Daily News Podcast: 'Efforts on to bring petrol, diesel under GST' : Bulletin: Business Today
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Daily News Podcast: 'Efforts on to bring petrol, diesel under GST'

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May 31, 2018

Air conditioners, refrigerators, washing machines to get 2-5% more expensive from June
Planning to buy a new air-conditioner or a washing machine or major kitchen appliances? You'd best do it in a hurry because the appliances industry is predicting a price hike of 2-5% from June onwards. According to The Economic Times, the net increase will be in the range of Rs 400 to over Rs 1,500 for premium models, and will kick off as new products hit the market. And you can blame the increase in crude oil prices, the depreciating rupee and hardening rates of key raw materials - steel and copper - for this. Steel prices have gone up by 7-8% and the same is true for prices of copper condensers, which are imported largely from China. The industry has been able to absorb the input cost spike till now on account of a price drop in some chemicals like foaming agent. But it is no longer feasible to continue doing so.

Efforts on to bring petrol, diesel under GST, says Dharmendra Pradhan
Union Petroleum Minister Dharmendra Pradhan, while talking to India Today, said that an uniform tax structure for petroleum products across the nation will be released soon. Efforts are being made in GST Council to develop a consensus among states to bring petrol and diesel under the GST and the success of the tax regime will lead to this outcome soon. On the question of why the centre is not slashing the excise duty on petrol and diesel to set an example for states to follow, Pradhan said, "Excise duty in not the only factor in fuel prices. Value added tax levied by states VAT is also an important factor."

ICICI Bank finally puts CEO Chanda Kochhar under lens
ICICI Bank has instituted an independent inquiry into allegations raised by an whistleblower against CEO Chanda Kochhar of having given out huge loans to certain business groups who in return extended benefits to companies run by her husband and brother-in-law.The board of directors of the bank who had earlier given the CEO a clean chit, ordered the inquiry on Tuesday, on a complaint by an anonymous whistleblower against Kochhar, ICICI Bank said in a regulatory filing on Wednesday.

Air India stake sale: Govt expects good response on last day of bidding
Challenging the odds against Air India stake sale, the government, which is yet to receive any formal bid for debt-laden national carrier, said it hoped of getting a good response on the last day of the bidding process tomorrow. Responding to the lukewarm interest in disinvestment of state-run Air India, the Civil Aviation Secretary R N Choubey said, "We expect good response before bid closes tomorrow." He added that bids are expected to "pour in at the last hour." Though the government had earlier extended the deadline for submission of Expression of Interest (EoI) from May 14 to May 31, the last date will not be moved further this time, the aviation secretary said.

Baba Ramdev launches WhatsApp's rival messaging app Kimbho
Baba Ramdev's Patanjali has entered the realm of chatting applications with its own instant messaging application called Kimbho. The new app is already up and live on Android Play Store and has already received over 10,000 downloads. The launch was confirmed by the company's spokesperson, SK Tijarawala over a tweet. This move comes right after the announcement of Patanjali-BSNL partnership to launch SIM cards with relatively low tariffs. Initially, the SIM cards will only be available to employees of Patanjali but will be launched to the general public later. The new app, Kimbho is being promoted as a "swadeshi messaging platform".

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