The big news yesterday was related to the Banking Amendment Bill, 2024. The government got it passed in the Lok Sabha. Many important changes will be made under this bill amending the banking system. After the implementation of the new law, account holders will now be able to add 4 nominees for a bank account.
At the same time, the largest contribution to the country’s GST collection is the expenditure made by the common man for his daily needs. According to information provided by the Finance Ministry in the Lok Sabha, the 18% contribution to the total GST collection is around 75%.
Before the big news of tomorrow, the big events of the day to watch…
There could be a rise in the stock market today, Wednesday. Honda Amaze sedan will be launched. There is no change in the prices of petrol and diesel.
Now read tomorrow’s big news…
1. You can now add 4 candidates in one bank account: Banking Amendment Bill 2024 passed in Lok Sabha, totaling 19 proposed amendments.
The Banking Amendment Bill 2024 was passed in the Lok Sabha on Tuesday (December 3). Many important changes will be made under this bill amending the banking system. Will amend the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955 and other Acts.
Finance Minister Nirmala Sitharaman had introduced this bill in the Lok Sabha. In total, 19 amendments are proposed in this bill. The bill was passed by the government in the Lok Sabha during the ongoing winter session of Parliament.
2. 75% of GST collected comes from everyday items like soap and oil: The government levies 18% tax on these products, the Finance Ministry informed the Lok Sabha.
The largest contribution to the country’s GST collection is the expenditure made by the common man for his daily needs. According to information provided by the Finance Ministry in the Lok Sabha, the 18% contribution to the total GST collection is around 75%.
Under this, items like hair oil, toothpaste, ice cream, pasta, food in restaurants, movie tickets under Rs 100 are included. The contribution of the 12% bracket to GST collection was only 5-6%. This includes ghee, processed foods, cell phones, packaged coconut water and fruit juices, etc. According to the Ministry of Finance, at the end of the last financial year, the country’s average GST rate fell to 11.6%.
3. Tobacco cigarettes could become expensive: GST on these products should increase from 28% to 35%, a decision could be taken at the December 21 meeting.
The tax rates can be changed in the GST Council meeting to be held in December. According to media reports, the Group of Ministers (GoM) formed to simplify the GST structure has increased the tax rate on tobacco and all tobacco products, carbonated drinks (soft drinks, cold drinks), etc., going from 28% to 35%. It is recommended to do so.
4. Morgan-Stanley cut India’s GDP growth forecast: From 6.7% to 6.3% in FY25, GDP growth fell to 5.4% between July and September.
Morgan Stanley has revised India’s gross domestic product (GDP) growth rate estimate for FY25 to 6.3 per cent. The multinational investment bank and financial services company previously estimated the figure at 6.7%.
Morgan Stanley had earlier estimated India’s growth rate at 6.7% for FY25. Morgan Stanley made this downgrade after the slowdown in growth in the quarter ended September 2024.
5. Swiggy losses of ₹626 crore in July-September quarter: Revenue grew 30% to ₹3,601 crore; Shares rose 14% after listing
Online food delivery platform Swiggy suffered a loss of Rs 626 crore (consolidated net loss) in the second quarter of the financial year 2024-25. The company had incurred a loss of Rs 657 crore in the same quarter last year. The company’s loss decreased by 4.72% on an annual basis.
Revenue grew 30.33 per cent to Rs 3,601 crore in the July-September quarter. The company had generated a turnover of Rs 2,763 crore in July-September 2023-24. Income from the sale of goods and services is called revenue. Swiggy went public on November 13 and since then its stock has risen by 14.18%.
6. Indigo sues Mahindra for trademark infringement: Airline objects to ‘6E’ in ‘BE 6E’ electric car, company says no possibility of litigation
Inter Globe Aviation, the company that operates Indigo, has filed a lawsuit against automaker Mahindra Electric Automobile Limited. Indigo has alleged trademark infringement over the use of ‘6E’ in the company’s recently launched electric car, ‘Mahindra BE 6E’.
The matter came up before Justice Amit Bansal of the Delhi High Court today i.e. Tuesday (December 3, 2024) but he recused himself from it. The case could be heard on December 9.
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