-Newsclick.in Measures announced by the finance minister are mere concessions to industry lobbies and stock market, and don’t address lack of demand. The raft of measures announced by India’s finance minister Nirmala Sitharaman for supposedly boosting a sinking economy are unlikely to rescue flagging economic growth and don’t even address the key problems of lack of purchasing power with the people and raging unemployment. It’s rearranging the furniture when the house is...
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Biscuit-maker Parle says it may have to sack 8,000 to 10,000 workers amid slowdown in sales
-Scroll.in The company said higher taxes in the GST system had forced it to increase prices. It caused consumer demand to fall. Biscuit maker Parle Products Private Limited on Tuesday said it may lay off almost 10,000 employees if the demand slowdown continues, The Economic Times reported. “We have sought reduction in the Goods and Services Tax on biscuits priced at Rs 100 per kg or below, which are typically sold in...
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...
More »PM Economic Advisory Council: Need to set up GST Council-like body for public spending -P Vaidyanathan Iyer
-The Indian Express The Prime Minister’s Office and the Finance Minister have been meeting various stakeholders over the last week to discuss the slowdown which is adversely impacting various sectors now. With the economy on a continuous slide, the Prime Minister’s Economic Advisory Council Chairman Bibek Debroy said it is high time the government focused on expenditure and recommended a GST Council-like mechanism for the Centre and states to strategise on...
More »Recently presented Union Budget does not provide updated data on important heads for FY 2018-19
During budget presentations, budget documents, which are provided, carry updated data and information related to various departments and ministries of the Central Government such as on revenues, expenditures, deficits etc. Recently economists like Dr. Rathin Roy and Prof. Jayati Ghosh have expressed concerns about the Ministry of Finance for not uploading updated and appropriate budgetary data and figures on the website www.indiabudget.gov.in following the 2019-20 Union Budget presentation by the...
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