Business & Economics

Biz News: Flipkart And Amazon's Big Sale, FM On GST Compensation

BP World Bureau | Oct 16 2020 11:22:12 AM
Image credits: BP creatives

Flipkart’s ‘Big Billion Days’, Amazon’s ‘Great Indian Festival’

E-commerce giants Flipkart and Amazon back with their festive sales during this pandemic. Flipkart’s ‘Big Billion Days’ has already started whereas Amazon's 'Great Indian Festival' will begin eventually. 

The e-commerce giants have tied up with banks to give their customers discounts to make great purchases. 

State Bank of India (SBI) customers will get a 10% discount for shopping during the Big Billion Day,  for Axis Bank credit card holders there is a 5% cashback every time it is used on Flipkart, and there is an ‘assured cashback’ for Paytm users when they purchase through UPI.

Flipkart has tied up with SBI, ICICI Bank, HDFC and Bajaj Finserv for no cost EMI offer. 

Amazon festive sale will start at midnight on October 17 and will be a month-long affair, where  HDFC will offer a 10% discount for purchases through its debit and credit cards and no-cost EMI option is also available for those with Bajaj Finserv EMI card or Amazon’s Pay Later.

Centre Decides To Borrow For States To Meet GST Compensation

The Union Finance Ministry said that the Central government will borrow up to Rs 1.10 lakh crore on behalf of the states to bridge the shortfall in GST collections.

Economic slowdown due to the COVID-19 pandemic and lockdown resulted in a drop in the Goods and Services Tax (GST) collections, upsetting the budgets of states. 

At the same time, states were further affected because they had given up their right to levy local taxes such as sales tax or VAT when GST was introduced in July 2017.

States were offered a special window to borrow Rs 1.10 lakh crore over and above their existing limits.

Tata Looks Forward To Building Super-App

Tata is all set to build a super app and as per reports, the business giant is in talks with companies in the retail, e-commerce, and consumer product segments.

Tata is also conversing with potential investors for a stake in the digital platform that it is building, in a bid to take on Amazon, Flipkart, and Reliance’s e-commerce ambitions.  

Tata might buy a stake in the online grocery platform BigBasket or be part of BigBasket’s on-going fundraising, where it is looking to raise $200 million.

Tata is in a bid to take on Amazon, Flipkart, and Reliance’s e-commerce ambitions.  

Rapido Launches Auto Services In 14 Cities

Bike taxi service provider Rapido launched its auto services in 14 cities across 10 states on October 16th. 

It will allow commuters to book autos for their everyday commute from the comfort and safety of their home and to bring standardisation to the pricing of the services offered. 

Aravind Sanka, Co-Founder, Rapido, said that bike taxis and autos are the most preferred ways of transport during the pandemic.