Business News Highlights: Stock Market Closes Higher; Sensex Up 182 Points, Nifty Over 23,450
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In the previous trading session on Thursday, both primary equity indicators, the Sensex and Nifty, concluded with slight upticks following earlier peaks. The BSE Sensex reached an all-time high of 77,145 before settling at 76,811, marking a gain of 204 points. Meanwhile, the NSE Nifty50 closed at 23,399, up by 76 points, having reached a peak of 23,481 during the day.
Furthermore, following an eight-month hiatus, the GST Council, led by Finance Minister Nirmala Sitharaman, is scheduled to convene on June 22. The forthcoming session is anticipated to address several crucial matters, possibly including a reevaluation of the 28 per cent GST levied on the online gaming industry. "The 53rd gathering of the GST Council is slated for June 22, 2024, in New Delhi," revealed the GST Council Secretariat in a statement shared on X.
Saurabh Agarwal, Tax Partner at EY, said, "The Council is likely to reach conclusions on matters pertaining to the Goods and Services Tax (GST) that necessitate legislative modifications, including the taxation of online gaming activities and the designation of a date for the mandatory implementation of Input Service Distributor (ISD) provisions. The larger issues with reference to relief on secondment, foreign BO - HO issue, rate rationalisation are likely to be taken up in the next GST council which will happen after June."
In addition, the Insurance Regulatory and Development Authority of India (IRDAI) has declared that policy loans will be obligatory for all life insurance savings products, offering policyholders a vital liquidity alternative. In a circular listing regulations related to life insurance policies, IRDAI has extended the free look duration to 30 days from the former 15 days. This extension provides policyholders with sufficient time to scrutinise and grasp the terms and conditions of their policies.
"This is an important step in the series of reforms taken up by the insurance regulator with the interests of the policyholders at the core. A conducive environment is now facilitated to spur innovation, enhance customer experience and satisfaction," said IRDAI.
Minda Corp Partners With Taiwanese Firm For Local Sunroof Production In PVs
Minda Corporation, an auto components manufacturer, announced on Friday the signing of an agreement to establish a joint venture with Taiwan's HSIN Chong Machinery Works Co. This venture aims to manufacture sunroofs for passenger vehicles domestically. The partnership, structured as a 50:50 collaboration, is geared towards localising the production of sunroof and closure technology products.
Labour Secretary Sumita Dawra Leads EPFO Reform Review Meeting
Sumita Dawra, the Secretary of Labour and Employment, lauded the recent initiatives undertaken by the Employees' Provident Fund Organisation (EPFO) to streamline claim settlements and reduce rejections, according to an official statement released on Friday. Dawra, who chaired a review meeting on EPFO reforms on Thursday, emphasised the importance of close collaboration among officials to fortify the effectiveness of the social security system.
The statement further elaborated that EPFO is currently in the process of modernising its application software, transitioning to a Universal Account Number (UAN)-based single accounting system for each member, and automating process flows with minimal human intervention to expedite claim settlements.
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