The business wrap: 6% hike in jet fuel prices may lead to higher airfares, and 7 other top stories
Other headlines: Reliance Communications called off its merger plan with Aircel, and Arun Jaitley hinted at having fewer GST slabs in the future.
A look at the headlines in the sector right now:
- Subsidised LPG cylinder costlier by Rs 1.50 from Sunday, jet fuel price hiked 6%: Petroleum Minister Dharmendra Pradhan had asked oil companies to raise the price of cooking gas by Rs 4 every month to remove all subsidies by next March.
- Reliance Communications calls off merger plan with Aircel: Anil Ambani’s company cited delays in getting necessary approvals and heating competition in the telecom sector as reasons for backing out of the deal.
- It is possible to have fewer Goods and Services Tax slabs in the future, says Arun Jaitley: There is scope to reduce compliance burden for small taxpayers, the finance minister said.
- Car sales in September rose robustly, heavy buying during festive season: Automobile market leader Maruti Suzuki India reported an increase of 10.3% in total domestic sales.
- US court halves fine imposed on TCS for allegedly stealing software code from another firm: The Tata Group company plans to appeal against the charges again.
- UAE introduces ‘sin taxes’ on tobacco, energy drinks: The move comes three months before six Gulf countries are set to impose value-added taxes.
- Starting November, Tata Motors will supply e-cars to all government departments: The firm quoted the lowest price for the vehicles, each costing Rs 11.2 lakh inclusive of GST and a five-year warranty.
- Sebi defers order asking companies to inform stock exchanges if they default on loan payments: The implementation of the directive has been put off ‘until further notice’.
