GM drives away

1,211

What is it? The number of items of goods and services for which taxation rates have been fixed by the Goods and Services Tax (GST) Council – a forum for finance ministers from the states and the centre.

Why is it important? The agreement on taxation rates is a step forward to implementing the GST, which brings most taxes under a single tax, from July 1. The central government claims the rates would not fuel inflation, as overall incidence of taxation would be lower compared to current rates. Food items like cereals will not attract GST.

Tell me more: There are five rates of taxation (zero, 5%, 12%, 18% and 28%) and more than three-fifths of the goods and services will be taxed at 18% and 28%.

 

 

$1.4 billion

What is it? The amount of money raised by One97 Communications Ltd, the parent company of Paytm, from Japan-based SoftBank Group Corp.

Why is it important? The funding is the largest funding round by a single investor in India. The investment will help Paytm to build its payments bank, which will be launched later this month. Paytm plans to invest Rs 10,000 crore over the next three to five years, and acquire 500 million customers.

Tell me more: The latest investment values One97 at $7 billion, an increase of $1 billion in less than two months. In March this year, three existing investors sold 4.3% equity stake at a valuation of $6 billion.

 

 

17 million

What is it? The number of user records of Zomato, a food technology start-up, stolen by hackers and put up on sale online.

Why is it important? The breach reflects weak protection of consumer data by Zomato, which claims to have 120 million monthly user visits. Email addresses and hashed passwords (not the actual ones entered by users) were stolen by hackers. Zomato has reset passwords for all affected accounts.

Tell me more: Zomato has agreed to start a bug bounty programme, where people receive recognition and money for reporting bugs and security gaps, at Hackerone — a digital platform for bounty programmes.

 

 

20 years

What is it? General Motors will stop selling of cars in India by this year-end, after entering India almost 20 years back.

Why is it important? GM has 5,000 employees in India. In addition, there are 150 dealerships and 200 service centres. Each showroom and service service centre employs around 50 people. The resale value of Chevrolet cars is likely to decline sharply after this announcement.

Tell me more: The American company says it will continue the technical centre in Bengaluru and the Talegaon plant in Maharashtra, which will be used to export cars from India.

 

 

Rs 15.06 crore

What is it? The amount spent by the Akhilesh Yadav government in Uttar Pradesh in organising functions to distribute Rs 20.58 crore worth of unemployment assistance, between 2012 and 2013.

Why is it important? The amount has to be deposited directly into the beneficiaries accounts as per the rules of the scheme. The disproportionate expenses in organising the functions were revealed in an audit report by the Comptroller and Auditor General of India.

Tell me more: Unemployed people in the age group of 30-40 years with family income less than Rs 36,000 were eligible to receive Rs 1,000 per month under this scheme.

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