Day: June 8, 2020

Tax reforms will reap results soon; rise in investment inevitable, says FinMin

The government collected Rs 7.69 lakh crore as corporate tax in FY 2018-19, which fell to Rs 6.78 lakh crore in FY 2019-20.

The Ministry of Finance sought to allay concerns over fall in direct tax collection, and assured that the historic reforms will soon start showing results. The fall in direct tax collection is caused due to the historic tax reforms undertaken and a high number of refunds issued during the last fiscal, the finance ministry said in a statement. Therefore, the fall in revenue is on expected lines and temporary, it added. Manufacturing plants take time to get

Swiggy to merge premium food delivery brand Scootsy to tap into orders from high-end restaurants

Swiggy had acquired Scootsy in 2018.

Food delivery company Swiggy is merging its Mumbai-based intracity premium food delivery service Scootsy into its app, two people aware of the development told Financial Express Online. Scootsy delivered food from premium restaurants (such as Masque, Nara Thai, Royal China, Trattoria), speciality food stores, fruits, vegetables, sweets and bakery items, toys and games, electronics etc in Mumbai. Launched in 2015, the startup was acquired by Swiggy in 2018, as it reportedly failed to raise capital for expansion, but it continued to operate as an independent brand.

“They (Swiggy) are focusing on high-end food category