Category: Business & Economy

** GST Council cuts tax rate on COVID-19 essentials

Council largely agrees to go ahead with GoM’s recommendations

The Goods and Services Tax (GST) has been waived for two critical drugs against COVID-19 and black fungus, Tocilizumab and Amphotericin B, while tax rates have been reduced to 5% on 14 major pandemic relief goods, including testing kits and hand sanitisers, from prevailing rates in the range of 12% and 18%.   

Ambulances, which are currently taxed at 28%, will now attract a GST levy of 12%, Finance Minister Nirmala Sitharaman said on Saturday, announcing these concessional rates following a meeting of the GST Council to discuss the indirect taxes levied on COVID-19 supplies.   

** BRO sets up 2 centres of excellence

They have been established to achieve excellence in road safety as well as foster growth in construction of roads, bridges, air fields and tunnels: Defence Ministry

Defence Minister Rajnath Singh on Friday inaugurated two centres of excellence established by the Border Roads Organisation (BRO) at Seema Sadak Bhawan in New Delhi. At the event, Mr. Singh also flagged off the first-ever solo women motorcycle expedition by Kanchan Ugursandi to Umling La Pass, Ladakh and back.

** BAFTA Breakthrough India: First among equals

International collaborations to new learnings, here’s what BAFTA Breakthrough India honourees Tanya Maniktala, Arun Karthick, Karthikeya Murthy, Sumit Purohit and Jay Pinak Oza are looking forward to

The British Academy of Film and Television Arts (BAFTA) has announced its first Breakthrough Initiative for India, by selecting 10 promising talents in film, television and gaming. Over the next year, these honourees will receive mentoring and global networking opportunities

** Indian brand gets silver at International Chocolate awards

Paul and Mike, an artisanal chocolate brand based in Kerala, is the first Indian brand to have come this far

Paul And Mike, an artisanal Kerala-based ‘bean to bar’ chocolate maker is savouring the taste of success. It has become the first Indian company to win a silver in the International Chocolate Awards (2020-2021 world final) for its ‘64 Percent Dark Sichuan Pepper and Orange Peel Vegan Chocolate’.

** HUL and Ola contribute medical equipment

Hindustan Unilever Limited (HUL) and Ola donated medical equipment to the district administration here on Friday.

The HUL donated four oxygen concentrators of 10 ltr capacity each at ₹ 5 lakh; 25 oxygen concentrators of 5 ltr capacity at ₹ 16.25 lakh; 5 multi parameter CMS at ₹ 1.75 lakh; 3 Pirsma Vent 40 Bipap machins at ₹6.75 lakh and 180 hand sanitizers at ₹ 13,500. HUL factory Manager M.V. Anil Kumar handed over the equipment to Collector Jaya Chandra Bhanu Reddy.

Ola group contributed 30 oxygen concentrators of 5 ltr capacity at ₹12 lakh. Medical equipment to the tune of ₹41,88,500 was handed over to the district administration for use by the government hospitals here. Jose Pinheiro, Head of Global Manufacturing and Operations, Ola Electric vehicle, N.Sneha, Programme Manager, Ola Foundation, handed over the equipment to the Collector.

** CCMB scientists discover new enzyme for cell stability

CCMB scientists led by Manjula Reddy studied the cell wall biology of a well-studied strain of E. coli using genetic and biochemical approaches to identify ‘LdtF’ which could cleave the lipoprotein from the peptidoglycan. Absence of this LdtF enhanced growth defects and increased the peptidoglycan-lipoprotein linkages in the bacteria.

** Ocugen pays $15 mn upfront to Bharat Biotech for Covaxin rights in Canada

Similar to the US arrangement, Ocugen will retain 45 per cent of the profit from sales of Covaxin in Canada.

Ocugen Inc, the US partner for Bharat Biotech’s COVID-19 vaccine has announced the payment of $15 million upfront to the Indian drug maker for extending the vaccine rights to Canada.

Ocugen in a regulatory filing said it has agreed to pay another $10 million to Bharat Biotech within a month from the commercial launch of Covaxin in the North American country.