Biz Updates: There may be relief in GST on insurance premium; Government approved the name Eternal Limited of Zomato

New Delhi| There may be relief in GST on premiums paid for life and health insurance. Insurance regulator Insurance Regulatory Development Authority of India (IRDAI) has submitted a report making such a recommendation. The Group of Ministers is likely to meet in April, at which the recommendations can be finalized. The GST Council may consider the proposals in its meeting to be held in May after discussion by the Group of Ministers, a senior government official said. IRDAI has agreed to provide relief in GST on insurance premium payments, the official said. There was a consensus among the states on providing relief to the insurance sector on the GST front, but no decision was taken as IRDAI had not made any recommendation. At present, the insurance premium is subject to GST at the rate of 18 per cent.

The government approved the name Eternal Limited of Zomato
Zomato, a company that supplies food and groceries, has changed its name to “Eternal Limited”. The Ministry of Corporate Affairs has approved it. Earlier this month, Zomato shareholders had approved a special proposal to rename the company ‘Eternal’. The brand name and app of the company’s food delivery business Zomato will remain the same as before. The name of the corporate entity will be changed to Eternal along with the stock ticker. Eternal will currently consist of four major businesses – Zomato, Blinkit, District and Hyperpure.

BMW and Renault will also increase car prices by three percent
Due to rising input costs, BMW and Renault India will also increase the prices of all model cars by three percent from April. BMW said, it will increase the prices of all models including Mini. Vibration had also increased prices in January. BMW and Renault said their margins are being impacted by rising input costs. Therefore, prices have to be increased. Maruti, Hyundai and Tata Motors have also announced to increase the prices from April.

The growth rate will be 6.7 percent in the current financial year
S&P Global Ratings estimates that Indian GDP will grow at 6.7 percent in the current financial year. It will remain the fastest growing economy in the Asia Pacific region. Companies present in the country will also benefit from rising GDP, increased consumer spending and good infrastructure.

Jobs increased in organized sector, EPFO added 17.89 lakh members
The Employees’ Provident Fund Organization (EPFO) added 17.89 lakh members in January. This is an increase of 11.67 per cent on an annual basis and 11.48 per cent compared to December, 2024. Some 8.23 lakh new members were nominated during this period. According to the Ministry of Labour, the 18-25 age group accounted for 4.70 lakh or 57.07 per cent of the associated members. This shows that most of the members of the organized sector workforce are youth. About 3.44 lakh of the new members are women, an increase of 13.48 per cent on an annual basis.