-Hindustan Times On Friday, Business Standard released leaked findings from the 2017-18 CES which showed that inflation-adjusted average monthly per capita expenditure (MPCE) declined by 3.7% in the country between 2011-12 and 2017-18, a first in four decades. The ministry of statistics and programme implementation (MOSPI) has decided “not to release the Consumer Expenditure Survey (CES) results of 2017-2018” in view of “data quality issues”, it said in a statement. On Friday,...
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Modi govt gives Rs.1.45 lakh crore gift to corporates -Subodh Varma
-Newsclick.in This bounty for corporate houses comes at a time when common people are reeling under a slowdown, joblessness is at record levels and incomes are stagnating. Continuing her series of press conferenCES, that are becoming like a treasure hunt for corporates, finance minister Nirmala Sitharaman announced today that corporate tax rates will be slashed from the current 30% (average) to 25.17% including all CESs/surcharge. Actually, if no other conCESsion is availed...
More »Explained: How the latest corporate tax rate cut impacts the economy -Udit Misra
-The Indian Express A cut in personal income tax or GST slabs would have spurred the economy more in the short term but the corporate tax cut is beneficial for the economy in the long term. Finance Minister Nirmala Sitharaman’s announcement to cut corporate tax rates on Friday morning was a welcome surprise for the Indian economy that has been struggling with growth deceleration. According to reports, the government has cut the...
More »Dr. Manmohan Singh, former Prime Minister of India, interviewed by Richa Mishra (The Hindu Business Line)
-The Hindu Business Line The government must simplify and rationalise GST, kickstart rural consumption, revive agriculture and tackle the lack of credit for capital creation, says former PM Former Prime Minister Manmohan Singh, an eminent economist himself, feels that the Narendra Modi-led government needs to come out of its habit of headline management and address the economic challenges which the country is facing today. “We cannot afford to deny that India is facing...
More »Corporate tax reduction: They already pay much less than required effective -Subodh Varma
-Newsclick.in Effective tax rate for Big Business in India was 26.3% although statutory rate is 34.6%, according to Budget documents. There is a proposal that corporate taxes should be reduced to 25% from 30%. According to reports, this has been mooted in a report submitted to the finance minister by a panel headed by Akhilesh Ranjan, member of the Central Board of Direct Taxes (CBDT). However, data on corporate taxes put out...
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