Fall in direct tax mop-up slows in November on better economic movements

Contraction in direct narrowed significantly in November on the back of considerable improvement in personal income tax and corporation tax mop up, pointing at further improvement in economic activity and jobs availability in the third quarter of the fiscal year.

Direct tax collections, net of refunds, declined by 25 per cent by end of November, an improvement from the 31.4 per cent decline in September. Improved collections will come as a respite for the Centre as it faces spending pressure to spur economic activity.

Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions. Decline in corporation eased slightly to 36 per cent by November, from 40 per cent by September. The impact of base effect on account of corporation tax reduction in September last year will be largely visible in December when the third installment of advance tax collections come in by the middle of the month.

Net direct stood at Rs 4.09 trillion as on November 30, down

Read More

Nestle to recycle 100% packaging by 2025 to reduce carbon footprint

FMCG major has set an ambitious target of or reusing its entire packaging by 2025. With an aim to reduce its carbon footprint and emission of greenhouse gases, the firm is readying its long term plan, said chairman and managing director, Suresh Narayanan.

“Climate change is one of the biggest challenges currently facing mankind. Addressing this will require a multi-stakeholder approach to collaborate and monitor progress, laying the foundation for a better world. At Nestlé India, we have been accelerating our actions towards reducing across our manufacturing locations and transport of goods,” he said. The Gurgaon-headquartered company is also preparing the blueprint to become waste free.

The measures are part of its global plan to go net zero on environmental impact, unveiled by its global CEO Mark Schneider today. Globally, it has set an aim of being net zero by 2050 through reduced use of water at farms, sustainable packaging, and use of at all its 800 plants and warehousing locations.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of

Read More

1.6 million UK businesses ‘virtually invisible to the financial system’

More than 1.6 million UK businesses can struggle to access growth funding or trade credit because there is insufficient information available about their financial track record, according to analysis from Experian. 

This lack of credit information means these SMEs can be considered higher risk when it comes to lending.

These ‘SME Invisibles’ are either too new to file their first set of accounts, or only submit a balance sheet which doesn’t include profit and loss. As a result, they may struggle to access the growth funding needed to take their business to the next level, or even trade credit to buy products and materials.

Lisa Fretwell, Managing Director of Data Services at Experian, said: “More than 600,000 start-ups are created in the UK every year. The early years of trading are the most precarious, when directors are finding their feet, searching for new clients and often funding to keep their business moving forward.

“Accessing business loans and trade credit requires a strong credit history, but so many SMEs have not been trading long enough to create a footprint or be required to file full accounts. Experian has worked hard to almost halve the SME Invisible population through adding new data

Read More