GST Council leaves tax rate on vaccines unchanged

Stock Alert: Veeva Systems Shares Up 12%

Shares of Veeva Systems Inc. (VEEV) are rising over 12% Friday morning, after the company revised up its FY guidance, while reporting strong Q1 results.

The stock, which has been trading in the range of $199.00 – $325.54 for the past one year, is currently trading at $297.69, up $33.04 or 12.48%, with trading volume of over 560K versus an average volume of 905K shares.

Q2, FY Guidance

The company projects second-quarter non-GAAP earnings in the range of $0.85 – $0.86 per share, with non-GAAP operating income of $175 million – $177 million, on total revenues of between $450 million and $452 million. Wall Street analysts look for earnings of $0.80 per share on revenue of $428.69 million for the quarter.

For fiscal year ending January 31, 2022, the company now sees non-GAAP EPS of about $3.49, non-GAAP operating income of about $710 million, and total revenues in the range of $1.815 billion – $1.825 billion. Analysts estimate earnings of $3.24 per share and revenue of $1.77 billion for the fiscal year 2022.

Q1 Results

First-quarter net income was $115.6 million or $0.71 per share compared to $86.6 million or $0.54 per share a year ago. Non-GAAP net income for the first quarter was $146.9 million or $0.91 per share versus $105.2 million or $0.66 per share in the prior year period.

Analysts polled by Thomson Reuters expected earnings of $0.78 per share for the quarter. Analysts’ estimate typically exclude certain special items.

Total revenues for the quarter grew 29% to $433.6 million from $337.1 million generated in the previous year.

The NHS offered free vaccines 'no questions asked' in London's Chinatown. Hundreds of people showed up.

  • Hundreds of people rushed to London’s Chinatown on Thursday to get COVID-19 vaccines.
  • There, NHS staff were inoculating people from a bus organized by Westminster Council. 
  • No paperwork or proof of identification was required, according to reports.
  • See more stories on Insider’s business page.

Hundreds of people descended on London’s Chinatown on Thursday after a city council offered no-questions-asked COVID-19 vaccines.

NHS staff onboard a double-decker bus organized by Westminster Council began dispensing jabs without an appointment on Gerrard Street at 12 p.m. until 5 p.m.

The pop-up vaccine site was advertised on the website of the Chinese Information and Advice Centre charity, The Evening Standard reported.

“You DO NOT need to have: NHS number, any proof of address, personal identification. Undocumented migrants also welcomed. Stay safe! Get vaccinated!” the advert said.

A group of anti-vaxxers also showed up to the site to protest, including Piers Corbyn, the brother of ex-Labour leader Jeremy, the Evening Standard reported. Some protesters shouted “shame on you” at those on the vaccination bus.

A picture of a switch and lightbulb

These Are The Offensive Things Rick Santorum Said Even Before He Was Axed From CNN

CNN severed ties with political pundit Rick Santorum this week over his racist remarks about Native Americans.

But a montage assembled by “Full Frontal with Samantha Bee” on Thursday shows how the former Republican senator and twice-failed GOP presidential candidate ― and frequent defender of ex-President Donald Trump ― has been spouting controversial and inflammatory comments for years.

The montage rounded up the “other disqualifying Santorum quotes that somehow never disqualified him before,” including his questioning of the climate crisis, musings on voter suppression, opposition to same-sex marriage and suggestion that students campaigning for gun control laws should take CPR classes instead. 

Watch the video here:

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Man shot and killed in Denver’s Capitol Hill; police investigating homicide

One man was killed after a shooting in Denver’s Capitol Hill neighborhood, police said Friday.

The shooting occurred on the 1100 block of North Sherman Street around 3 a.m. Friday.
The man was transported to the hospital where he died.

Denver Police are investigating the shooting as a homicide.

No arrests have been made, and it is unknown if there is a suspect. No information has been released on the man who was killed.

Police ask anyone with information about this case to call 720-913-7867.

Stock Alert: Service Properties Trust Gains 7%

Shares of Service Properties Trust (SVC) are gaining over 7% on Friday morning driven by the news that it is set to join S&P SmallCap 600.

SVC is currently trading at $12.46, up $0.87 or 7.51%, on the Nasdaq.

The Newton, Massachusetts-based Real Estate Investment Trust will join SmallCap 600 on June 4, 2021. Service Properties will be replacing Lannett Co. (LCI), which is down nearly 12% impacted by the news of removal.

GST Council leaves tax rate on vaccines unchanged

The Council exempts levy of I-GST on import of Amphotericin-B, which is used for the treatment of black fungus.

The GST Council on May 28 left taxes on COVID-19 vaccines and medical supplies unchanged but exempted duty on import of a medicine used for treatment of black fungus.

A Group of Ministers will deliberate on tax structure on the vaccine and medical supplies, Finance Minister Nirmala Sitharaman told reporters after a meeting of the GST Council.

The GST Council, which is headed by the Union Finance Minister and comprises representatives of all States and Union Territories, exempted levy of I-GST on import of Amphotericin-B, which is used for the treatment of black fungus.

Currently, vaccines attract 5% GST.

Ms. Sitharaman said the Council decided to continue a waiver of I-GST on free COVID-19 related supplies imported from abroad.

Also, the panel decided that the Centre will borrow ₹1.58 lakh crore and pass it on to the states to make up for the shortfall in their revenues from the implementation of the GST. A special session of the Council will be held soon to consider extending the five-year GST shortfall compensation period to states beyond 2022.

The panel provided relief to small GST taxpayers through an amnesty scheme for late return filers.