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Moneycontrol Selects: Top stories this evening

Our specially curated package of the most interesting articles to help you stay at the top of your game.

June 29, 2022 / 07:44 PM IST
Here are the most interesting articles  (Representative image)

Here are the most interesting articles (Representative image)

Here are the top stories this evening:

GST Council gives GoM three months to decide on rate rationalization

The GST Council has accepted the recommendations of a group of ministers (GoM) on correcting the so-called inverted duty structure and pruning the list of exemptions, while giving the panel three more months to decide on rate rationalization measures, officials said on June 29.

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GST average rates need correction, finance minister says

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Goods and services tax (GST) rates need to be corrected, according to India’s finance minister, who hinted that rationalisation moves could be considered going ahead. The GST Council has over the years reduced several tax rates, resulting in an average rate of about 11.5 percent against the so-called revenue-neutral rate of 15 percent.

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India deregulates sale of domestically produced crude oil

India’s cabinet has approved a proposal which will allow upstream oil companies to sell crude oil to any company in the domestic market, a move that will boost the exploration and production sector, the information and broadcasting minister said on June 29. The move will lead to pricing and marketing freedom in the sector and boost production, Anurag Singh Thakur told reporters in New Delhi.

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Exclusive: Over 2,500 employees laid off across Byju’s, Whitehat Junior and Toppr

All's not well for the world's most-valued edtech company. Byju's, currently valued at $22 billion, has laid off over 2,500 employees across its group companies as the Byju Raveendran-led unicorn is looking to aggressively cut costs with demand for edtech services moderating after two consecutive years of hypergrowth. Byju's has laid off full-time and contractual employees from Toppr, WhiteHat Jr, and its core team across sales and marketing, operations, content and design teams, sources told Moneycontrol.

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Sebi allows FPIs to participate in exchange-traded commodity derivatives market

Markets regulator Securities and Exchange Board of India (SEBI) has allowed foreign portfolio investors (FPIs) to participate in the exchange-traded commodity derivatives market. In the statement issued on June 29 after a meeting of the SEBI director board, the regulator has said the existing  Eligible  Foreign Entity (EFE) route,  which required actual exposure to Indian physical commodities, has been discontinued.

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Taking Stock | Market ends lower in choppy session ahead of expiry, auto and PMI data

The Indian market ended lower after a volatile session on June 29, a day ahead of the monthly expiry with investors also nervous about monthly auto numbers and PMI data to be released later in the week. At close, the 30-pack Sensex lost 0.25 percent, or 134.31 points, to end the day at 53,027, while the broad-based Nifty ended lower by 32.95 points, or 0.21 percent, at 15,799.

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Bankers, IBC experts cheer proposal for part-resolution of assets

A proposal to allow part-resolution of stressed assets of companies under the insolvency process, if implemented, could help lenders maximise their recoveries, bankers and insolvency experts told Moneycontrol on June 29.

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