Here is a collection of the most important stories this evening:
GST collections at Rs 1.61 lakh crore in June, up 11.7% from last year
The government collected Rs 1.61 lakh crore as Goods and Services Tax (GST) in June, the Ministry of Finance said on July 1. This is the third-highest monthly mop-up ever since the new indirect tax regime was introduced exactly six years ago. Read more here.
June Auto Sales: Total sales rise 2% for Maruti Suzuki, Escorts Kubota witnesses 2% decline
Industry leader Maruti Suzuki India sold 1.5 lakh units in June, a near 2 percent rise from the 1.56 lakh units in the year-ago period. However, total sales for the month gone by were below the estimate of 1.68 lakh units as pegged by global research and broking firm Nomura. Read more here.
Domestic natural gas price to remain unchanged at $6.5 per mmBtu in July
Domestic natural gas price will remain at $6.5 per mmBtu (million metric British thermal unit) in July 2023, according to a notification by the Oil Ministry. Domestic gas prices were at $6.5 per mmBtu in June as well. The domestic gas price notified by the government applies to the natural gas produced from the legacy and oil fields of Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Limited (OIL). Read more here.
How HDFC and HDFC Bank multiplied the wealth of MF investors
The merger of India's largest private sector bank HDFC Bank, and the home loan company, Housing Development Finance Corporation is expected to be completed by July 1, after receiving all the regulatory approvals. The merged entity will be a behemoth in the Indian banking industry only second to the State Bank of India in terms of assets. As per the Moneycontrol research, the loan book or advances of the merged entity is expected to increase by 38.77 percent to Rs 22.21 lakh crore. Read more here.
Coal India's new Chairman Prasad hopes to meet FY24 output target of 780 MT
Coal India Limited's (CIL) newly appointed Chairman P M Prasad said his priority is to ensure CIL achieves its target of producing 780 million tonnes (MT) of coal for FY24, by making use of all available resources and efforts. Additionally, he stressed on the importance of a continuous supply of coal to the power sector. Read more here.
Understanding the tax implications on sale of property
In February 2023, Saloni Bansal sold her two-bedroom, hall and kitchen apartment in Ghaziabad for Rs 50 lakh. She had purchased it in August 2013 for Rs 31 lakh. With the income-tax return filing due date for last fiscal looming, she is now concerned about calculating her capital gains and determining the tax liability. However, the calculation of capital gains is not as straightforward as it may seem at first glance. Read more here.
India’s love for Biryani: 7.6 crore orders placed in last 12 months, says Swiggy
Indians placed 7.6 crore orders for biryani in the last 12 months alone, food delivery platform Swiggy announced ahead of International Biryani Day on July 2. Created by Daawat Basmati Rice, the unofficial holiday of International Biryani Day celebrates the flavourful rice dish which, for years in a row, has been the most-ordered dish in the country on both Swiggy and Zomato. Read more here.
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