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GST rates hike: Customers to pay 5% GST on pre-packed, labelled food items, here’s what gets expensive

Be ready to spend more on household items, hotels and bank services, among others from tomorrow.

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new gst rates

The prices of several essential commodities and services are going to increase from Monday. The customers will have to pay 5% GST on pre-packed, labelled food items like atta, paneer and curd, besides hospital rooms.

In an attempt to further increase the common man’s kitchen budget, the government put an extra burden on the common man’s pocket. After this, the common man will have to pay extra to buy daily-use items.

After the recommendations that were taken up in the two-day 47th GST Council meeting in Chandigarh on Wednesday, the Goods and Services Tax (GST) were hiked for numerous items.

The GST on printing/writing or drawing ink, LED lamps, lights and fixtures and their metal printed circuit board – from 12% to 18%.

The GST rate on solar water heaters and systems- 5% to 12%

The GST rate on job work in relation to the manufacture of leather goods and footwear – 5% to 12%.

The tax rates on works contracts for roads, bridges, railways, metro, effluent treatment plants and crematoriums – 12% to 18%

The GST on tetra pack has been increased to 18% from 12% while the tax rates on cut and polished diamonds to 1.5% from 0.25%.

Room rent, except ICU, more than Rs 5,000 per day patient charged by a hospital taxed 5% to the extent of charge of the room without ITC.

The GST, the government’s single indirect tax, was introduced on July 1 and states were assured of compensation for the revenue loss till June 2022, arising on account of the GST rollout.

Be ready to spend more on household items, hotels and bank services, among others from next week.

Latest business news

Tulsi Tanti, founder and chairman of Suzlon Energy, dies at 64 due to cardiac arrest

According to the reports, Tanti was in Ahmedabad when to announce the opening of the company’s rights issue worth Rs 1,200 crore on October 11.

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Tulsi Tanti, founder and chairman of Suzlon Energy, dies at 64 due to cardiac arrest

Tulsi Tanti, the founder, chairman, and managing director of Suzlon Group, passed away on Saturday late evening due to cardiac arrest. The 64-year-old was on his way to Pune from Ahmedabad when he suffered a cardiac arrest.

Tanti was also the chairman of the Indian Wind Turbine Manufacturers Association. He is survived by his son Pranav and daughter Nidhi.

According to the reports, Tanti was in Ahmedabad when to announce the opening of the company’s rights issue worth Rs 1,200 crore on October 11.

Just a few hours before his death, Tanti held a media interaction in which he said Suzlon Energy plans to repay its debt and reduce its interest liabilities using the fund, to meet working capital needs and deploy the rest of the fund for corporate requirements.

Highlighting the need of reducing India’s energy import dependence, he said that the right time for doing business in the renewable segment is now. We just came in over two decades early, he added.

Lesser known facts about Tulsi Tanti and his company Suzlon

Tulsi Tanti leads the strategic growth initiatives of the businesses of Suzlon Group which provide a full spectrum of green power solutions. The group has a market capitalization of over USD 1.5 billion and an international presence across 18 countries on 6 continents.

Tulsi Tanti spearheaded the wind revolution in India with the founding of Suzlon Energy in 1995.

He is committed to enabling energy security and affordability, whereby the benefit of clean, renewable and reliable energy reaches every sector.

Tulsi Tanti is considered the Captain of the Indian and global renewable energy industry. He is also on the panel of various forums, including:

  • BRICS Business Council
  • India-UK CEOs Forum
  • India-Spain CEOs Forum
  • India-China CEOs Forum
  • India-Canada CEOs Forum
  • Indo-French CEOs Forum
  • India-Sri Lanka CEOs Forum
  • India- Russia CEOs Forum
  • FICCI International Council

Deeply passionate about the environment, he has been globally recognized for his achievements and conferred with numerous awards, including:

  • ‘Champion of the Earth’ by the United Nation Environment
  • Programme (UNEP) in 2009
  • ‘Hero of the Environment’ by TIME magazine for his contribution to raising awareness and initiating action on global climate change
  • ‘Entrepreneur of the Year 2006’ by Ernst & Young
  • ‘World Wind Energy Award’ by World Wind Energy Association
  • The CNBC TV18 ‘India Business Leader Award’
  • ‘Chanchlani Global Indian Award’ by Canada India Foundation
  • ‘Global New Energy Business Leader Award’ by China Energy News
  • ‘Asia’s Most Promising Leader Award’ by Ibrands, Dubai
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Bank holidays October 2022: Banks to remain closed for 21 days due to Durga Puja, Diwali, and Chhath, check the full list of holidays here

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines.

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Bank holidays October 2022

October is a month full of festivities across India. This means banks working days will be affected. Last month, banks were shut for 21 days based on the festivals inlcuding Onam, Heroes’ Martrydom Day, Maharaja Agrasen Jayanti, S Bhagat Singh Jayanti, and others.

The Reserve Bank of India (RBI) has released the list of bank holidays in October 2022 according to the guidelines. The RBI divides holidays into three categories-Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday, Holiday under Negotiable Instruments Act, and Banks’ Closing of Accounts.

In October, both private and public sector banks will remain closed for 21 days due to multiple festivals including Durga Puja/Dussehra, Diwali, and Chhath Puja including the second and fourth Saturdays and Sundays.

Check the full list of bank holidays here

  • October 1: Half Yearly Closing of Bank Accounts
  • October 2: Sunday & Gandhi Jayanti Holiday
  • October 3: Durga Puja (Maha Ashtami)
  • October 4: Durga Puja/Dussehra (Maha Navami)/Ayudha pooja/Janmotsav of Srimanta Sankardeva
  • October 5: Durga Puja/Dussehra (Vijaya Dashmi)/Janmotsav of Srimanta Sankardeva
  • October 6: Durga Puja (Dashain)
  • October 7: Durga Puja (Dashain)
  • October 8: Second Saturday Holiday and Milad-i-Sherif/Eid-i-Milad-ul-Nabi (Birthday of Prophet Muhammed)
  • October 9: Sunday
  • October 13: Karva Chauth
  • October 14: Friday following Eid-i-Milad-ul-Nabi
  • October 16: Sunday
  • October 18: Kati Bihu
  • October 22: fourth Saturday
  • October 23: Sunday
  • October 24: Kali Puja/Deepavali/Diwali (Laxmi Pujan)/Naraka Chaturdashi)
  • October 25: Laxmi Puja/Deepawali/Govardhan Pooja
  • October 26: Govardhan Pooja/Vikram Samvant New Year Day/Bhai Bij/Bhai Duj/Diwali (Bali Pratipada)/Laxmi Puja/Accession Day
  • October 27: Bhaidooj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba
  • October 30: Sunday
  • October 31: Sardar Vallabhbhai Patels Birthday/Surya Pashti Dala Chhath (Morning ardhya)/Chhath Puja

Full list of weekly bank holidays across India

  • October 16: Sunday
  • October 22: Fourth Saturday
  • October 23: Sunday
  • October 30: Sunday

October is full of festivities and to avoid any inconvenience bank holders are advised to plan their bank visit accordingly.

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Latest business news

RBI mandates tokenisation of debit and credit cards from October 1, here are the new rules kicking in | FAQ

The last date to tokenise your cards is September 30.

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RBI mandates tokenisation of debit and credit cards from October 1, here are the new rules kicking in | FAQ

The Reserve Bank of India (RBI) has announced new rules for debit and credit card holders from October 1. Under these rules, the users are required to tokenise their debit and credit cards. The last date to tokenise your cards is September 30.

But what actually is tokenisation? Here’s all you need to know about it.

What is tokenisation of Debit and Credit cards?

As per the RBI, tokenisation refers to the replacement of actual card details with an alternate code called the token.

What is the benefit of tokenisation?

Since the merchant is not given access to the actual card information while completing the transaction, tokenized card transactions are perceived to be safer.

Will the merchant have access to your personal information after tokenisation?

The merchants can’t store information like CVV and the number while making a transaction. RBI considers tokenisation as the more secure and safest online payment system.

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How can the tokenisation be carried out?

By submitting a request through the token requestor’s app, the cardholder can have their card tokenized. The token requestor will send the request to the card network, and with the card issuer’s approval, the card network will issue a token corresponding to the combination of the card, the token requestor, and the device.

How to tokenise your card?

Step 1: Visit the merchant’s website or app and initiate a transaction.
Step 2: Select the credit or debit card and enter the CVV details.
Step 3: Then an option will pop up-either- Secure your card or Save card as per RBI guidelines. Tick-mark the check box.
Step 4: After that, you will receive the OTP on your registered mobile number.
Step 5: Now, the tokenisation process is done.

Can you de-tokenise the card?

Yes, you can convert the token back to actual card details. This is known as de-tokenisation.

What are the charges that the customer needs to pay for availing of this service?

The customer need not pay any charges for availing of this service.

How is tokenisation different from Credit and Debit cards?

The 16-digit card number will be replaced with a token that is created by the card network and sent back to the retailer. The retailer will keep a record of this token for the next transactions. To continue with the approval process, they must enter their CVV and OTP.

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