Page 13 - BANKING FINANCE NOVEMBER 2023

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Tesla submits proposal to borrowers from the earlier lower limit Demat nomination dead-
of Rs.100 crore borrowing from banks.
build battery storage fac- The new threshold limit will be notified line extended

tory in India soon. It also said that large corporates SEBI extended the deadline for exist-
Tesla is now looking to make and sell who use the debt market to replace ing demat account holders to provide
battery storage systems in India amid bank loans will be incentivised. It will choice of nomination by another three
an ongoing push to enter the country. also do away with some of the penalty months to December 31, 2023. Earlier,
The Elon Musk-led company has re- clauses for large corporate borrowers the deadline for existing eligible trad-
portedly drawn up plans and submitted who do not meet the Sebi guidelines. ing and demat account holders to pro-
a proposal seeking incentives to build vide a choice of nomination was on or
a factory. The development comes Finance ministry notifies before September 30.
amid talks to set up a new electric 28% GST for online gaming "With respect to demat accounts, it
vehicle factory in India. has been decided to extend the last
Online gaming companies will charge
According to a Reuters report the 28% GST on full value of bets, while date for submission of 'choice of nomi-
company had held several meetings in offshore platforms too would be re- nation' to December 31, 2023," said
New Delhi and proposed supporting SEBI in a circular. The submission of
quired to have GST registration to op-
the country's battery storage capabili- 'choice of nomination' for trading ac-
erate in India.
ties with its "Powerwall" system. The counts has also been made voluntary
But e-gaming companies flagged that by the regulator as a move towards
publication quoted unnamed sources
since many states are yet to pass the ease of doing business.
to add that Indian officials have turned
down calls for a number of incentives amendments in their respective State
to set up a battery storage factory. GST laws, this notification by the fi-
nance ministry will create confusion. CBIC says no GST on
There is however no assurance that According to the changes to the Cen- Gangajal
the plan will come to fruition, with of-
ficials continuing to review the car tral GST Act, online gaming, casinos The CBIC said that there is no GST on
company's proposal. and horse racing will be treated as Gangajal, amid Congress claims that
"actionable claims" similar to lottery, the government has imposed an 18
SEBI relaxes rules for large betting and gambling. The amend- per cent tax on it. "Gangajal is used in
ments will also provide for blocking pooja by households across the coun-
corp borrowers access to overseas platforms in case of try and puja samagri is exempt under

Sebi said it will increase the monetary failure to comply with registration and GST. All these items have been exempt
threshold to define large corporate tax payment provisions. since the introduction of GST," the

12 | 2023 | NOVEMBER | BANKING FINANCE