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Morning Buzz: 28 percent tax on online gaming, soaring veggie prices may limit rate cuts, and more

Here are the top business headlines this morning, to get your day started

Samar Srivastava
Published: Jul 12, 2023 09:58:13 AM IST
Updated: Jul 12, 2023 10:27:55 AM IST

Morning Buzz: 28 percent tax on online gaming, soaring veggie prices may limit rate cuts, and morePrices of onion, tomato and pulses have risen sharply in the last month limiting the scope for rate cuts during the rest of the year. Image: Dipa Chakraborty/Pacific Press/LightRocket via Getty Images

Expensive vegetables may limit rate cuts

Prices of onion, tomato and pulses have risen sharply in the last month limiting the scope for rate cuts during the rest of the year. Inflation data is expected on Wednesday and is likely to show that inflation rose from the 4.25 percent recorded in May. The next RBI Monetary Policy Committee meeting is scheduled for August 2023.
(Economic Times, Mint, Business Standard, Hindu BusinessLine) 

Foxconn looking to set 4-5 fabrication lines in India

A day after it ended its joint venture with Vedanta, Foxconn is looking to set up four to five semiconductor fabrication lines in India. The applications are expected to be made in the next 45-60 days with at least one of the plants coming up in Gujarat. Foxconn has also been reaching out to other Indian conglomerates for a tie-up.
(Economic Times) 

RBI targets 1 million digital currency transactions by year end

The Reserve Bank of India plans to scale up central bank digital currency (CBDC) transactions to 1 million by the end of 2023. At present, about 5,000-10,000 transactions are being done per day. The CBDC pilot was launched in December 2022 and is expected to receive a boost once it becomes interoperable with UPI. Retailers will be able to accept payments both in UPI and CBDC with transactions taking place in separate wallets.
(Hindu BusinessLine, Indian Express) 

GST Council for 28 percent tax on casinos, online gaming and horse racing

The Goods and Services Council approved the imposition of a uniform 28 percent tax on online gaming, casinos and horse racing. This is to bring them on par with betting and gambling. The industry had been arguing for a lower tax as games of skill should be treated differently from games of chance for tax purposes. In addition, the council also harmonised taxation for multi-utility vehicles. All large cars will attract 22 percent cess in addition to the 28 percent GST that is already imposed. This covers cars more than 1500 cc and with a length in excess of four metres and a minimum ground clearance of 170 mm. This will not cover sedans.  
(Economic Times, Business Standard, Hindu BusinessLine, Financial Express)

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