Top headlines: GST collections rise 28% in Aug; export tax on diesel hiked

GST collection rises 28% in August to Rs 1.43 trillion: Finance Ministry

India’s tax collection from the sale of goods and services soared 28 per cent to Rs 1.43 trillion in August aided by rising demand, higher rates, and greater compliance. The GST collection remained above the Rs 1.4-trillion mark for the sixth straight month in August and the ensuing festival season will help continue the trend. Read more

Maruti Suzuki’s total sales increase 26% to 165,173 units in August

Automaker Maruti Suzuki India Ltd on Thursday reported a 26.37 per cent increase in total sales at 1,65,173 units in August 2022.

The company had sold a total of 1,30,699 units in the same month last year, Maruti Suzuki India Ltd (MSIL) said in a statement. Read more

Export tax on diesel, ATF hiked; windfall tax on domestic oil production up

The government on Thursday raised the tax on the export of diesel and jet fuel (ATF) and hiked the windfall profit levy on domestically-produced crude oil in line with rising product margins and oil prices. At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7 per litre. Read more

Profits elusive for Amazon India despite $6.5 bn investment: Bernstein

Amazon is falling behind its rival Flipkart in India as it faces an unfavourable regulatory environment and challenges in spreading to smaller cities, said a report by Bernstein, the US-based research group. India is a prized market for global internet companies but challenging to unlock. “Who can forget Jeff Bezos’ 2014 visit standing on top of a colourful lorry announcing a $2 billion investment? But nearly a decade later, Amazon India’s report card is decidedly mixed,” the report said, referring to the global e-commerce giant’s American founder. Read more

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