#Marketwire is your quick summary of notable market movements in the technology industry. This segment includes updates on GST Bill, RNT Associates, Pitney Bowes Accelerator & Infosys Investments.
Rajya Sabha Passes GST Bill
Goods and Services Tax (GST) Bill which was passed by the Lok Sabha in May 2015, has now finally gotten passed in Rajya Sabha. Under this bill GST would become a single nationwide tax, thus eliminating all the indirect taxes levied on good and services across sectors.
The singular tax will eliminate other taxes levied by the Central Government like Central Excise Duty, Additional Excise Duties, Additional Customs Duty etc., and State Government taxes like VAT / Sales tax, Entertainment tax, Luxury tax etc.
For the bill to come into effect 50% states must approve the legislation. Read More
Ratan Tata to Set Up VC Fund for Startups
After having invested in around 30 startups over the last couple of years, Tata Sons Ltd’s chairman emeritus Ratan Tata is all set up to step up his startup investment game. In partnership with the University of California, RNT Associates, the privately held investment firm of Ratan Tata, is setting up a venture capital fund with a corpus of around $100-150 million.
The two entities will contribute to the fund, and will also seek to raise investments from third parties. They are reportedly scouting for startups since the last 2 months to make investments in the ticket size of around $10-15 million. Read More
Pitney Bowes Selects 6 Indian Startups for its Accelerator Program
Technology firm Pitney Bowes has selected 6 India startups from India for its summer batch of the Pitney Bowes Accelerator Programme. The program will provide mentorship, access to venture funds and networking.
The selected startups include eCourierz, Infinite Analytics, Medimojo, Niki.ai, Sponsifyme and Wedosky. Read More
Infosys Could Invest $15M in India-Based Stellaris Venture Partners
Infosys is reportedly planning to invest $15 million in India based venture capital fund – Stellaris Venture Partners. Infosys has a $500 million fund for early stage investments from which it had invested in Silicon Valley based Vertex Ventures.
Stellaris was set up by former Helion Venture Partners executives Alok Goyal, Rahul Chowdhri and Ritesh Bangalani. Read More
Image Credit: The Political Indian