Tag Archives: Manufacturing

Jaitley to Chief Ministers: Lower VAT rates on petroleum products used for manufacturing

Newsroom24x7 Staff

New Delhi: Union Minister of Finance, Defence and Corporate Affairs, Arun Jaitley has written to State Chief Ministers urging the States to reduce burden of Value Added Tax (VAT) on Petroleum Products used as inputs in making of goods after the introduction of Goods and Services Tax (GST).

//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js

(adsbygoogle = window.adsbygoogle || []).push({});

The letter by Finance Minister highlights a concern being raised by the manufacturing sector in the country regarding the rise in input costs of petroleum products happening on account of transition to Goods and Services Tax regime. In the pre-GST regime, because the petroleum products as well as the final goods produced both attracted VAT, input tax credit of petroleum products being used as inputs by manufacturers was allowed to varying extent by different States. However, in the post-GST scenario, the manufactured goods attract GST while the inputs of petroleum products used in the manufacturing attract VAT and, therefore, it would lead to cascading of taxes. In view of this, in the pre GST regime certain States had lower rate of 5% VAT on Compressed Natural Gas used for manufacturing of goods. Some States also had lower rate of VAT on diesel being used for manufacturing sector.

//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js

(adsbygoogle = window.adsbygoogle || []).push({});

Jaitley has requested other States also to explore the possibility of having a lower rate of VAT on petroleum products used for manufacturing of those items on which there is GST, so that there is minimum disruption in the costing of goods.

The India Online Assessments Report 2014-15: Majority of recruitment professionals against online recruitment

Newsroom24x7 Desk

online recruitmentNew Delhi: A survey of recruitment professionals from 361 corporations has revealed that 36% prefer face to face interviews to online delivery methods while 50% of them have no intention of using online assessments for hiring. These professionals have questioned the capacity of the online recruitment process especially when it comes to authenticating or ensuring the credibility of the candidate taking the examination.

The India Online Assessments Report 2014-15, prepared by Mettl Inc., in collaboration with Society of Human Resource Management (SHRM), on the basis of a survey of recruitment of professionals from 361 corporations across IT/ITeS, Financial Services, Retail, Manufacturing, Retail and Banking sectors presents current and future assessment trends. Current and planned use of online assessments, spliced by different corporate applications. It has been observed that nearly 53% of the respondents employ online assessments for Training and Development and 27% plan to do so, 50% of those surveyed neither do nor plan to use online assessments for External Hiring.

“The Online Assessments report not only uncovers many ‘symptoms’ and rising trends, but probes deeper to arrive at the reasons that drive such statistics. A veritable pool of incisive insights that HR professionals and recruiters will find indispensable to refine their roadmap this year”, said Tonmoy Shingal, COO, Mettl Inc.

Ms. Achal Khanna, CEO, SHRM India Operations, said, “Organizations are increasingly realizing the importance and effectiveness of online assessment tools and most of them are using these tools for employee engagement and training. However, we also discovered from survey results that online assessment tools are yet to find favour with most organizations in their pre-hiring process. I believe organizations need to select candidates with the right attitude and behavioural traits so that they seamlessly fit into the company’s culture and turn out to be a high performer. It is here that online assessment tools can play a critical role in the pre-hiring stage.”