Top headlines: Food startups brace for GST menu; Apple unveils new range

Business Standard brings the top headlines of the day

The Goods and Services Tax Council on Friday is likely to ask online food-delivery firms, such as Zomato and Swiggy, to pay tax on restaurant services supplied through them. Apple on Tuesday unveiled iPhone 13, iPads, and Watches with some new features. 

More on these stories and other top headlines of the day:

GST Council may deliver blow to food-delivery operators Swiggy, Zomato

Online food-delivery operators such as Swiggy and Zomato may have to pay goods and services tax (GST) on restaurant services supplied through them. The GST Council in a meeting on Friday in Lucknow will take this up.

Estimating GST losses of Rs 2,000 crore in 2019-20 and 2020-21, the fitment panel has recommended food aggregators be classified as e-commerce operators and pay GST on behalf of the restaurants concerned. Read more

Consolidation in India's residential real estate set to gain ground

The consolidation in residential real estate is set to go up further with the market share of big listed developers expe­cted to grow over the next two to three years. This is because buyers are leaning towards top listed brands.

The pan-Indian residential market share of the top listed developers will grow from 25 per cent in FY21 to 29 per cent in FY24, said a recent report by ICICI Securities. Read more

Shareholders of Tata Sons clear proposal to raise Rs 40K cr as fresh debt

Shareholders of Tata Sons, the holding entity of Tata group companies, cleared the proposal to raise up to Rs 40,000 crore as fresh debt. The approval was received at its annual general meeting, which was held virtually, on Tuesday.

The nod comes at a time when the group has ambitious plans to enter the e-commerce business, which is currently dominated by Amazon, Walmart-backed Flipkart and cash-rich Reliance Retail. Tata Sons is also planning to make a bid for loss-making Air India. Read more

MCA, Finance Ministry hammer out key changes to IBC at review meet

A high-level review meeting was held on Tuesday with Chief Economic Advisor Krishnamurthy Subramanian, corporate affairs ministry, and senior officials to discuss some key changes to the Insolvency and Bankruptcy Code (IBC).

According to sources, one of the main topics of discussion was the code of conduct for the Committee of Creditors (CoC) proposed by the Insolvency and Bankruptcy Board of India (IBBI). Read more

Apple unveils iPhone 13, adds new features to iPads, watches

Apple Inc on Tuesday unveiled a new iPhone 13 and 13 Mini with brighter screens to entice customers into 5G plans, while also announcing updates to its iPads and watches.

The iPhone 13 will have a new chip called the A15 Bionic that will power features like automatically detecting when the phone's camera is pointed at text and will come in five colors. Read more