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Realtime Updates On Breaking News & Headlines

Economic news: Tesla fired 200 Autopilot employees, GST council meeting to be held in Madurai in August

Tesla fires 200 Autopilot workers

Elon Musk-owned Tesla has reportedly proven the exit door to about 200 workers of its Autopilot group and closed an workplace in California. In accordance with Bloomberg, most of those that have been let go have been paid hourly wages. The report stated that as just lately as final week, Musk had outlined plans to chop 10 % of salaried staff, however stated he would enhance hourly jobs.

After Musk’s announcement, Tesla started shedding salaried workers, which would cut back Tesla’s whole workforce by about 3.5 %. Lately, a report acknowledged that Tesla employs over 100,000 folks at its services. In a LinkedIn publish, Ian Absheer stated he was included in Tesla’s layoffs after working solely two weeks.

GST Council assembly to be held in Tamil Nadu in August: Finance Minister

Union Finance Minister Nirmala Sitharaman stated on Wednesday that the subsequent assembly of the GST Council will probably be held in Madurai, Tamil Nadu in August. Sitharaman made the announcement in a press convention held after the two-day assembly of the GST Council in Chandigarh. He stated that the subsequent assembly could be held within the first week of August.

The Finance Minister stated that on the invitation of Tamil Nadu Finance Minister Palanivel Thyaga Rajan, a gathering of the GST Council will probably be held in Madurai. The report of the Group of Ministers on GST fitment of casinos, on-line gaming and horse racing will probably be mentioned within the assembly to be held in Madurai. Sitharaman stated that the Council believes that on-line gaming is playing.

Byju’s will purchase Akash by August

Edtech large Byju’s on Wednesday stated the $1 billion acquisition of Aakash Instructional Providers is on monitor and anticipated to be accomplished by August. Byju’s had final 12 months acquired Delhi-based offline take a look at preparation companies supplier Aakash for $1 billion. The corporate was responding to reviews that Blackstone and different Aakash shareholders have but to be paid in each money and inventory as a result of it has postponed funds.

An organization spokesperson stated that Akash’s acquisition is on monitor and all funds are anticipated to be accomplished by the due date i.e. August 2022. An organization spokesperson stated, “Aakash is our most profitable acquisition so far and we’re extraordinarily proud to have them with us. As with all our group corporations, we’re concerned in all the things from elementary schooling to examination preparation and profession success. We’re absolutely ready to offer entry to high quality schooling within the educating fields.”

EdTech Unicorn made at least 10 acquisitions last year for a cumulative transaction value of approximately $2.5 billion.

Cabinet approves regulation of sale of domestic crude oil

The Union Cabinet on Wednesday approved the regulation of sale of crude oil produced in the country. The government has decided to stop the allocation of crude oil and condensate from October 1. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the regulation of sale of crude oil produced in the country with effect from October 01, 2022. The government has decided to stop the allocation of crude oil and condensate. This will enable independent marketing for all exploration and production (E&P) operators.

The condition of the Production Sharing Agreement (PSC) for selling crude oil to the Government or its designated or Government companies will be relaxed accordingly. Union Minister Anurag Thakur said that all E&P companies will now have the freedom to sell crude oil from their oil fields in the domestic market. Government revenue such as royalty, cess, etc., will continue to be calculated on the same basis as before in all contracts. They will not be allowed to export. He said the decision will further boost economic activity, encourage investment in the upstream oil and gas sector and will be based on a series of targeted transformational reforms launched in 2014.

Canada loses billions of dollars in unpaid taxes every year

According to a new tax gap report from the Canada Revenue Agency (CRA), the Canadian government is losing billions of dollars, or nine percent of federal tax revenue, each year. As reported by Xinhua news agency, the report analyzed Canada’s tax gap from 2014 to 2018, which is the difference between the tax paid when all obligations are fully met and the tax actually collected. The report showed that the total gross tax gap for tax year 2018 was estimated at 40.4 billion Canadian dollars ($32.3 billion).

However, the compliance and collection activities of the CRA were bridging the tax gap. After accounting for these activities, the total net tax difference for the tax year 2018 was estimated to be up to 23.4 billion Canadian dollars ($18.7 billion). According to the report, from 2014 to 2018, the tax gap held steady at about 9 percent of federal tax revenue. “The truth that the tax hole has remained secure over these 5 years, because the financial system grew, is a optimistic signal for our tax system,” the CRA stated.

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