insurance premium to increase after GST rollout

The premium for insurance policies is reportedly set to increase after the rollout of Goods and Services Tax as there would be a hike in the rate of tax on insurance. According to reports, Bajaj Allianz General Insurance MD Tapan Singhel has said that the immediate impact would be an increase in the tax from 15% to 18% which would have to be borne by customers.

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Nokia’s upcoming smartphones listed on GeekBench

Finnish mobile phone maker HMD Global is currently working on its Nokia 9, Nokia 8 and Nokia 7 smartphones. According to reports, these smartphones were listed on GeekBench, and their specifications have been revealed. Nokia 9 is set to feature a Snapdragon 835 SoC, while Nokia 8 will sport a Snapdragon 660 processor. Notably, Nokia 7 will come with Snapdragon 630 SoC.

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SBI to reduce hirings due to overflow of employees

India’s largest bank State Bank of India has reportedly planned to reduce its hiring for the financial year due to the overflow of employees following the merger of associate banks with SBI. Stating that there won’t be too many recruitments, SBI Chairman Arundhati Bhattacharya reportedly said the overflow of employees from associate banks would be adjusted by the end of the year as about 13,000 people have retired and 3,600 have opted for Voluntary Retirement Services.

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GST will not affect the price of small cars: Jaitley

Union Finance Minister Arun Jaitley has reportedly said that the Goods and Services Tax, which is scheduled to be rolled out on July 1, will not increase the prices of small cars. According to reports, Jaitley also added that the small cars are currently taxed at 31% and 29%, while the same rate would be maintained after the GST roll-out.

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No more tax for Health care and Education

The GST Council on Friday settled tax rates for services under the GST government, scheduled to be rolled out from July 1. There will be four rates for services at 5%, 12%, a standard rate of 18% and luxury rate of 28%. The 5% rate will be a duty on transport services. Healthcare and education will be exempted from GST.

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Milk to be exempted from GST

The GST Council on Thursday discussed the tax rates for 1,211 items with a majority of items being kept under 18%. Foodgrains will be cheaper from July 1 when the GST rolls out. Whereas, essential products like milk and cereals have been given an exemption, while sugar and edible oil will attract 5% tax. Revenue Secretary Hasmukh Adhia said that only 19% of items will be taxed at the highest rate of 28%.

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Paytm raises $1.4 billion funding from SoftBank

Indian digital payments platform Paytm had reportedly raised $ 1.4 billion (over Rs 9,079 crore) funding from Japanese conglomerate SoftBank on Thursday. According to reports, Paytm will use this additional funding to expand its soon-to-be-launched payments bank operations. Notably, Paytm is reported to start its payment banks operations from May 23.

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