The local bourse has gained for the fourth day this week, rising to its highest level since March 6 on a wave of optimism about the country’s economic recovery.…
Ahead of the GST Council meeting next week, the Centre on Thursday released compensation amounting to Rs 36400 crore to states for three months up to February, 2020. The much delayed compensation comes at a time when states’ finances are under severe stress due to the Covid-19 lockdown.
“Taking stock of the current situation due to Covid-19 where state governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST compensation…for the period from December, 2019 to February, 2020 today,” the finance ministry said in a release.
The GST Compensation of Rs 1,15,096 crore for period April-November, 2019 was released earlier, the government said. This was against Rs 95,551 crore collected as cess in the compensation fund in 2019-20.
The mechanism under which compensation is paid to states under GST has come under strain due to inadequate cess collection amid a bleak consumer demand. Under the law, if states’ GST revenue does not grow by at least 14 per cent over the base year of 2014-15, the Centre pays them the difference, on a bi-monthly basis, for the first 5 years of GST
In 2019, Nestle sold some 264,000 mt of Maggi products, compared to 254,500 mt in 2014.
The country’s largest food company, Nestlé India, has finally managed to exorcise the ghost of the Maggi crisis that bogged it down four years ago. In 2019, the growth in sales of the Maggi brand of products surpassed the pre-ban level of 2014, in terms of both volume and value.
Data sourced from its annual report for the year 2019 show it sold around 264,000 tonnes of Maggi products during the year, compared to 254,500 tonnes in 2014. In value terms, the firm had already surpassed the pre-ban level in 2018 at Rs 3,105 crore, compared to Rs 2,961 crore in 2014. In 2019, it sold Maggi products worth Rs 3,500 crore. The company follows a calendar year format for financial reporting.
The Maggi fiasco in 2015, when it was banned by the food regulator, had taken a toll on all its four broad business categories. While, it managed to recover sales (by volume and value) in the other three categories, Maggi sales had lagged.
The crisis had also impacted its
US civil rights activist Al Sharpton was to lead a memorial service on Thursday for George Floyd, the African-American man whose harrowing videotaped death while being arrested has unleashed sweeping nationwide protests for racial justice.
“The width of the support and participation in the protests is something unlike we’ve ever seen before,” Sharpton said on MSNBC ahead of the 1:00 pm Central Time (1800 GMT) service. “This is the time that we can make real change.”
Three of the four Minneapolis police officers who arrested Floyd on May 25 for allegedly passing a counterfeit bill were to make their first court appearance, meanwhile, to face charges of aiding and abetting his murder.
The fourth policeman, white officer Derek Chauvin, who was filmed kneeling on Floyd’s neck for nearly nine minutes as he said “I can’t breathe,” has been charged with second-degree murder and appeared before a judge last week.
Democratic Congressman John Lewis, who marched with Martin Luther King Jr to fight segregation, echoed Sharpton’s hope that Floyd’s death and the protests could pave the way for “greater change.”