Rs 11,052-crore GST refund claims okayed since Apr 8

New Delhi

The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is “committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown”. PTI

New Delhi

Suzuki Motor resumes output at Gujarat plant

Maruti Suzuki India (MSI) on Monday said Suzuki Motor Gujarat has resumed manufacturing operations after having suspended work for over two months due to coronavirus lockdown. Suzuki Motor Gujarat manufactures cars on a contract basis for MSI. PTI

Mumbai

Kotak Bank cuts interest rate by 0.50% on savings

Kotak Mahindra Bank on Monday cut the interest rate on savings deposits by 0.50%. From Monday, daily balance of over Rs 1 lakh will earn 4% interest as against the 4.50% earlier while those under that threshold will earn 3.50%, the bank said. PTI

New Delhi

‘Lockdown extensions economically disastrous’

Mahindra Group Chairman Anand Mahindra on Monday said lockdown extensions are not just economically disastrous but also create another medical crisis. While acknowledging that choices are not easy for policy makers, he said a lockdown extension will not help. PTI