Govt to unfold scrapping policy for automobiles sooner: FMFM announces change in auto policy - BS-IV vehicles registered prior to March 31, 2020 to be allowed full shelf life + Addl 15% Depreciation to be allowed till March 2020 + Ban on purchase of new cars replacing old vehicles by Govt Departments liftedGovt working on solutions for home buyers and real estate promoters stuck with fund problemsFM says tax officials to be instructed not to overreach taxpayers to meet targetsNBFCs to be allowed to use Aadhar-authenticated KYC of banks: FMGovt to amend MSME Act to give ONE definition for MSME; Cabinet approval to be taken soonBank loans - Online tracking option to be given to customers for ease of knowing status + Banks to introduce one time loan settlement policyGovt decides to withdraw Surcharge on capital gains made by FPIs + Surcharge on domestic investors also guillotinedFM says All notices, including summons, by Income Tax Department to be centralised & computer-generated from October 2019 + Old notices to be either clears before Oct or to be re-generated with DIN + all notices to be cleared within 3 monthsGST - Amritsar CGST holds Annual Return Mela with practitionersSC grants relief to Chidambaram in ED case till Monday but no succour in CBI casePradhan to launch commencement of work ceremony for 10th CGD Bidding Round (See 'TOG News')TP - Company engaged in manufacturing, assembling, servicing & software cannot be held as good comparable to trading segment: ITAT (See 'TOG Latest')I-T - Where 71% of the receipts of a trust are used in furtherance of its stated objectives the same is sufficient to infer that such trust exists: HC (See 'TOG Latest')Customs - Where assessee requests for speaking order & pays duty under protest, it cannot be inferred that assessee accepted enhanced value: CESTAT (See 'TOG Latest')Central Excise - Where assessee harbored bona fide belief in respect of an issue due to conflicting precedent judgments, then extended limitation cannot be invoked: HC (See 'TOG Latest')Sabka Vishwas Legacy Dispute Resolution Scheme to be effective from Sept 01 (See 'TOG News')TP - Similarity of functions/characteristic of services rendered by comparables are indispensable for their selection for purposes of benchmarking: ITAT (See 'TOG Latest')I-T - Holding more than 20% shares in two companies is in itself insufficient to infer that loan given by one company to the other is commercial transaction: HC (See 'TOG Latest')Central Excise - Clean Energy Cess bears nature of fee & is not any duty; hence assessee is not entitled to Cenvat credit on the same: CESTAT (See 'TOG Latest')Service Tax - If assessee claims refund in bona fide before wrong authority, then reasonable course of action is to transfer such claim to that authority having jurisdiction: CESTAT (See 'TOG Latest')EPF Board to move proposal for amend scheme (See 'TOG News')Naidu urges nations to adopt Comprehensive Convention on International Terrorism (See 'TOG News')
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Budget 2015
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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.