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The business wrap: MakeMyTrip, ibibo announce merger in $1.8-billion deal, and six other top stories

The GST Council agreed on a four-slab rate structure, and the Centre slapped a fine of Rs 10.8 crore on telecom firms for violating mobile radiation norms.

A look at the headlines in the sector right now:

  1. MakeMyTrip, ibibo announce merger in $1.8-billion deal: The combined entity will function under the MakeMyTrip brand and will include its home stay service Rightstay and ibibo's Ryde ride-sharing service.
  2. GST Council proposes four tax bands, with highest rate at 26% for luxury goods, tobacco: Items such as tobacco, cigarettes, aerated drinks and luxury cars might attract the highest tax rate of 26%.
  3. Telecom companies fined Rs 10.8 crore for flouting mobile radiation rules: The action was taken after Department of Telecommunications officials found that 205 base stations violated norms.
  4. Markets drop amid profit booking by investors, a day after Sensex surged 500 points: ICICI Bank was among the biggest losers on the Nifty, falling by nearly 2% after its shares earlier rallied by around 10% following the Essar-Rosneft deal.
  5. Tata Motors hikes prices of its passenger vehicles by up to Rs 12,000: A top official said the company was forced to increase the cost of its cars as the prices of raw materials, steel and zinc, had risen.
  6. SBI blocks nearly six lakh debit cards after security breach in external ATM network: Officials said new cards will be re-issued to the clients affected, and called on banks with infected systems to acknowledge the problem.
  7. Airtel competes against Reliance Jio with new data offers: The telecom major has rolled out a new package that gives 10 GB data for a recharge of Rs 259 for those buying 4G handsets in the next three months.
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Five memes that explain why you need a toothpaste for your payday

That payday smile won’t shine itself.

At the end of the month, every salaried professional experiences a wide range of feelings. First, there’s extreme possessiveness - after spending several days trying to live off whatever little is left from paying bills and all those shopping binges, you’re understandably cranky and unwilling to part with the cash you have.

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Then the week of payday arrives and you can finally breathe a sigh of relief again. As the glorious day comes closer, you can’t contain your excitement.

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And then payday dawns and the world gets to behold an interesting phenomenon - your payday-wala smile. It is instantly recognizable as something different and special - it stretches across your face, from ear to ear and is mirrored on the faces of your colleagues. Soon the excitement wears off and you are at complete peace. You have worked hard, you’ve earned your keep, you are in Zen mode.

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But is there a way to make payday even happier? And make your payday smile last even longer? You may be astonished to learn there is. A way that will make you so much happier – your smile will gradually consume most of your face and need extra grooming. In fact, you might have to consider getting a special toothpaste, the Happier Toothpaste to care for the smile you have on that happier payday.

So how can you get more salary in-hand on your payday? Simple – invest in Equity Linked Savings Schemes or ELSS. These are open-ended equity Mutual Funds, with a 3 year lock-in period, that not only help you save tax but also have potential for wealth creation.

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The icing on the cake is that the dividends from these funds are also tax free. So ELSS means more salary in-hand for you today, more potential growth for you tomorrow! To know more about ELSS and to get your own Happier Toothpaste, click here.

Statutory Details: Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd. (liability restricted to Rs. 1 Lakh). Trustee: Axis Mutual Fund Trustee Ltd. Investment Manager: Axis Asset Management Co. Ltd. (the AMC). Risk Factors:Axis Bank Ltd. is not liable or responsible for any loss or shortfall resulting from the operation of the scheme.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

This article was produced by the Scroll marketing team on behalf of Axis Mutual Fund and not by the Scroll editorial team.