Corporate income tax in India is among the highest in the world, with the tax rate growing steadily in recent years. Of the 94 jurisdictions covered by the Organisation of Economic Cooperation and Development (OECD), India had the highest statutory tax rate of 48.3 per cent in 2018, double the global average tax rate of 24 per cent. More details
Centre revives plan to float holding company for state-owned banks
The Narendra Modi government has, in its second tenure, revived its plan to float a holding company that will house equity stakes of public sector banks (PSBs). This proposal seeks to improve human resource practices and raise funds to meet the financial needs of 19 PSBs. Read more
Godrej family hires top law firms to untangle land holdings worth Rs 20k-cr
The Godrej family, one of the biggest land owners in Mumbai, has appointed advisors and top law firms to untangle its land holdings. Read here
Cox & Kings shares have declined 26% since credit rating downgrade
Shares of tour operator Cox & Kings have slipped 26 per cent since Friday, following a credit rating downgrade which highlighted delays in debt reduction and increase in receivables. More details
ED Seizes Rs 9,778-Crore Assets Of Sterling Biotech, Promoters In PMLA Case
The Enforcement Directorate (ED) on Wednesday provisionally attached assets worth Rs 9,778 crore in connection with a money laundering probe against Gujarat-based Sterling Biotech and their fugitive promoters Sandesara brothers’ involvement in a multi-crore bank fraud. Read more
The three challenges facing Nirmala Sitharaman
The slowdown in the Indian economy appears to have worsened, according to the latest reading from Mint’s Macro Tracker, launched in October last year to provide a state-of-the-economy report each month based on trends across 16 high-frequency economic indicators, reports LiveMint.
Staff costs soar for IT majors with greater hiring in US
Leading IT firms Tata Consultancy Services, Infosys and Wipro witnessed a sharp increase in employee benefit expenses, including salaries and bonuses, in FY19, reports BusinessLine.