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Piyush Goyal Asks Tax Officers To Refrain From Being Overzealous In Tax Administration

New Delhi: Finance minister Piyush Goyal asked tax officers to refrain from being overzealous in tax administration, while appealing the industry to conduct business ethically.

Addressing the Central Board of Indirect Taxes (CBIC) officers on the occasion of International Customs Day, Goyal asked the tax officers to consider crowdsourcing of feedback from stakeholders as to what more could be done towards adopting a taxpayer friendly approach by the department.

Goyal, who was earlier this week given the additional charge of Finance Ministry, asked the taxmen to trust the customers with a great degree of intelligence, while adopting a customer friendly approach.

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India’s Industrial Activity To Remain Subdued Owing To Muted Domestic Demand, Weak Global Economic Outlook

New Delhi: India’s industrial activity is expected to remain subdued in the near term, owing to muted domestic demand, weak global economic outlook and uncertainty among businesses over the outcome of Lok Sabha elections, 2019.

According to D&B Economy Forecast, concerns about the government curtailing its investment due to significant shortfall in tax collections against the target, are expected to keep the industrial activity subdued in the near term.

Dun & Bradstreet (D&B) expects Index of Industrial Production (IIP) to have moderated by 1.5-2 per cent during December 2018. As per data released by the Central Statistics Office (CSO), industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in manufacturing sector, particularly consumer and capital goods.

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Chinese Tech Czar Jack Ma Says, There Are No Experts For Tomorrow And All They Know About Is Yesterday

New Delhi: Addressing the World Economic Forum Annual Meeting here Chinese tech czar Jack Ma said there are no experts for tomorrow and all they know about is yesterday. The Alibaba executive chairman also told business leaders never to worry about competition and pressure.

“If you worry about pressure, don’t be a businessman. Today, the great thing is everybody worries about everything,” he quipped.

Replying to whether he encountered fear or doubts over the course of building Alibaba over the last 20 years, he said “There’s no expert of tomorrow. There’s only expert of yesterday.” Asked what kind of people he hires, he said, “When I hire people, I hire the people who are smarter than I am. People who four, five years later could be my boss. I like people who I like, who are positive and who never give up.” He also appeared highly optimistic about the growth of Africa, saying whenever he visited countries like Kenya and Namibia, it reminded him of China of 20 years ago.

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China Notches Slowest Growth Since 2009 Financial Crisis Amid A Debt Cleanup And Trade Woes

New Delhi: China notched its slowest growth since the 2009 financial crisis last quarter amid a debt cleanup and trade woes, while signs of stabilization in December suggest government efforts to cushion the deceleration are beginning to take hold.

Gross domestic product rose 6.4 percent in the fourth quarter from a year earlier compared with 6.5 percent in the previous three-month period. In December, gauges of consumption and factory output accelerated, while investment held up.

The world’s second-largest economy is on a long-term slowing trajectory as it shifts from the investment-led model of the past while carrying a heavy debt load. The government’s response with targeted stimulus measures is being tested by the standoff with US president Donald Trump over trade at a time when the global expansion is already looking shakier.

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Indian Billionaires Witness Their Fortunes Swelling By Rs 2,200 Crore A Day Last Year

 

New Delhi: Indian billionaires saw their fortunes swell by Rs 2,200 crore a day last year, with the top 1 per cent of the country’s richest getting richer by 39 per cent as against just 3 per cent increase in wealth for the bottom-half of the population, an Oxfam study said Monday.

Globally, billionaires’ fortunes rose by 12 per cent or USD 2.5 billion a day in 2018, whereas the poorest half of the world’s population saw their wealth decline by 11 per cent, the international rights group said in its annual study released before the start of the five-day World Economic Forum (WEF) Annual Meeting in this Swiss ski resort town.

Oxfam further said that 13.6 crore Indians, who make up the poorest 10 per cent of the country, continued to remain in debt since 2004.