The move to regulate online gaming makes sense, but the proposal to ban any game with a monetary dimension is a total mistake.
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India's online gaming industry faces a potential complete ban as a draft bill is proposed in the Lok Sabha. Mint chalks out the start of online gaming startups in India, key milestones, GST hurdles, state bans and more.
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Stocks to buy: Axis Securities' top conviction ideas include Hero MotoCorp and Bajaj Auto in two-wheelers, Ashok Leyland in commercial vehicles, and Mahindra & Mahindra in passenger vehicles and tractors, supported by its strong SUV portfolio and tractor leadership.
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The proposed GST reforms are boosting the Indian stock market and FMCG sector, with a projected ₹1.98 lakh crore consumption increase. Analysts note a recovery trend, particularly in rural demand, but express caution about a full revival of FMCG stocks amid rising competition from digital players.
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The Indian stock market saw its fourth consecutive day of gains, with the Sensex rising over 400 points and Nifty 50 surpassing 25,000. Easing geopolitical tensions and domestic reforms, particularly GST changes, bolstered market optimism despite concerns about volatility and earnings growth.
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Indian markets rose nearly 1% on August 18, driven by S&P’s credit rating upgrade and easing tariff concerns. Analysts warn of persistent volatility due to global risks, suggesting a balanced investment approach in equities and gold amid uncertain conditions.
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Source: https://taxguru.in/goods-and-service-tax/delhi-cgst-arrests-one-rs-16-30-crore-gst-evasion.html
The Central Goods and Services Tax (CGST) Delhi South Commissionerate has arrested one person for alleged GST evasion of ₹16.30 crore. Following an analysis of GST returns, the anti-evasion branch discovered that three interconnected firms, which provide manpower and facility management services, had consistently under-reported their tax obligations. These companies collected GST from their clients but failed to pay the corresponding amount to the government, a direct violation of the CGST Act, 2017. The arrested individual, who was the director and controlling person for all three firms, admitted to the tax evasion. The offense falls under Section 132(1)(d) of the CGST Act and is considered a cognizable and non-bailable offense due to the evasion amount exceeding ₹5 crore. The accused has been placed in judicial custody for 14 days as the investigation continues to trace the funds and identify any other individuals involved.
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Indian stock markets closed higher on Monday as PM Modi's tax cut proposal spurred gains in autos and consumer durables. The Nifty 50 ended at 24,874, up 1%, while the Sensex rose 0.84%.
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The Indian government proposed that the new GST rates should be at 5% and 18%. The centre has outlined tax rates for cigarettes, sin goods, luxury goods, and daily use items, among others, to be considered and approved by the GST Council in its upcoming meeting.
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The Sudarshan Chakra initiative, announced by Prime Minister Modi, seeks to develop a comprehensive missile defence system, integrating surveillance and cyber protection.
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