Top headlines: Swiggy, Zomato to pay GST, Covid vax export curbs may ease

Business Standard brings you the top headlines on Saturday

Swiggy, Zomato to pay GST from Jan; expensive life-saving drugs exempted

The Goods and Services Tax (GST) Council on Friday decided to tax online food delivery operators such as Swiggy and Zomato on behalf of restaurants from January 2022.

The Council, also exempted expensive life-saving drugs from indirect tax, extended concessional rates on Covid-related drugs for three more months. Read more

Bank licence door likely to stay shut for large industrial houses

The Reserve Bank of India (RBI) may not be in favour of issuing banking licences to large industrial houses as suggested by an internal working group (IWG) in November last year, and the regulator is expected to make its stance clear when it releases its final report within 10 days.

“The status quo may be expected to continue,” said a top source. Read more

Direct tax mop-up crosses half of Budget Estimates at halfway point

The Centre’s direct tax collection after refunds crossed half the FY22 Budget Estimates by September 16, posting 73 per cent growth year-on-year on the back of a robust advance tax mop-up for the second quarter and a lower refund outgo.

The better-than-expected revenue mop-up was also higher by 28 per cent over the same period in 2019-20, brightening economic recovery prospects after the second Covid-19 wave, which disrupted economic activities in the first quarter. Read more

Covid-19 vax export curbs may ease in two months: Adar Poonawalla

Adar Poonawalla, chief executive officer of Serum Institute of India (SII), expects the restrictions on export of Covid vaccines to ease within two months, provided that India has created enough stockpile to weather a third wave.

Raw material supplies for the Novavax vaccine have improved compared to March, and SII plans to announce its monthly production plan in December, Poonawalla told the media on Friday. Read more