EPFO subscribers up 45 lakh in FY21

India could look at a minimum contribution of about Rs 1,000 annually from gig workers towards their social security with the balance to be contributed by the platform they are associated with, said labour secretary Apurva Chandra in an interview with ET. Chandra said there was net addition of over 45 lakh Employees Provident Fund Organisation (EPFO) subscribers in the fiscal year so far, an indicator of new employment generation. Edited excerpts:What is the government’s assessment of the employment situation as private agencies say the situation still remains grim? If you look at the EPFO payroll data since February, it showed…

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Car market ends 2020 festive season on a high

The Indian car market has closed its best ever festive season with retail sales of 1-1.1 million passenger vehicles since August.After recording the highest ever dispatches in October, the industry is likely to close November with the highest ever dispatches for the 11th month of the year at 2.80-2.85 lakh units, witnessing a growth of 8-9%. Moreover, retail sales are expected to be even better at over 3.1 lakh units – further trimming the inventory in the system to less than one month.The cumulative April-November passenger vehicle sales in FY-21 is estimated to be very close to 1.5 million, a 20%…

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Govt postpones QR code requirements

Mumbai: In what is set to give relief to several companies, the government has postponed the requirement of generating QR code under the Goods and Services Tax (GST) framework.The government on Sunday said that it is postponing the requirement to generate and then use QR code for all business to customer (B2C) transactions. Companies would now be required to be prepared with the QR code compliance by March end next year.Abhishek Jain, Tax Partner, EY said, “The Central government has provided the much required relaxation for the businesses by waiving the penalty for non-compliance with QR code requirement till March 2021…

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Piyush Goyal inaugurates a recently electrified section on the Delhi-Ajmer route

NEW DELHI: Union minister for railways Piyush Goyal on Sunday inaugurated the newly electrified Dhigawara-Bandikui section of North Western Railway and flagged off the first train on this newly electrified route. After the electrification of this line, the route from Rewari to Ajmer has been electrified and now the electrified trains from Delhi to Ajmer will start soon, the railway ministry said in a statement on Sunday. After running of these trains, the diesel trains will be stopped, which will eliminate pollution as well as the dependence on the fuel imported from outside and trains will be operated from the electricity…

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Assassination in Iran may limit Biden’s options

By David E. SangerWASHINGTON: The assassination of the scientist who led Iran’s pursuit of a nuclear weapon for the past two decades threatens to cripple President-elect Joe Biden’s effort to revive the Iran nuclear deal before he can even begin his diplomacy with Tehran.And that may well have been a main goal of the operation.Intelligence officials say there is little doubt that Israel was behind the killing — it had all the hallmarks of a precisely timed operation by Mossad, the country’s spy agency. And the Israelis have done nothing to dispel that view. Prime Minister Benjamin Netanyahu has long identified…

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The worst over, big consumer companies to increase advertising spending

KOLKATA/MUMBAI: India’s largest consumer companies Hindustan Unilever, Amul, Britannia, ITC, LG, Marico, Emami, Parle Products and Dabur said their spending on advertising and promotion is reaching normalcy of pre-Covid levels with demand picking up and due to high number of new launches.Most of these companies said they will hike their advertising spending in the second half of the fiscal and are going forward to continue demand generation now that several of them have also entered multiple new categories during the pandemic.As per Nielsen, a record 9700 new products were rolled out during April-September period with most companies entering new categories like…

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DLF sells nearly 90 independent floors in Gurugram for over Rs 300 crore

NEW DELHI: Realty major DLF Ltd has sold nearly 90 independent floors worth over Rs 300 crore in Gurugram and plans to launch more such projects as demand for premium residential properties has revived in last few months.The company plans to launch independent floors in DLF Phase I-IV at Gurugram, New Gurugram and Panchkula among others.”Recently we launched 88 residences in form of premium independent floors (at a price point of Rs 3.75 – 4.25 crores each), spread across 22 plots, in the DLF City Phase 3…in Gurugram. These were sold out in a record time,” said Aakash Ohri, Sr Executive…

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CBIC asks for physical verification of biz

NEW DELHI: The CBIC has asked field offices to carry out physical verification of premises of businesses which have been granted deemed GST registration between August 21 and November 16 to ascertain that they have genuine business or intend to carry out so.The Central Board of Indirect Taxes and Customs (CBIC) has also asked taxmen not to grant GST registration on deemed basis in cases where the applicant has not opted for Aadhaar authentication or the authentication has failed.Current provision under Goods and Services Tax (GST) law allows for deemed registration upon completion of 21 days of application if the proper…

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Investigation on in COVID vaccine claim

NEW DELHI: The Drugs Controller General of India and the institutional ethics committee at the implementation site are investigating if the adverse event as claimed to have been suffered by a COVID-19 vaccine trial participant in Chennai are related to the shot administered to him.A 40-year-old Chennai-based business consultant, who was a volunteer for the third phase of the vaccine trial conducted by Pune-based Serum Institute of India (SII), has sought Rs 5 crore compensation for allegedly suffering serious neurological and psychological symptoms after taking the dose.He was administered the shot at Chennai’s Sri Ramachandra Institute of Higher Education and Research…

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I-T dept detects Rs 450 crore from TN raids

The Income-tax department has detected undisclosed income of Rs 450 crore after it searched an IT SEZ developer, its former director and a stainless steel supplier based in Tamil Nadu, the CBDT said on Sunday. The searches were carried out at 16 premises in Chennai, Mumbai, Hyderabad and Cuddalore on November 27, it said. “The searches, so far, have resulted in the detection of undisclosed income of more than Rs 450 crore,” the Central Board of Direct Taxes (CBDT) said in a statement. The Board is the administrative authority for the tax department. In the case of the ex-director of the…

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