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Wednesday
June 2020
7:07 AM IST
News Headlines
Competitive sports resume in England after 75-day shutdown        Amit, Vikas nominated for Khel Ratna by BFI; 3 names for Arjuna        Indian manufacturing output falls further in May, rate of job cuts accelerates: PMI        Sensex, Nifty spurt over 2 pc as India begins to unlock economy        Violent protests engulf US, thousands arrested and nearly 40 cities under curfew        Hong Kong blocks Tiananmen vigil; rush on for UK passports        Depression in Arabian Sea to intensify into severe cyclonic storm; will impact Mumbai        Deferred due to coronavirus, elections to 18 RS seats to be held on June 19: EC        Cabinet decisions will bring positive changes in lives of farmers, labourers, workers: PM        COVID-19: India now seventh worst-hit country in world        Mercury plummets as rain lashes Haryana and Punjab        New biography on PM Modi released        Oman reports 1,014 new COVID-19 cases, 11,437 in total        SpaceX Nasa Mission: Astronauts on historic mission enter space station        Woman dies of COVID-19 in Kerala, toll rises to ten; 61 new cases reported        DINGKO Cancer-stricken boxing hero Dingko Singh tests positive for COVID-19        As Lockdown-4 ends, home ministry issues guidelines for ''Unlock-1'' from June 8        COVID-19 tally in Kerala rises to 1,208, 7 Pilots and cabin crew, among 58 infected        Locusts in TN local grasshopper species, pose no threat, says govt        Delhi-Moscow AI flight returns midway after pilot found COVID-19 positive        
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Business News
Bring down corporate tax to 18 pc sans exemptions: CII
 
New Delhi, Jun 11 (PTI) Industry body CII has made a case for bringing down the corporate tax rate to 18 per cent along with elimination of all exemptions saying it will not result in any loss to the exchequer.

The Modi 1.0 government had proposed to bring down the corporate tax rate from 30 per cent to 25 per cent gradually. The government has already reduced it to 25 per cent for companies having turnover of less than Rs 250 crore.

"We are supporting a reduction in taxes along with reduction in exemptions and a very simplified tax code.

"Our numbers show that 18 per cent corporate tax along with zero exemptions could be revenue neutral. We would prefer to go in that kind of direction," CII President Vikram Kirloskar told PTI in an interview.

Finance Minister Nirmala Sitharaman, who is holding pre-Budget consultations with different stakeholders, including industry, will be presenting the first Budget of Modi 2.0 government on July 5.

Kirloskar also suggested that the government should take measures to spur investment and growth, which slowed to five-year low of 6.8 per cent in 2018-19.

"If equity cost is high, people will not invest. Right now equity is taxed at dividend level as well as capital gains tax level. You certainly cannot grow an economy only on debt. So we need to have equity getting into investment and hard assets being built up," he said.

To push investment, he further said the government should address issues concerning land reforms and labour laws.

The newly-elected president of the industry chamber also exuded confidence that with strong government in place, the country is poised to achieve 7 per cent plus economic growth.

"We are confident that by the end of the year, by the third or fourth quarter, we will recover back to 7 per cent plus," he said while adding that the last few months were tough for the economy.

When asked about the high unemployment rate as per the government data, Kirloskar said he was "not so comfortable" with the NSSO data.

"I am not so comfortable with the NSSO data...we are doing our numbers (based on industry survey). I think the NSSO data is based on households. It is showing big differences," he said.

The recent NSSO data showed that unemployment at 6.1 per cent of total labour force during 2017-18 was the highest in 45 years.

On withdrawal of Generalised System of Preference (GSP) by the US on imports from India, Kirloskar said the move would hurt a small part of the country's trade.

"Looks like GSP is going to hurt some people, not only here but also on the importing side. Some people may say it is a very small part of the trade but if a few individuals are going to be affected we have to take care of them," he said.

The CII president expressed hope that the automobile sector sales, which is down due to several reasons, would revive in the months to come.


Indian manufacturing output falls further in May, rate of job cuts accelerates: PMI
Sensex, Nifty spurt over 2 pc as India begins to unlock economy
Patanjali''s plea for Ayurvedic medicine trials raises eyebrows
Reducing migrant worker population will impact Singapore economy: Industry groups
Extend loan automatically to all eligible borrowers without fear of 3Cs: FM to banks
Will try to restart international flights before August: Puri
RBI extends moratorium on loans for another 3 months till Aug
Sensex, Nifty turn choppy; RIL jumps on KKR deal
Rupee rises 13 paise to 75.67 against US dollar in early trade
Bajaj Auto shares jump 6.50 pc after Q4 earnings
Rupee rises 6 paise to 75.60 against US dollar in early trade
Decide corruption cases in time involving retiring bank, govt officials: CVC
Consumers footfall increase, average basket value goes up at retail stores in lockdown 3.0
Decentralisation of cities, devt of far-flung areas can help address migrant workers' woes: Gadkari
Find out novel ways for revival of economy, not the failed ideas: BMS
Reliance Industries' Rs 53,000-crore rights issue to kick off on May 20
Rupee falls 13 paise to 75.59 against US dollar in early trade
Investor wealth plunges Rs 1.99 lakh cr as mkts plummet
Kotak Mahindra Bank Q4 profit down 4 pc to Rs 1,952 cr
Jet Airways insolvency resolution professional seeks fresh EoI for defunct airline
KERALA NEWS
Woman dies of COVID-19 in Kerala, toll rises to ten; 61 new cases reported
 Kozhikode/Thiruvananthapuram: A 53-year old woman, who returned from Riyadh recently succumbed to th  
COVID-19 tally in Kerala rises to 1,208, 7 Pilots and cabin crew, among 58 infected
Vijayan slams Railways for scheduling trains to Kerala without informing state
Kerala records 6th COVID-19 death
INTERNATIONAL NEWS
Violent protests engulf US, thousands arrested and nearly 40 cities under curfew
 Washington, Jun 1 (PTI) The US remained a tinderbox of anger and emotion as violent protests erupted
Hong Kong blocks Tiananmen vigil; rush on for UK passports
Oman reports 1,014 new COVID-19 cases, 11,437 in total
SpaceX Nasa Mission: Astronauts on historic mission enter space station
NATIONAL NEWS
Depression in Arabian Sea to intensify into severe cyclonic storm; will impact Mumbai
 New Delhi, Jun 1 (PTI) The depression in the Arabian Sea is likely to intensify into a severe cyclon
Deferred due to coronavirus, elections to 18 RS seats to be held on June 19: EC
Mercury plummets as rain lashes Haryana and Punjab
New biography on PM Modi released
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