Skip to main content

PeakMetrics / Fact Checks

Economy & business fact checks

Explore claims publishers have checked about economy & business. Read their original ratings and follow the evidence.

7,093 published reviews in this topic

FACTLYEconomy & business

Former President Ram Nath Kovind holds a 57.63% stake in the State Bank of India

Publisher’s rating: MISLEADING

The claim concerned a social-media post alleging that former President Ram Nath Kovind personally owned 57.63% of the State Bank of India (SBI). FACTLY’s review examined SBI’s shareholding and the rules governing how government-company shares are registered. It reported that the Government of India’s stake was 56.92%, not 57.63%, and that this stake was registered in the name of the President of India. The review therefore distinguished the officeholder named on the share register from the person who personally owns the shares. (S1)

FACTLYEconomy & business

This is the first-time since the Independence that food grains (cereals), flour have been taxed in India

Publisher’s rating: FALSE

The claim concerned whether food grains and flour had ever been taxed in India before the tax changes announced in 2022. FACTLY’s review says that they had: it reports that states collected VAT on food grains and flour before GST, and identifies VAT on rice and other grains as evidence against the claim that the 2022 change was the first such tax since Independence. The review describes how the tax regime changed over time. It says VAT was introduced into India’s taxation system on 1 April 2005, with each state having its own VAT Act, and that GST replaced VAT and other indirect taxes from 1 July 2017. Under the GST regime before the July 2022 revision, the review says only branded food grains and flour were charged 5% GST. The GST Council’s 47th meeting then recommended extending the tax to pre-packaged and labelled food items. From 18 July 2022, the review reports, specified pre-packaged and labelled grains and flour attracted 5% GST when the package was no more than 25 kg or 25 litres. It also notes the qualification that packages above that size did not fall within the relevant packaged-commodity category for GST, and that loose retail supplies from such a package were not treated as packaged commodities for the levy. Thus, the 2022 change broadened the GST treatment; it did not establish that grains and flour had never been taxed before.