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Money gaming industry may be forced to fold as Centre goes all in on ban
Days after it was figuring out how to deal with a steep GST burden, the real money gaming industry has been hit with a legislative tsunami that could effectively eliminate it entirely Mumbai Listen to This Article Only days after the industry was bracing for a steep tax burden, India's real money gaming (RMG) sector is now in intensive care as the Centre moves to impose a blanket ban via legislation. The Promotion and Regulation of Online Gaming Bill, 2025 - which was tabled in the Lok Sabha on Wednesday - has raised the stakes for the sector dramatically. The legislation has gone all in to erase the sector altogether, citing its role in driving players into financial distress and enabling unlawful practices such as fraud, money laundering, and tax evasion. 'Why was there a revised GST


Indian Express
28 minutes ago
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GoM discusses Centre's proposal to remove GST levy on health, life insurance; most members want tax to be zero
A Group of Ministers (GoM) on life and health insurance deliberated on the Centre's proposal to remove levy of Goods and Services Tax (GST) on life and health insurance premiums from current rate of 18 per cent, Bihar's Deputy Chief Minister and GoM Convenor Samrat Choudhary said after the meeting Wednesday. Some states have expressed differing views on the insurance proposal, Choudhary said, adding that the proposal will now go to the GST Council for approval. Ministers from various states converged in the capital Wednesday to discuss the Centre's proposal to overhaul the GST structure. Finance Minister Nirmala Sitharaman addressed the Group of Ministers (GoMs) constituted by the GST Council on compensation cess, health & life insurance, and rate rationalisation on the proposed next-generation reforms. All members discussed the proposal to make the GST rate nil on health and life insurance, Choudhary said. 'All members agreed with the proposal, but some states gave a differing view. We want GST on insurance to be zero. The proposal will now go to the GST Council,' he said. The Finance Minister's presentation to all members of three GoMs, who are state ministers, was on the lines of the announcement made by the Prime Minister Narendra Modi on Independence Day. Apart from streamlining the multiple slabs under GST into a two-pillar structure of 5 per cent and 18 per cent, the proposal intends to levy a special rate of 40 per cent on sin and demerit goods. State ministers are learnt to have been informed about the proposal's details and revenue implications and asked to debate the proposal threadbare before reaching a conclusion. State ministers who participated in the meeting said the move towards GST rate rationalisation will result in savings for the public and the companies and those could then get invested elsewhere. The rate rationalisation process will be discussed in detail Thursday, while Wednesday's meeting focused on rate proposals related to life and health insurance, they said. 'The debate is going on. Overall there will be GST reduction. It will result in savings for the public and companies. The moment you save money, you are going to invest it somewhere, it's going to have a multiplier effect,' Gajendra Singh, Minister of Medical Health and Services, Rajasthan said. Singh said states' losses are not going to be much. 'There will be a few minor issues. These are all teething problems,' he said. For his state Rajasthan, Singh gave the example of the proposed duty cut for the solar energy sector, saying there might be some loss but it'll boost the industry internationally. 'States are discussing it. Today's topic is life insurance and medical health insurance. Rate rationalisation discussions will happen tomorrow. Deliberations are on. FM got the ball rolling and it will unfold. Tomorrow is the main day,' Singh said. The proposal to remove the GST levy on insurance will help make it more affordable, improving financial security for millions and accelerating insurance penetration in India. There is a worry, however, among insurance companies that they will lose the input tax credit (ITC) claim if the GST is completely abolished, which will push up operating costs for insurers.