Here are the India Business News Headlines 18th January 2018:
- The GST Council is meeting today to consider proposals to simplify procedure for filing of returns, registration of large entities, GST rate reduction on certain items as also take stock of GSTN’s readiness for e-way bill which is to start rolling from 1 February.
- Grab, Uber’s biggest competitor in Southeast Asian markets like Singapore, Malaysia and Indonesia, backed by SoftBank, has acquired iKaaz, a Bengaluru-based software start-up, whose mobile payments solution will be integrated with Grab’s own payments platform. Deal value has not been disclosed. iKaaz’s tap-and-pay solution works through company’s PoS terminals and mobile app called Mowa, which doubles up as a mobile wallet. iKaaz’s clients include Domino’s, Chai Point, Café Coffee Day, Subway.
- Oyo is now generating more than 90% of its revenue from hotels that have been leased from owners. It is now adding 10,000 rooms every month under its franchise model. The shift in its business model from a pure aggregator has also allowed Oyo to raise its commission by 5 percentage points to around 22%. It currently has around 60,000 rooms under the fully managed franchise model and another 10,000 rooms under the earlier aggregator model.
- Price Waterhouse has moved the Securities Appellate Tribunal against Sebi’s order of 10th January barring firms in its network from auditing listed entities for two years in the nine-year-old Rs7,136 crore Satyam Computer scam.
- WhatsApp may go live with its payments feature by early next month. Its reported to be at various stages of integration of its UPI based payments platform with SBI, ICICI Bank, HDFC Bank, Bank of India and Axis Bank. The platform is in beta stage of testing with one of the partner banks.
- e-commerce firms have asked the Government for more time to implement new rules of displaying MRP and expiry details of the products. The deadline given by the Government for implementation of the order was January 1, 2018.
- To improve J&K’s business engagement with the rest of the country, Ficci will set up an office in Srinagar. This will help local businesses of J&K to network with businesses outside the state and their concerns will get a bigger and better national platform.