Heena Sharma Blog

The Union commerce ministry has sought a reduction in the import duty on gold in the coming Union Budget , with a view to pushing manufacturing and export of the gems and jewellery sector, a source said. In last year’s Budget, the government raised the tariff on gold to 12.5 per cent. Since then, the global price of gold has risen nearly 20 per cent, magnifying the rise in customs duty. These, the gems and jewellery sector has pleaded, are choking the high-jobs generating sector. Jewellery retailers and exporters have urged the tariff be cut and also the goods and services tax (GST) on jewellery certification. “ In the past 12-18 months, at least 20 per cent of a skilled workforce of an estimated million has migrated to other services, including food delivery chains like Swiggy and public car transportation services like Ola and Uber. Migrated skilled workers, according to them, earn around Rs 45,000 a month, which the jewellery industry cannot match due to a slowdown in do...

Automaker Mahindra and Mahindra Ltd (M&M) said on Wednesday it saw a "huge danger" of job losses in the ailing domestic auto sector, as it sought government intervention, including tax reductions to revive demand. A lending crisis among the country's shadow banks, which fund nearly 55-60% of commercial vehicles and 30% of passenger cars, has led to automakers, including M&M and its rivals Maruti Suzuki India Ltd and Tata Motors Ltd, to either cut production or temporarily close plants. M&M said in a statement it was only able to maintain margins due to falling commodity prices and the government must reduce the goods and services tax (GST) rate to spur demand. A slump in sales is also triggering massive job cuts in the sector that employs 35 million people directly and indirectly. Reuters reported on Tuesday that initial estimates suggest automakers, parts manufacturers and dealers have laid off about 350,000 workers since April. "Now jo...

Congress leader Ajay Upadhayay on Wednesday claimed that around two crore people have lost their jobs in the country due to demonetisation and implementation of GST . Addressing a press conference here, All India Congress Committee Spokesperson Ajay Upadhayay charged the BJP-led government that demonetisation and the GST had hit the unorganised sector most. "Due to these two steps by the (Narendra) Modi government, two crore people have lost jobs. BJP's promise to give two crore jobs every year has become a 'jumla' only," he added. During the 2018 year itself, around 1.1 crore people have lost their employment opportunities, Upadhayay claimed. "According to a recent RTI reply, 24 lakh government posts are lying vacant at present. If the BJP government rally wanted to give jobs to unemployed youths, then they would have recruited people," he said. Read More Business Standard

Food delivery services are taxed at 18% which the restaurants have to pay Companies News : Online food delivery service companies like Swiggy are facing the heat from restaurants after the goods and services tax (GST) on eating outlets was cut to five per cent, from 18 per cent in November, and input tax credit provision was withdrawn. Some restaurants have started charging higher prices on online food delivery platforms. Others are negotiating a commission cut with online food delivery partners to make up for the 3.5 per cent additional cost due to unavailability of the input tax credit (ITC) facility. Swiggy, Zomato and Foodpanda provide online delivery services to restaurants at a commission of around 20 per cent, which is levied an 18 per cent GST. Unlike earlier, restaurants can no longer claim ITC on the 18 per cent GST for the input services from these delivery platforms. “These online food delivery companies have represented for a rate reduction or to allow IT...