-The New Indian Express There were also reports that the auto sector has seen 3 lakh crore jobs being lost. NEW DELHI: TAKING notice of daily reports on job losses, the Union Finance Ministry has asked business chambers and industries to produce the exact number of job cuts to derive the correct picture of the economy. It has asked the industries to abstain from causing panic. “There are a number of reports that...
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A politically INConvenient data nugget -Puja Mehra
-The Hindu Data on demonetisation’s contribution to the deepening economic slowdown may have been suppressed Was a task force report that recommended a new law to replace the more than 50-year-old INCome Tax Act, 1961 suppressed because it inadvertently provided factual evidence for the debilitating impact of demonetisation on the formal corporate sector? On September 1-2, 2017, at the Rajaswa Gyan Sangam (an annual conference of senior tax administrators), Prime Minister Narendra Modi...
More »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 »Auto sector slowdown hits scrap dealers, micro units in Coimbatore -M Soundariya Preetha
-The Hindu Production in foundries supplying castings to the automobile industry has dropped considerably In Coimbatore, where a large number of industrial units and foundries are working in the automobile sector, the slump in vehicle demand is impacting several businesses indirectly. A micro industry with just two CNC machines, doing job work, used to earn nearly ?10,000 a week from selling scrap. This INCome has reduced steeply in the last couple of months...
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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