The government announced fresh GST exemptions on Saturday while the tax bracket was changed for several items. The BJP released its first list of candidates for the upcoming Jharkhand Assembly elections while members of the INDIA bloc made efforts to iron out a seat-sharing agreement. Several leading companies including HDFC and Kotak Mahindra banks released second quarter results. Meanwhile on the international front, the multipronged Israel war continued this week while Donald Trump and Kamala Harris made last-ditch attempts to woo US voters.
GST changes
The government’s panel of group of ministers (GoM) to deliberate on GST on health and life insurance premiums in its meeting on Saturday decided to exempt GST on premiums paid by individuals, other than senior citizens, for health insurance with coverage of up to ₹5 lakh. However, 18 per cent GST will continue to be levied for health insurance cover of over ₹5 lakh.
Jharkhand Assembly Elections
The BJP released its first list of 66 candidates for the upcoming Jharkhand assembly polls on Saturday evening. Meanwhile members of the INDIA bloc ran into hurdles while attempting to iron out a seat-sharing agreement. Chief Minister Hemant Soren said the Congress and JMM had decided to field candidates for 70 out of 81 seats — prompting backlash from the allied RJD. The Jharkhand assembly polls will be held in two phases on November 13 and 20. The counting of votes is slated to occur on November 23.
Kotak Mahindra Bank Q2 results
Kotak Mahindra Bank posted a marginal 5% increase in standalone profit — to ₹3,344 crore — for the quarter ended in September 2024. A regulatory filing on Saturday said the private sector lender had recorded a net profit of ₹3,191 crore in the same quarter a year ago. Total income increased to ₹15,900 crore during the quarter under review from ₹13,507 crore in the same period last year. The bank earned interest income of ₹13,216 crore during the quarter compared to ₹11,193 crore in the same period a year ago.
HDFC Bank Q2 results
HDFC Bank also posted a 5% increase in its standalone profit at ₹16,821 crore for the second quarter ended September 2024. The country’s biggest private sector lender said on Saturday that it had earned a net profit of ₹15,976 crore in the same quarter a year ago. Total income increased to ₹85,500 crore during the quarter under review against ₹78,406 crore in the same period last year. According to a regulatory filing, the bank had reported interest income of ₹74,017 crore during the quarter compared to ₹67,698 crore in the same period a year ago.
(With inputs from agencies)
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