28th May 2K21
Ø UBS warns of more downside risks to growth on longer lockdowns
Ø Size of RBI's balance sheet up 6.99 per cent for nine months to March 2021
Ø Unemployment rate could touch double-digit mark in May: CMIE
Ø Supply-demand imbalances may continue to exert pressure on pulses, edible oils: RBI
Ø Notes in circulation go up on account of precautionary holding of cash amid pandemic: RBI
Ø Bank frauds fall by 25% in a year: RBI annual report
Ø United States first quarter GDP unchanged at robust 6.4% annual rate
Ø Page Industries Q4 net profit rises about 4-folds to Rs 115.56 cr
Ø Sun Pharma Q4 net more than doubles to Rs 894 cr on better operational show
Ø Paytm plans to launch India's biggest IPO, aims to raise $3 billion
Ø Strides Pharma posts Rs 43 cr Q4 profit vs Rs 207 cr loss a year ago
Ø Sovereign gold bonds sales fetch Rs 25,702 crore till March end
Ø BPCL says no intention to sell stake in Petronet, IGL
Ø Goodyear India posts ₹43-crore PAT in Q4
Ø Indian Retail sector faces stormy year ahead, with likely losses of $30 billion
Ø Local lockdowns temper India’s economic activity in April
Ø Infibeam Avenues Q4 PAT up 33 per cent to ₹32 cr
Ø CCI nod for intra-group reorganisation of the Motherson Group
Ø TCS acquires GE's stake in TCS Saudi Arabia
Ø RBI flags risk of bubble in Indian equity markets
Ø Eicher Motors total operations revenue down by 5% to ₹8,720 cr in FY21
Ø Housing demand to reach pre-Covid level after FY'23: Crisil
Ø Market capitalisation of BSE-listed firms hits record high of ₹220.74 lakh crore
Ø HSBC to exit US retail banking sector
Ø Wockhardt Q4 net loss at Rs 106.84 cr
Ø PC Jeweller posts net profit of Rs 59.59 cr in Q4
Ø Banks need to closely monitor asset quality, prepare for higher provisioning: RBI
Ø Sensex Ends Above 51,100, Nifty Registers Record Closing High
Ø UCO Bank Mar Qtr Net Profit Jumps About Five-Folds To Rs 80 Crore
Ø Pension corpus under PFRDA swells over Rs 6 lakh crore
Ø ICAI says Reserve Bank's new auditor norms to enhance audit quality
Ø Air India unions' joint forum seeks forensic audit of provident fund trusts
Ø DGFT services on trader code, Aadhaar link to remain suspended from June 1-6
Ø iTel, Jio tie up to offer sub-4K 4G phone
Ø Declare apparel exports as essential services, exempt exporting units from lockdowns: AEPC
Ø Sebi plans to shield small investors from presumably 'risky' IPOs
Ø BPCL posts net profit of Rs 11,940 cr in Q4, to pay final dividend of Rs 58
Ø Indian mills sign sugar export deals without government subsidy
Ø Inflation back on higher input prices, rural economy disruptions: Crisil
Ø Credit Suisse cuts metals stocks from overweight to underweight
Ø Amazon to buy MGM, studio behind James Bond and 'Shark Tank', for $8.4 bn
Ø GST Council may correct the inverted duty structure for textiles, footwear industries
Ø Centre may need to borrow $22 billion more to pay States
Ø Retail sales down 49% in April against pre-pandemic levels: RAI survey
Ø GMR Hyderabad Air Cargo expands Pharma Zone
Ø India adds 2.05 GW of solar capacity in CY Q1 2021
Ø V-Guard Industries Q4 PAT up 112% at ₹68.4 crore on higher sales
Ø Vijay Mallya loses UK appeal for more funds to cover Indian legal fees
Ø Iran bans bitcoin mining, echoing China, after blackouts
Ø Black fungus: Zydus Cadila to market TLC's AmphoTLC drug in India
Ø Gold prices hit 4-month high on weak dollar, bond yields
Ø Two- and three-wheelers to take the lead in electric mobility by 2025: ICRA
Ø Tech Mahindra bags five-year digital contract from UK-based Pret A Manger
Ø Nearly 60% Covid-hit startups, MSMEs may scale down, shut down, or sell themselves in 6 months: Survey
Ø Gross NPAs of banks likely to decline in FY21 amid MSME schemes, restructuring, write-offs: CARE Ratings
Ø Hitachi ABB Power Grids In India Announces Carbon-Neutral Program
Ø Berger Paints Q4 Profit More Than Doubles To Rs 209 Cr
Ø Manappuram Finance Q4 Net Profit Jumps 17 % To Rs 468 Cr
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⚫The Pension Fund Regulatory Development Authority announced that AUM under NPS and Atal Pension Yojana have crossed the Rs 6-trillion mark.
⚫Global satellite communication co's get Govt's signal booster. The new technology, based on low earth orbit satellites, which is being used by the co's, can offer broadband speeds of over 5GBPS.
⚫Footwear, readymade garments likely to attract higher rates of GST. The fitment committee, has proposed increasing the rate on footwear (less than Rs 1,000), readymade garments, and fabrics to 12% from 5% now.
⚫Sebi plans to shield small investors from presumably 'risky' IPOs. Certain IPO's may only be for institutional investors.
⚫The Govt defended its new digital rules, saying the requirement of messaging platforms like WhatsApp to disclose origin of flagged messages does not violate privacy, and went on to seek a compliance report from large social media firms.
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📚 Supply of medicines 💊and allied items 💉 provided by the hospital 🏥 through the pharmacy to the in-patients👨 and out-patients 🚹. Which is Taxable?
⚖️ M/S. ERNAKULAM MEDICAL CENTRE PVT. LTD.: AAR KERALA
1️⃣ Health care services provided by a clinical establishment, an authorized medical practitioner or para medics are exempted vide Sl.No.74 of Notification No. 12/2017-CT (Rate).
2️⃣ In case of inpatient as well as out patient, medicines are dispensed based on prescriptions. There is no privilege for the hospitals that are dispensing medicine to outpatients. Pharmacy run by hospital dispensing medicine to outpatient or bye standers or others can be treated as individual supply of medicine and not covered under the ambit of health care services. Hence such supply of medicines and allied goods are taxable.
3️⃣ Clarifications issued on the 25th GST Council meeting, was clarified that food supplied to the inpatients as advised by the doctor/nutritionist is a part of composite supply of health care and not separately taxable. Other supplies of food by hospital to patients not admitted are taxable. The same principle is applicable in the case of dispensing of medicines also.
4️⃣ *Ruling:*- The supply of medicines and allied items provided by the hospital through the pharmacy to the in-patients is part of composite supply of health care treatment and hence not separately taxable. However, The supply of medicines and allied items provided by the hospital through the pharmacy to the out-patients is taxable.
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⚫The Nifty50 index logged a new lifetime high after gaining for the fifth day, surpassing the previous record made on February 15. Markets have gained on expectations that economic activity will accelerate as pandemic led restrictions are eased and vaccinations rise.
⚫The central bank, in its annual report, has issued caution over the meteoric rise in stock prices at a time when the country’s GDP has contracted.
⚫The RBI will maintain an accommodative stance in its upcoming policy review.
⚫Paytm plans to launch India's biggest IPO, aims to raise $3 billion.
⚫A steady decline in new COVID-19 cases has been recorded in India for the last 20 days, with 24 states witnessing a dip in active cases since the last week.
⚫The Centre directed states and UT's to continue the ongoing Covid-19 guidelines till June 30 and asked them to go for intensive and local containment measures in districts with a high number of cases to check the spread of the deadly disease.
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