Businesses no longer eligible for wage subsidies will retain emergency powers to change workers’ conditions if turnover is down 10 per cent.…
The finance ministry on Monday said the goods and services tax (GST) had reduced the rate at which people have to pay tax, helped increase compliance, and doubled taxpayer base to 12.4 million. In a series of tweets, on the first death anniversary of former finance minister Arun Jaitley, the ministry said before GST, the combination of value-added tax, excise, sales tax, and their cascading effect resulted in high standard rate of tax up to 31 per cent. “It is widely acknowledged that GST is both consumer- and taxpayer-friendly,” it said.
The number of assessees covered by the GST at the time of its inception were about 6.5 million. Now the assessee base exceeds 12.4 million. GST, which subsumed about 17 local levies, was rolled out on July 1, 2017. Jaitley held the finance portfolio in the first term of the Modi government since 2014.
“As we remember Arun Jaitley, let us acknowledge the key role he played in the implementation of GST, which will go down in history as one of the most fundamental landmark reforms in Indian taxation,” the ministry tweeted.
Suzlon Energy’s board on Monday approved the proposal to issue non-convertible debentures worth Rs 4,453.01 crore under its debt restructuring plan.
However, the company’s board of directors have deferred approval of financial results for June quarter till August 28, 2020.
The approval of financial results was one of the agenda listed for the meeting scheduled on Monday.
In its meeting held on Monday, the board of directors of the company approved the issuance of non-convertible debentures to an extent of Rs 4,453.01 crore on private placement basis to Suzlon Global Services Limited, the wholly-owned subsidiary of the company, as part of restructuring of debts with the lenders, subject to approval of the shareholders, the company said in a BSE filing.
It said the company and its subsidiaries have recently concluded a comprehensive debt restructuring and issued various convertible and optional securities pursuant to the same.
The company and the auditors are in the process of finalising the valuation of such securities.
In view of the same, the
Researchers in Hong Kong Monday identified what they said was the first confirmed case worldwide of COVID-19 reinfection, raising questions about the durability of immunity, whether acquired naturally or with a vaccine.
“Our study proves that immunity for COVID infection is not lifelong — in fact, reinfection can occur quite quickly,” said Kelvin Kai-Wang To, a microbiologist at Hong Kong University’s Faculty of Medicine and lead author of a forthcoming study that details the findings.
“COVID-19 patients should not assume after they recover that they won’t get infected again,” he told AFP in an interview.
Even people who have shaken off the virus should practice social distancing, wear masks and practise hand washing, he advised.
They should also get tested if suspect symptoms appear.
The case came to light when a 33-year old resident of Hong Kong passed through mandatory screening earlier this month at the Hong Kong airport on his way back from Europe. The so-called PCR swab test was positive.
This came as a surprise because the man had contracted — and recovered from — a COVID infection four-and-a-half months earlier, and was assumed to have immunity, especially after such a brief time since the infection.
Australia’s share market has had a negative week, finishing lower by 0.25 per cent after a flurry of coronavirus-hit earnings reports.…
Manufacturers of alcoholic
beverages have written to West Bengal Chief Minister Mamata Banerjee, urging her not to go ahead with the proposed new excise policy as it will hurt the liquor industry.
In a joint representation to the chief minister, two major liquor makers’ associations — Confederation of Indian Alcoholic Beverage Companies (CIABC) and International Spirits and Wines Association of India (ISWAI) — said consumer prices of the fast-moving brands will go up by 40-90 per cent under the new policy.
The increase of sales tax on liquor by 30 per cent in April this year has led to a drastic fall in sales, which resulted in lower collections for state exchequer, the liquor makers said.
“Excise policy proposed by the West Bengal Excise Department on August 19, 2020 has created great concern amongst companies. The industry fears that this policy will create undue disruptions and even possible job losses just before the peak puja time,” CIABC director-general Vinod Giri said.
The proposed policy also uses a “deeply flawed concept of inter-state price comparisons” because the operating conditions vary across states, he said.