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18% GST on fees charged by Sebi

Entities dealing in the securities market will need to pay a GST of 18% on the fees charged by the Securities and Exchange Board of India (Sebi). The new tax rate is effective from Monday, the market regulator said in a circular. The GST Council in its meeting held on June 28 and June 29 had “This would result in additional costs for companies and lead to cash flow issues for some. Companies from certain sectors may not even be able to take the benefit of input tax credit on this,” said Yashesh Ashar, partner, Bhuta Shah & Co.

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Export tax fails to boost retail fuel sales by private refiners

Despite the export taxes on auto fuels, state-run oil marketing companies (OMCs) continue to bear the extra burden of ensuring steady supply of fuels. Customers are giving private retail outlets a miss because petrol and diesel are costlier at these stations by Rs 7/litre and Rs 5/litre, respectively. Nearly 60 million people visit retail fuel outlets in the country on a daily basis. India had a little over 83,000 retail fuel outlets, as of May-end, of which around 8-9% belong to private sector. On an average, OMCs cater to around 90% of the domestic transport fuel demand. A senior official …

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L&T Infotech reports marginal drop in Q1 net profit at Rs 634 crore

Larsen and Toubro Infotech (LTI), a subsidiary of construction major Larsen & Toubro (L&T), has posted a marginal fall of 0.5% in consolidated net profit at Rs 634.4 crore for the quarter ended June 30. In comparison, the technology firm had posted a net profit of Rs 637.5 crore in the sequential fourth quarter ended March. However, the company’s earnings beat Bloomberg analysts’ consensus estimate, who were expecting the firm to post a net profit of Rs 578.6 crore in the first quarter of this financial year. LTI’s consolidated revenue from operations rose 5.14% to Rs 4,522.8 crore from Rs …

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Sebi invites applications to hire 24 officials in IT department

Capital markets regulator Sebi on Thursday invited applications for as many as 24 senior-level executives in the information technology department. The recruitment drive would beef up the headcount at the Securities and Exchange Board of India (Sebi) for faster and more effective execution of its regulatory role. While inviting applications, Sebi has cautioned candidates against falling prey to any unscrupulous elements who may try to deceive them by false promises of securing jobs in the regulator, according to a public notice. In case any candidate comes across such an offer, the same may be immediately brought to the notice of …

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Q1 earnings, global cues, FII to influence trading in equities this week: Analysts

Financial results, foreign fund movement, global cues and trends in the rupee are the major factors that will drive the equity markets this week, analysts said. Besides, international oil benchmark Brent crude movement would also influence trading in the market, they added. On the global front, the ECB (European Central Bank) and Bank of Japan’s decision on the interest rates will be an important factor whereas the movement of the dollar index will remain a critical factor, Meena said. “Market will also have an eye on commodity prices and behaviour of FIIs (Foreign Institutional Investors),” Meena added. HDFC Bank on …

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