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No GST on ‘prasadam’ but inputs will be taxed: Government

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GST

New Delhi, July 12: The free food supplied by religious institutions does not attract any Goods and Services Tax but the inputs required to make it, including sugar, vegetable oil and ghee are subject to GST, the government said on Tuesday.

“There are media reports suggesting that GST applies on free food supplied in ‘anna kshetras’ run by religious institutions. This is completely untrue. No GST is applicable on such food supplied free,” the Finance Ministry said here in a statement.

“Further, prasadam supplied by religious places like temples, mosques, churches, gurudwaras and dargahs attracts nil Central GST and State GST or Integrated GST, as the case may be,” it said.

However, some of the inputs and input services required for making ‘prasadam’ would be subject to GST, it noted, saying these include sugar, vegetable edible oils, ghee, butter and service for transportation of these goods. 

“Most of these inputs or input services have multiple uses. Under GST regime, it is difficult to prescribe a separate rate of tax for sugar when supplied for a particular purpose,” it said.

“Further, GST being a multi-stage tax, end use based exemptions or concessions are difficult to administer. Therefore, GST does not envisage end use based exemptions. It would, therefore, not be desirable to provide end use based exemption for inputs or input services for making prasadam or food for free distribution by religious institutions,” it added.

IANS

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Sensex opens 140 points up, Nifty at 11,550

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Sensex equity Nifty

Mumbai, Oct 16: The 30-scrip S&P BSE Sensex on Tuesday opened in the positive territory tracking similar cues from its Asian peers.

Healthy buying was witnessed in auto, healthcare and capital goods counters.

The Sensex of the BSE opened at 35,004.33 points from its previous close at 34,865.10 points on Monday.

At 9.20 a.m., the Sensex traded at 35,006.10 points up by 141 points or 0.40 per cent.

The broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 10,550.15 points after closing at 10,512.50 points.

The Nifty traded at 10,545.00 points during the morning trade session, up 32.50 points and 0.31 per cent.

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NDTV, Airtel launch live channel

This partnership with Airtel allows us to use to dream potential the possibilities of digital and telecom technology.

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NDTV

New Delhi, Oct 15 : Media firm NDTV on Monday announced its partnership with telecom service provider Bharti Airtel to launch live channel “NDTV HOP”.

The live channel for smartphones comes in portrait (vertical) mode with exclusive content for Airtel TV users.

“NDTV is valued and recognised for creating and launching terrific new content in the online space,” Suparna Singh, Group CEO, NDTV, said in a statement.

“This partnership with Airtel allows us to use to dream potential the possibilities of digital and telecom technology,” Singh added.

NDTV HOP would offer instant access to digital content covering the latest from news, Bollywood, auto, technology, pop-Culture, online deals, fashion and much more.

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Business

Sensex rises 130 points, Nifty settles above 10,450-mark

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SENSEX NIFTY MARKET

Mumbai, Oct 15: Key equity indices reversed initial losses to end higher, as global crude oil prices eased and as investors cheered lower-than-expected gains in wholesale prices.

“Today’s rise can be attributed to healthy buying sentiment after the major correction last week, as well as crude oil’s descent from $85 a barrel to near $80,” Astha Jain, Senior Analyst, Hem Securities, told IANS.

Wholesale price inflation accelerated 5.13 per cent on year in September, gaining pace from August’s 4.53 per cent, due to a rise in food and fuel prices.

The NSE Nifty closed at 10,472.50, up 40 points, or 0.38 per cent.

The benchmark S&P BSE Sensex settled at 34,865.10, up 131.52 points or 0.38 per cent.

The Sensex touched an intra-day high of 35,008.65 and a low of 34,559.98.

IANS

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