CBIC retires 15 IRS officers under Rule 56(j) (See 'TOG News')Govt to quash basic education requirements for transport vehicle drivers (See 'TOG News')TP - Resale price method is inappropriate for benchmarking international transaction if products resold are different than raw material: ITAT (See 'TOG Latest')I-T - Additions made on account of bogus LTCG are untenable without submitting specific evidence to such effect: ITAT (See 'TOG Latest')Customs - Procedural relaxations serve to facilitate speedy clearance of imported goods & not to enable fraud or mis-declaration: CESTAT (See 'TOG Latest')Central Excise - Refund claims even if pertaining to different units have common jurisdiction where registration is taken for principal business location: CESTAT (See 'TOG Latest')BJP nominates Kota MP Om Birla for post of Lok Sabha Speakere-Commerce players air concerns over draft policy (See 'TOG News')TP - Functionally dissimilar companies & lack of segmental information merits their rejection from comparables list: ITAT (See 'TOG Latest')I-T - Extension of recognition u/s 80G cannot be denied without examining charitable nature of its activities: ITAT (See 'TOG Latest')Central Excise - Goods cleared under Chapter X procedure are not exempted goods; no need to reverse credit u/r 6(3)(i) of CCR: CESTAT (See 'TOG Latest')Service Tax - Train coaches do not classify as commercial buildings; cleaning coaches & toilets not taxable under Cleaning Service: CESTAT (See 'TOG Latest')Bonn Challenge - Govt launches afforestation drive in 5 States (See 'TOG News')DTAA - Once it is settled by HC's decision that foreign entity has no PE in India then no income is attributable to it & taxable in India: ITAT (See 'TOG Latest')I-T - Reasons for re-assessment must reflect application of mind by AO leading to belief of income escaping assessment: HC (See 'TOG Latest')Central Excise - Refund of un-utilized CENVAT credit cannot be given in cash on account of closure of manufacturing activity: LB - HC (See 'TOG Latest')Customs - It is settled law that mis-classification cannot be reason for invoking penal provisions against importer: CESTAT (See 'TOG Latest')India to achieve 40% renewable energy by 2030: Power Min (See 'TOG News')Modi helms meet to discuss drought & relief measures (See 'TOG News')Blocked credit- The lurking confusion (See 'THE TOG INSIGHT')
Tax on Go
Budget 2015
Click the banner to download Documents


1.37 Cr formal sector jobs created in FY19: CSO data
By TOG News Service
May 25, 2019

TOG NEWS SERVICE, NEW DELHI, MAY 25, 2019: THE data released by the Central Statistics Office yesterday showed that around 1.37 crore jobs were created in the formal sector during the financial year 2018-19. The CSO used addition to the Employees' Provident Fund (EPF) subscriber base to derive employment generation in the formal sector. As per the latest data, in the month of March 2019, around 8.27 lakh EPF subscribers were added. During the last fiscal, highest subscription to the pension fund was recorded in July 2018 at around 14.21 lakh.

Amidst uproar over job loss and lack in employment generation in the last few months, the government has time and again cited Employees' Provident Fund Organisation data to show that employment generation has been on the rise. There are, however, experts and statisticians who say the EPFO data does not give a complete picture of the employment scenario.

According to former Chief Statistician of India Mr Pronab Sen, the data only shows the growth in the organised sector. In this regard, he stated that it is already known that the formal sector is growing. The problem is in the informal sector, which is going through massive unemployment, he added. Jobs and employment generation were major issues in this general election and the opposition raked up the issue to a great extent. While EPFO has provided information on new workforce, it has also given statistics on number of PF subscribers ceasing to be its members. In FY19, 1.14 crore ceased their subscription to EPFO. This largely means loss of job or superannuation.