Excluding the impact of GST that kicked in from July 1, the company earned a profit of Rs 8.60 bn
Company News : Homegrown auto major Mahindra & Mahindra (M&M) today reported 19.79 per cent decline in its standalone profit after tax (PAT) to Rs 765.96 crore for the first quarter of the current financial year as sales were hit by GST transition.
Mahindra & Mahindra Ltd posted an about 20 per cent fall in quarterly profit on Friday, missing estimates, as sales growth in passenger vehicles slowed ahead of the transition to a new nationwide tax.
The company had posted a profit after tax (PAT) of Rs 954.95 crore during April-June period of last financial year.
Excluding the impact of the Goods and Services Tax that kicked in from July 1, the company earned a profit of Rs 8.60 billion.
Analysts on average had expected a profit of 8.93 billion rupees, according to Thomson Reuters data.
Revenue from operations during the first quarter of 2017 -18 stood at Rs 12,335.56 crore, up 3.29 per cent from Rs 11,942.9 crore the year-ago period, M&M said in a regulatory filing.
The company’s vehicle sales were at 1,12,293 units during the first quarter. It sold 81,270 tractor units during the period under review.
Elaborating on the quarterly performance, M&M said the automotive industry was impacted due to impending transition to Goods and Service Tax in the first quarter of 2017-18.
Passenger vehicles sales were adversely impacted in anticipation of a price reduction in the new tax regime and reported a nominal growth of 4.4 per cent, it said. Read more
Company News : People travelling for business purposes on business class air tickets are now required to submit details about their companies to avail tax benefits under the GST regime.
The Goods and Services Tax (GST) framework, which came into effect from July 1, provides for certain input tax credit only on business class tickets and there is no such provision on economy class fares.
Air India, Jet Airways and Vistara – the three domestic carriers that offer business class seats have already sent out communications to inform passengers that GSTIN details need to be submitted in order to avail the benefits.
The GST Identification Number is issued to entities that are registered under the new tax regime.
“It is now mandatory for guests travelling for business to add their company’s GST details at the time of booking. To ensure a seamless experience, we request that you inform your guests travelling for business to register on our portal and claim up to 12 per cent back on flights,” Jet Airways said in a communication.
The GST rate on first class and higher class tickets is 12 per cent while the rate is 5 per cent on economy class tickets. The GST would also replace service tax, krishi kalyan cess and swachh bharat cess.
After submission of the details, the airlines would generate GST invoice for the particular travel and that invoice can be used to claim the benefits.
“It is not compulsory to provide GST details. GST registration details for your business or company may be optionally provided if a customer wishes to claim input tax credit on the GST paid if travelling for business reasons,” Vistara said in a communication.
According to Air India, all passengers requiring GST invoice for their tickets have to complete the one-time registration process on its website by entering the relevant details.
In its communication, Jet Airways also made it clear that “any bookings for leisure travel will not be entitled for GST benefits”.
Congress launches campaign on social media as govt prepares to launch GST at midnight
Company News : The Congress has decided to keep away from today’s special midnight meeting convened by the government for GST (Goods and Services Tax) launch. The Congress said it would stay away not just because this was an imperfect GST, but also given the atmosphere in the country when joblessness is increasing, farmers are being killed in police firing and Muslims being lynched.
Congress has also tweeted few clips of Prime Minister Narendra Modi on Twitter in which Modi is seen saying “GST can never be successful” and implementing it is “impossible” without the requisite infrastructure.
Rahul Gandhi has also posted few tweets opposing govt’s GST move.
“This is what Modi ji & the BJP really think of GST” is what the Congress captioned one clip.
“Modi ji how quickly you forget your own words. Why are you rolling out GST without developing the proper infrastructure,” is the caption to another clip, in which Modi calls the implementation of GST “impossible” without proper IT infrastructure.
Party’s decision came after Congress president Sonia Gandhi met former Prime Minister Manmohan Singh along with other leaders on Thursday. The party has been in a dilemma over attending the midnight event in Parliament and has had discussions with other parties, which are likely to follow suit. After obtaining views of her key aides, Sonia had taken the political decision to boycott the special session.
Sources said that initially, Congress leaders weighed the party’s options, as a group within felt that the GST was the party’s brainchild that has now been taken over by the BJP, and thus favoured attending the meeting. However, some leaders opposing it felt that the GST is being implemented in a haste and all aspects were not taken into consideration lea
You could win an Apple iPhone 7 on minimum purchase worth Rs 1,000 as well; sale ends on Thursday
Companies News :Paytm is running a pre-GST clearance sale on its e-commerce platform Paytm Mall. The three-day sale — June 13 to June 15 – offers discounts, cashbacks and a chance to win Apple iPhone 7 in a bid to clear the stock before the final roll-out of Goods and Services Tax (GST) in the country on July 1.
Under the Paytm Mall pre-GST clearance sale, the e-commerce portal is offering up to 80 per cent off on products including TVs, laptops, phones, cameras, air-conditioners and refrigerators. The clearance sale also offers a cashback of up to Rs 20,000 on DSLRs, televisions, laptops and air conditioners.
Apart from all the discounts and cashbacks, the e-commerce portal is offering a chance to win Apple iPhone 7 on a minimum purchase amount of Rs 1,000.
Here are some of the best deals that the Paytm Mall is offering under pre-GST clearance sale:
Apple iPhone 7
maximum retail price of Rs 60,000, is currently going on sale at a discount of 24 per cent for Rs 45,366. Also, the e-commerce portal is offering a cashback of Rs 5,750 that brings down the overall selling price of the smartphone to Rs 39,616. At this price, the iPhone 7 is a great deal.
Also Read : Apple iPhone 7 Plus, Apple MacBook Air 13, HP OMEN Gaming Laptop, Canon EOS 1300D DSLR camera, Canon EOS 5D Mark IV Kit (EF 24 – 105 IS II USM)