Category Archives: Business

Ambani launches Jio phone “for an effective price of Rs 0”

Ambani launches Jio phone “for an effective price of Rs 0”

Reliance Industries chairman Mukesh Ambani on Friday reportedly launched 4G-enabled ‘Jio phone’ at the company’s 40th annual general meeting in Mumbai. Ambani, India’s richest man, reportedly said, “The Jio phone would be available for an effective price Rs 0.” While announcing that voice will always be free on the Jio phone, Ambani reportedly said, “Jio will give them access to unlimited data on the Jio phone.” However, Customers would be required to pay a refundable security deposit of Rs 1,500 for three years, “for security reasons”.

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50 SIM cards recovered from man arrested in Jio data leak

Police have reportedly recovered 50 SIM cards from the house of Imran Chippa who was arrested in the case of Reliance Jio’s alleged leak that put ‘sensitive details’ of Jio customers, including names and email IDs, online. Notably, the 35-year-old man is a dropout of Bachelor of computer science from Rajasthan.  Police earlier recovered a computer, mobile phone and other devices from him.

50 SIM cards recovered from man arrested in Jio data leak

12-year-long waiting time for Indians applying for Green Card

According to a report by Hindustan Times, there is a 12-year-long waiting period for Indians applying for permanent residency, also known as Green Card in the United States as skilled employees. Further, the report added that the United States government currently is processing applications filed in May of 2005. Interestingly, India is also among the top countries whose residents get Green Cards every year.

12-year-long waiting time for Indians applying for Green Card

IT companies to hire more freelancers, part-timers

According to a recent report by Economic Times, top Indian IT companies, including Infosys and Wipro, are exploring the idea of hiring more freelancers and part-timers for future projects. Reports also revealed that a Pune-based Persistent Systems included several freelancers and consultants in a team that worked on a short-term project and now, leading IT firms are also trying to explore the idea.

GST: WHAT’S CHEAPER??..WHAT’S DEARER??

India has launched Goods and Services Tax, the biggest tax reform since its Independence. Here’s a comprehensive list of goods and services which have become cheaper and costlier starting today.

ITEMS THAT WILL COST LESS NO EFFECT ITEMS THAT WILL NOW COST MORE
TOOTHPASTE MILK COOL DRINKS
SOAP FRESH VEGGIES AND FRUITS CHEWING GUM
HAIR OIL BREAD CHOCOLATE
ICECREAM BASMATI RICE SHAMPOO
CHEESE ATTA FACE CREAM
PACKAGED TEA AND COFFEE JUICES TELEVISION
PACKED PANNER ELECTRICITY FRIDGE
MASALA   AIR CONDITIONER
SWEETS   WASHING MACHINE
PACKED CURD   FURNITURE
ECONOMY CLASS AIR TRAVEL   WATCHES
CORNFLAKES   BANKING SERVICES
    LEASING CARS
    PROFESSIONAL SERVICES
    ADVERTISING SERVICES
    TELECOM SERVICES
    CLEANING SERVICES
    BEAUTY PARLOR SERVICES
    DRY CLEANING SERVICES
    SECURITY SERVICES
    MAINTANENECE SERVICES
    MAINTENENCE SERVICES
    LEGAL SERVICES
    COURIER SERVICES
    EDIBLE OIL
    ALUMINIUM
    PACKAGED CHICKEN AND PULSES
    RESTARUNT AND HOTEL SERVICES
    BUTTER
    BHUJIA
    GOLD

GST impact worries Tamil Nadu’s textile cluster

Erode cloth merchants are planning an indefinite strike from Wednesday if Centre doesn’t accept its demand to withdraw 5% GST on textile goods

Chennai: Tamil Nadu’s textile cluster, which includes Coimbatore, Erode, Tirupur, Salem, Namakkal and Karur, is discontented over the goods and services tax (GST) rate of between 5 and 18% imposed on textile manufacturers, including job workers who were so far exempted from any form of tax.

While the principal manufacturers are to pay GST at 18%, job workers will have to pay 5%. Job-workers produce goods on behalf of principal manufacturers using raw materials supplied by them. The GST council had initially clamped 18% tax on job work too but reduced it to 5% following protests.

The Erode Handloom Cloth Merchants Association, which is again appealing to finance minister Arun Jaitley to withdraw the 5% tax levied on textile goods, is planning an indefinite strike from Wednesday if its demand is not accepted.

P. Eswarmoorthy, secretary of the Chennimalai Powerloom Association, said the powerloom sector will be badly hit by GST. Chennimalai, in Erode district is a handloom and powerloom hub, employing over 15,000 people. Erode district has more than 3 lakh people directly or indirectly involved in the sector.

“The powerloom sector at Chennimalai is more of a cottage industry and more than 80% of the products are sold in weekly shandies,” said Eswaramoorthy.

“The government should have at least streamlined the process in a phase by phase manner before implementing it. This sector is already struggling and for something that remains as an unorganized sector, the GST taxation procedure is too complicated, Eswarmoorthy said, pointing out that the textile industry is the second largest employer after agriculture in the country.

Tirupur, a knitwear and hosiery hub which achieved an export turnover of Rs25,000 crore and domestic turnover of Rs12,000 crore in 2016–17, is dependent on job works at various levels of garment manufacturing for more than 80% of its production.

The industry is still trying to break even after demonetisation and the hurried implementation of GST without any preparedness has made things worse, said an industrialist from Karur, which is a hub for home furnishing textiles. He spoke on condition of anonymity.

Tamil Nadu accounts for one third of the textile business in the country. While the powerloom sector in Tamil Nadu provides employment to around 9.14 lakh workers, there are over 1800 textile and spinning mills located in the state, as per the state government.

The Southern India Mills Association (SIMA) had expressed disappointment over the centre for not considering its demand of reducing the GST rate of 18% on man-made fibre and that on blended spun yarn to 12%.

Some industrialists also said that since Tamil Nadu had been opposing GST for a long time, the state government was not prepared for its rollout.

Recently, leader of the opposition and working president of Dravida Munnetra Kazhagam (DMK) M.K. Stalin blamed the state government for not having created awareness among traders, which has led to protests against the GST in the textile, fire crackers, entertainment and other industries.

The textile industry in Tamil Nadu which had joined the other states on a three-day strike against GST rates, also demanded that the state government remove certain municipal taxes, which will be a burden in addition to GST.

The tax on the job works will mean a huge burden on the Micro, Small and Medium Enterprises (MSME), which form a huge chunk of the state’s substantial textiles sector. Job workers, who are the core of the industry and are largely part of the unorganized sector, have been brought into the tax net for the first time, a move that would hurt the sector say industry stakeholders.