Wednesday, 1 February 2017

Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income


A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income.

"Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of this class of people to reduce their burden of taxation."

Press Information Bureau
Government of India
Ministry of Finance

01-February-2017 14:11 IST

Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.

Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab.

A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income


The Union Finance Minister Shri Arun Jaitley reduced the rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability.

While presenting the General Budget 2017-18 in the Parliament today, the Union Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of this class of people to reduce their burden of taxation. The Finance Minister further said that if a nominal rate of taxation is kept for lower slab, many more people will prefer to come within the tax net. The Finance Minister made an appeal to all the citizens of India to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in the lowest slab of Rs 2.5 lakhs to Rs 5 lakhs.

The Union Finance Minister Shri Jaitley said that the Government is trying to bring within tax-net more people who are evading taxes. So, in order to expand tax net, it is decided to have a simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto Rs 5 lakhs other than business income. Also, a person of this category who files income tax return for the first time would not be subjected to any scrutiny in the first year unless there is specific information available with the Department regarding his high value transaction.

In his Budget Speech, the Finance Minister further said that in order not to have duplication of benefit, the existing benefit of rebate available to the same group of beneficiaries is being reduced to Rs 2500, available only to assessees upto income of Rs 3.5 lakhs. The combined effect of both these measures will mean that there would be zero tax liability for people getting income upto Rs 3 lakhs per annum. and the tax liability will only be Rs 2,500 for people with income between Rs 3 and Rs 3.5 lakhs. While the taxation liability of people with income upto Rs 5 lakhs is being reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person. The total amount of tax foregone on account of this measure is Rs 15,500 crore.

In order to make good some of this revenue loss on account of this relief, a surcharge of 10 per cent of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore has been proposed. This is likely to give additional revenue of Rs 2,700 crore.

The Finance Minister said that the direct tax proposals for exemptions, etc. would result in revenue loss of Rs 22,700 crore but after counting for revenue gain of Rs 2,700 crore for additional resource mobilisation proposal, the net revenue loss in direct tax would come to Rs 20,000 crore.

PIB

Salient Features of Direct Tax Proposals in Union Budget 2017


Salient Features of Direct Tax Proposals in Union Budget 2017

The Union Budget 2017 was laid before the Parliament today by the Hon'ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below:

I. Affordable Housing:
1. Three concessions in the scheme of Income Tax exemption for affordable housing:
(a) Area of 30 and 60 Sq.mtr. to be counted as carpet area and not built-up area;
(b) 30 Sq.mtr. only in 4 metropolitan city limits and 60 Sq.mtr. for the rest of the country;
(c) Completion period extended from 3 years to 5 years.

2. Tax on Notional rental income for builders to be calculated only after 1 year from the end of the year in which completion certificate is received.

3. Changes in Capital Gain taxation for immovable properties:
(a) Holding period reduce for computation of long term capital gain from three years to two years
(b) Base year for counting the cost of property shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property.
4. Basket of financial instrument in which capital gain can be invested without payment of tax to be expanded.

5. For joint development agreement, the liability to pay capital gain tax will arise in the year in which project is completed.

6. For Andhra Pradesh capital, land belonging to owners as on 2.6.2014 to be exempted from capital gain if the same is offered under land-pooling mechanism.

II. Measures for stimulating growth:
1. Concessional withholding rate of 5 per cent. for interest received by foreign entities on loans given in India to be continued for another 3 years beyond 30.6.2017.
2. Start-ups to get two relaxations under the scheme of Income Tax holiday given last year.
(a) The condition of continuous holding of 51 per cent. voting rights to be relaxed as long as the original investment of promoter is not diluted.
(b) Exemption available for three years out of any 7 years from the date of establishment instead of 3 out of 5 years
3. The period of carry forward of MAT/AMT credit increased from 10 years to 15 years.
4. The corporate income tax to be reduced from 30% to 25% for companies with turnover upto Rs.50 crore in 2015-16. This will benefit 96% of existing 6.67 lakh companies. This will result into tax saving of 16.67% for these companies.
5. Deduction for provision for NPA of Banks to be increased from to 8.5% instead of 7.5% of profit.
6. In case of NPA of non-scheduled cooperative banks, interest to be recognised as income only when received.

III Promoting Digital Economy:
1. In the presumptive income tax for small traders, income to be taken as 6% of turnover which is received by digital or banking means.
2. Cash expenditure allowable to be reduced to Rs.10,000 from the existing Rs.20,000.
3. Cash transaction of above Rs.3 lakh not to be permitted. The penalty of equal amount to be levied in case of breach.

IV Transparency in Electoral Funding:
1. The cash donation to political parties from one person limited to Rs.2,000/-.
2. Electoral Bond to be introduced for facilitating donation to political parties from explained sources.
3. Political parties to file their return in time limit prescribed in the Income Tax Act.

V. Ease of Doing Business:
1. Domestic transfer pricing to be applied only if one of the two companies enjoys specified profit-linked deduction.
2. The audit limit for business entities opting for presumptive scheme to be increased from Rs.1 crore to Rs.2 crore.
3. Individuals and HUFs not required to keep books of accounts if their turnover is up to Rs.25 lakhs or income is upto Rs.2.5 lakhs.
4. Investment in Category 1 and 2 foreign portfolio investors registered with SEBI to be exempted from provisions of indirect transfer.
5. TDS of 5% not to be deducted for individual insurance agents if they certify their income to be below taxable limit.
6. Professionals in presumptive scheme to pay advance tax only in one instalment in March instead of four.
7. The time limit for revising a tax return reduced to 12 months. Also time limit for completion of scrutiny will be brought down to 12 months from Assessment Year 2019-20 onwards.

VI Personal Income Tax:
1. Personal income tax for people with income in the slab of 2.5 lakh to 5 lakh to be reduced to 5% instead of 10%. This will reduce their tax liability to half while all other tax payers above this slab will also be benefited in terms of lesser tax of Rs.12,500 per individual (revenue loss ofRs.15,500 crores).
2. Surcharge of 10% to be levied on individuals with income between Rs.50 lakhs to Rs.1 crore (revenue gain of Rs.2,700 crore).

VII. Miscellaneous:
1. TCS exemption for state transport corporation in respect of purchase of vehicles.
2. Income of Chief Minister’s relief fund exempt from tax.
3. Penalty on accountant, registered valuer and merchant banker for furnishing incorrect information.
4. In order to ensure timely filing of return and expeditious issue of refund, a fee shall be levied for delay in filing of return.

PIB

Grant of paid holiday to employees on the day of poll - DoPT Orders


Grant of paid holiday to employees on the day of poll - DoPT Orders
General Election to the Legislative Assemblies of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh, 2017 - Grant of paid holiday to employees on the day of poll - regarding

F.No.12/3/2016-JCA-2
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel & Training)
Establishment (JCA-2) Section
North Block, New Delhi
Dated 1st February, 2017
OFFICE MEMORANDUM

Subject: General Election to the Legislative Assemblies of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh, 2017 - Grant of paid holiday to employees on the day of poll - regarding

The undersigned is directed to say that in connection with the General Elections to the Legislative Assemblies of the States of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh, to be held during the months, of February and March, 2017, the guidelines, issued by this Department vide OM No. 12/ 14/99-JCA dated 10.10.2001, may be followed for closing of the Central Government Offices, including Industrial establishments in the above mentioned States the relevant portion of the OM as referred to above are reproduced here.
(i) The relevant organizations shall remain closed in the notified areas where general elections to the State Legislative Assembly are concerned scheduled to be conducted;

(ii)In connection with bye-election to Lok Sabha/ State Assembly, only such of the employees who are bona-fide voters in the relevant constituency should be granted special casual leave on the day of polling. Special Casual leave may also be granted to an employee who is ordinarily a resident of a constituency and registered as a voter but employed in any Central Government Organization/ Industrial Establishment located outside the constituency having a general/ bye-election.
2. The employees detailed on election duty may also be permitted to remain away from their normal duties on polling day(s) as also on the days required for performing journeys which might be undertaken in order to perform such election duty

3. The above instructions may be brought to the notice of all concerned.
sd/-
(D.K.Sengupta)
Deputy Secretary to the Government of India
Click to view the order
Authority: http://dopt.gov.in/

Shares of Railway PSEs - IRCTC, IRFC and IRCON to be listed


Shares of Railway PSEs - IRCTC, IRFC and IRCON to be listed

Consolidation, mergers and acquisitions of CPSEs to be encouraged, an integrated public sector oil major soon

Pradhan Mantri Mudra Yojana budget target doubled to Rs. 2.44 lakh crores

Rs. 10,000 crores earmarked for recapitalisation of Banks, Need based additional allocation assured
While presenting the General Budget 2017-18 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley has said that the shares of Railway Public Sector Enterprises (PSEs) like IRCTC, IRFC and IRCON will be listed in stock exchanges. The Government will encourage strengthening the CPSEs through consolidation, mergers and acquisitions and soon create an integrated public sector ‘oil major’, he added.
Stating that the Pradhan Mantri Mudra Yojana (PMMY) has proved an overwhelming success in extending funds for the deprived sections, Shri Jaitley doubled the budget target under the scheme to Rs. 2.44 lakh crores.

Easing the stressed legacy accounts of banks, Shri Jaitley earmarked Rs. 10,000 crores for recapitalisation of Banks in 2017-18 and assured need based additional allocation.

Stating that the disinvestment policy announced in the last budget will continue, Shri Jaitley further said that the Government will put in place a revised mechanism and procedure to ensure time bound listing of identified CPSEs on stock exchanges. This will foster greater public accountability and unlock the true value of these companies, he added.

Shri Jaitley said the CPSEs will be integrated across the value chain of an industry through consolidation, mergers and acquisitions. By these methods it will give them capacity to bear higher risks, avail economies of scale, take higher investment decisions and create more value for the stakeholders, he added. Possibilities of such restructuring are visible in the oil and gas sector. The Government proposes to create an integrated public sector ‘oil major’ which will be able to match the performance of international and domestic private sector oil and gas companies.

The Finance Minister said that the Exchange Trade Fund (ETF), comprising shares of ten CPSEs, has received overwhelming response in the recent Further Fund Offering (FFO). The Government will continue to use ETF as a vehicle for further disinvestment of shares. Accordingly, a new ETF with diversified CPSE stocks and other Government holdings will be launched in 2017-18, he added.

Shri Jaitley said that the focus on resolution of stressed legacy accounts of Banks will continue and the legal framework has been strengthened to facilitate resolution, through the enactment of the Insolvency and Bankruptcy Code and the amendments to the SARFAESI and Debt Recovery Tribunal Acts. In line with the ‘Indradhanush’ roadmap, an amount of Rs. 10,000 crore is provided for recapitalisation of Banks in 2017-18 and additional allocation will be provided, as may be required, he added.

Shri Jaitley said that the Pradhan Mantri Mudra Yojana has contributed significantly to funding the unfunded and the underfunded. He further said that the last year target of Rs.1.22 lakh crores was exceeded and for 2017-18, he proposes to double the lending target of 2015-16 and set it at Rs. 2.44 lakh crores. Priority will be given to Dalits, Tribals, Backward Classes, Minorities and Women, he added.

Shri Jaitley said that the Stand Up India scheme was launched by the Government in April 2016 to support Dalit, Tribal and Women entrepreneurs to set up green field enterprises and become job creators. Over 16,000 new enterprises have come up through this scheme in activities, as diverse as food processing, garments, diagnostic centres, etc, he added.

PIB

No Cash Transaction above Rs 3 lakh - Finance Minister


No Cash Transaction above Rs 3 lakh - FM

Press Information Bureau
Government of India
Ministry of Finance
01-February-2017 13:57 IST

Budget gives a major push to Digital Economy; proposes No Cash Transaction above Rs 3 lakh
Government to launch schemes to promote BHIM app, Aadhar Enabled Payment System
Mission to be set-up to achieve a target of 2500 Cr digital transactions in 2017- 18
Series of measures proposed to strengthen and regulate digital economy

In a bid to give a push to Digital Economy and weed-out corruption and black money, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in his Budget Speech today said that the Government has decided that no transaction above Rs 3 lakh will be permitted in cash. Accepting a suggestion by Special Investigation Team on Black Money to ban cash transactions above Rs 3 lakhs, the Finance Minister has proposed an amendment to the Income-tax Act in the Finance Bill.

Presenting the General Budget 2017-18 in the Parliament, the Finance Minister said that the Government will launch two new Schemes to promote the usage of BHIM App i.e, Referral Bonus Scheme for individuals and a Cashback Scheme for merchants. BHIM App was launched to promote digital transactions and will unleash the power of mobile phones for digital payments and financial inclusion, The Finance Minister Shri Jaitley informed the House that 125 lakh people have adopted the BHIM app so far.
The Finance Minister Shri Jaitley also announced that Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will be launched shortly. This will be specifically beneficial for those who do not have debit cards, mobile wallets and mobile phones. A Mission will be set-up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards. Banks have targeted to introduce additional 10 lakh new PoS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based PoS by September 2017.

Highlighting the Government's strategy to clean the system through digital economy, Shri Jaitley said that it has a transformative impact in terms of greater formalisation of the economy and mainstreaming of financial savings into the banking system. This, in turn, is expected to energise private investment in the country through lower cost of credit. India is now on the cusp of a massive digital revolution, he added. The Finance Minister said that a shift to digital payments has huge benefits for the common man. The earlier initiative of the Government to promote financial inclusion and the JAM trinity were important precursors to the current push for digital transactions, the Finance Minister added.

In a bid to incentivize the digital transactions, the Finance Minister Shri Jaitley proposed that the presumptive income tax for small and medium tax payers whose turn-over is up to Rs 2 crore will be reduced from the present 8% of their turnover which is counted as presumptive income to 6% in respect of turnover which is received by non-cash means. This benefit will be applicable for transactions undertaken in the current year also, he added.

The Finance Minister also proposed to limit the cash expenditure allowable as deduction, both for revenue as well as capital expenditure, up to Rs 10,000. Similarly, the limit of cash donation which can be received by a Charitable Trust is being reduced from Rs 10,000/- to Rs 2000/-.

To promote cashless transactions, the Finance Minister in the Budget has proposed to exempt BCD, Excise/CV duty and SAD on miniaturised POS card reader for m-POS, micro ATM standards version 1.5.1, Finger Print Readers/Scanners and Iris Scanners. He also proposed to exempt parts and components for manufacture of such devices, so as to encourage domestic manufacturing of these devices.

To strengthen and regulate the digital economy, the Finance Minister has proposed to create a Payments Regulatory Board in the Reserve Bank of India(RBI) by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems. The Committee on Digital Payments constituted by the Department of Economic Affairs has recommended structural reforms in the payment eco system, including amendments to the Payment and Settlement Systems Act, 2007. The Government will undertake a comprehensive review of this Act and bring about appropriate amendments, Finance Minister added.

To strengthen the digital payment infrastructure and grievance handling mechanisms, the Finance Minister said in his Budget Speech that the focus would be on rural and semi urban areas through Post Offices, Fair Price Shops and Banking Correspondents. He added that steps would be taken to promote and possibly mandate petrol pumps, fertilizer depots, municipalities, Block offices, road transport offices, universities, colleges, hospitals and other institutions to have facilities for digital payments, including BHIM App. A proposal to mandate all the Government receipts through digital means, beyond a prescribed limit, is under consideration. The Government will strengthen the Financial Inclusion Fund to augment resources for taking up these initiatives, the Finance Minister added.

In his Budget Speech, the Finance Minister informed that increased digital transactions will enable small and micro enterprises to access formal credit. He said that the Government will encourage
SIDBI to refinance credit institutions which provide unsecured loans, at reasonable interest rates, to borrowers based on their transaction history.

The Finance Minister assured the House that the Government will consider and work with various stakeholders for early implementation of the interim recommendations of the Committee of Chief Ministers on digital transactions.

Shri Jaitley said that the Government is considering the option of amending the Negotiable Instruments Act to ensure that the payees of dishonoured cheques are able to realise the payments.

Highlights of Union Budget 2017-18


Highlights of Union Budget 2017-18

1. All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board: FM
2. 10% Surcharge on individuals with income between 50 lakh to 1 Crore: FM
3. Surcharge of 10% for individuals earning between Rs 50 lakh- 1 crore; Surcharge for incomes > Rs 1 crore at 15% to continue: FM
4. A single one-page form for filing IT returns for taxable income up to 5 lakh rupees: FM
5. Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent: FM
6. Time period of revising tax return to be reduced to 12 months: FM
7. Amendment to RBI Act proposed to enable electoral bonds: FM
8. Political parties will be entitled to receive donations in cheque or digital payment, every political party to file IT returns: FM
9. Long-term capital gains tax on immovable property to apply after 2 years, instead of 3 years now: FM
10. Maximum amount of cash donation a political party can receive to be 2000 rupees from any one source: FM
11. Computer emergency response team to be established Cyber security: FM
12. Rate of growth in advance tax in personal income tax in last 3 quarters of this financial year is as high as 34.8%: FM
13. Basic customs duty on LNG to be reduced from 5% to 2.5%: FM
14. Tax rate for companies with an annual turnover up to 50 crores to be reduced to 25%, to strengthen MSME sector: FM
15. To make MSMEs more viable, income tax for smaller companies to be reduced: FM
16. Profit linked deduction available to Startups for 3 years out of 5 years will be available for 3 years out of 7 years
17. Capital gains tax to be exempted,for persons holding land from which land was pooled for creation of state capital of Telangana: FM
18. Thrust in budget are affordable housing, promote digital economy, bringing transparency in political funding: FM
19. We are committed to make our taxation rate reasonable,our tax admin more fair & expand the tax base of the country: FM
20. Only 1.72 lakh people show income above Rs 50 lakh: FM
21. 1.5 crore people show income between Rs 2.5-5 lakh; 52 lakh people between between Rs 5-10 lakh; 24 lakh above Rs 10 lakh: FM
22. 5 special tourism zones,anchored on SPV, to be set up; Incredible India II campaign to be launched across the world: FM
23. Revenue Deficit target at 1.9% of GDP: FM
24. Govt to commemorate Champaran Satyagraha centenary: FM
25. Fiscal deficit pegged at 3.2 percent of GDP: FM
26. Aadhar-enabled payment system AadharPay to be launched: FM
27. Defence allocation of Rs 2.74 lakh crore: FM
28. Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country: FM
29. Total allocation for infrastructure in Budget for Better India stands at a record level Rs 3,96,135 crore in 2017-18: FM
30. State run companies like IRCON and IRCTC to be listed in markets: FM

Source: http://www.newsonair.com/

Income tax reduced by 5% for Income upto Rs.5 lakh: Budget 2017


Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017

Finance Minister announced in the budget speech for 2017-18 today in Lok Sabha, there were legitimate expectations of the salary class after demonetization to reduce the tax burden. He proposed reducing the present rate of income tax from 10 to 5 percent for the first slab of income from 2.5 lakhs to 5 lakh rupees

NEW INCOME TAX RATES 2017-18 (ASSESSMENT YEAR 2018-19)

Total IncomeNormal Rates of Income Tax
Up to Rs.2,50,000 to Rs.5,00,0005%
  • All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board
  • 10% Surcharge on individuals with income between 50 lakh to 1 Crore
  • Surcharge of 10% for individuals earning between Rs 50 lakh- 1 crore; Surcharge for incomes > Rs 1 crore at 15% to continue
  • A single one-page form for filing IT returns for taxable income up to 5 lakh rupees
  • Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent
  • Time period of revising tax return to be reduced to 12 months

7th Pay Commission: Higher Allowances Likely After Union Budget 2017


7th Pay Commission: Higher Allowances Likely After Union Budget 2017

Global brokerage Morgan Stanley said that higher pay commission-related payouts could put pressure on government finances.

Some analysts are hopeful that the government will implement Seventh Pay Commission-related allowance hikes after the Budget 2017, which is scheduled for February 1. The Centre implemented the Seventh Pay Commission (CPC) pay hikes in September 16 and is expected to implement the allowance hikes in March after the state elections, domestic brokerage Religare said in a report. This will boost the income of one crore central government employees and pensioners, the brokerage added.

Another brokerage HSBC Securities says that "about 70 per cent of the Seventh Pay Commission recommendations (i.e. pay and pension) have already been accounted for in the FY17 Budget. The remaining item - the housing allowance - is likely to get implemented in FY18."

"At worst, if the government is under pressure, this allowance can be pushed to the next year, as was done in the previous pay commissions. The housing allowance does not attract arrears," HSBC Securities said.

Religare, however, said that implementation of the housing allowance portion of the Seventh Pay Commission as well as GST or Goods and Services Tax is expected to push up average inflation. Another global brokerage Morgan Stanley said that higher pay commission-related payouts could put pressure on government finances. "Trailing higher wage spending and further drain are expected as the government is likely to pay the higher allowances due as part of the Seventh Pay Commission wage hikes," it said in a report.

The Union Cabinet had in June accepted the recommendation of Justice A K Mathur headed Seventh Pay Commission in respect of the hike in basic pay and pension but its suggestions relating to allowances were referred to a committee. The 7th Pay Commission examined a total of 196 existing allowances and, by way of rationalisation, recommended abolition of 51 allowances and subsuming of 37 allowances.

Source: NDTV

AICPIN for the month of December 2016


AICPIN for the month of December 2016

No. 5/1/2014- CPI
GOVERNMENT OF INDIA
MINISTRY OF LABOUR & EMPLOYMENT
LABOUR BUREAU


CLEREMONT, SHIMLA-171004
DATED: 31st January, 2017
 Press Release

Consumer Price Index for Industrial Workers (CPI-IW)-December, 2016

The All-India CPI-IW for December, 2016 by 2 points and stood 275 (two hundred and seventy five). On 1-month percentage change, it decreased by (-) 0.72 per cent November and December, 2016 when compared with the decease of (-) 0.37 per cent between the same two months a year ago.

The maximum downward pressure to the change in current index came from Food group conuibuting (-) 2.74 percentage points to the total change. At item level, Arhar Dal, Gram Dal, Masur Dal, Urd Dal, Groundnut Oil, Muslard Oil, Chillies Green, Ginzer, Brinjal, Cabbage, Carrot, Cauliflower, French Beans, Gourd, Green Coriander Leaves, Methi, Palak, Peas, Potato, Radish, Tomato, Banana, Lemon, etc. are responsible for the decrease in index. However, this decrease checked by Rice, Wheal, Wheat Alta, Coconut OiL Fish Fresh, Goat Meat, Milk Snack Saltish, Cooking Gas, ESI Premium Contribution, Petrol, Flowe/Flower Garlands, Toilet Soap, etc., putting upward on the index.

The year-on-year inflation measured by monthly CPI-IW stood at 2.23 per cent for December, 2016 as compared to 2.59 per cent for the pervious month and 6.32 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at 0.67 per cent against 1.66 per cent of the previous month and 7.94 per cent during the corresponding month or the previous year.

At centre level, Rourkela reported the maximum decrease or 10 points followed by Vadodara (9 points), Nagpur and Lucknow (8 points each) and Amritsar, Varanasi and Monger Jamalpur (6 points each). Among others, 5 points decrease was observed in 7 centres, 4 points in 12 centres, 3 points in 9 centres, 2 points in 15 centres and 1 point in 10 centres. On the contrary, Quilon recorded maximum increase of 6 points followed by Ernakulam and Mundakkayam (3 points each). Among others, 2 points increase was observed in 4 centres and 1 point in 4 centres. Rest or the 7 centres indices remained stationary.

The indices or centres are above All-India Index and other 43 centres indices are below national average. The index or Vishakhapathnam centre remained at par with All-India Index. The next or CPI-IW fer the month of January, 2017 will be released on Tuesday, 28th February, 2017. The same will also be available on the office website www.labourbureaunew.gov.in

sd/-
(SHYAM SINGH NEGI)
DEPUTY DIRECTOR GENERAL
Authority: www.labourbureaunew.gov.in

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