SEAnews 2017-05-20 ArtNo.46003

【Mumbai】As salary increments across Indian industries fall to, on average, single-digit percentage figures, goods and services tax (GST) professionals are bucking the trend, taking home hefty mid-term bonuses and increments for moving within the organisation into the GST team.
　GST, the nation's biggest tax reform, is set for a likely July 1 rollout. This has created a big opportunity for the professional services firms to help their clients understand the changing business and tax dynamics, evaluate its impact and take necessary action.
　However, availability of experienced talent that can handle the new single-tax system and the uniqueness caused by duality of rights of Centre and states is not enough in the local market. This is forcing many of these consultancies to woo inhouse professionals from other departments to join the GST teams and cut the load of pending work.
○SoftBank records $1.4 billion loss from India investments

【New Delhi】Japan’s SoftBank Group on Wednesday (May 10, 2017) said it has incurred a loss of over $1.41 billion from its investments in the country’s Internet commerce sector.
　SoftBank Group incurred losses of $1.4 billion on investments in e-commerce player Snapdeal and taxi aggregator Ola in the period to March 2017. The losses compare with a gain of $1 billion in 2015-2016. SoftBank is also invested in Oyo Rooms.
　“(The) highly competitive ecommerce market in India has made a trend of the company’s business performance lower than initially anticipated,” SoftBank said in an official statement.
○Nightmare on IT St: thousands to be sacked

【Mumbai/Bengaluru/Hyderabad】Infosys, Tech Mahindra and Wipro, which went on hiring frenzies when times were good, are today in the process of laying off thousands of their workers across various locations and experience levels.
　Increasing levels of automation, changing business models and costlier visa regimes are forcing these and other software companies to hire fewer and fire more employees than ever before. All this bad news comes amid slowing growth for IT companies. Industry watchers believe that more layoffs are inevitable.
　The situation is made worse by increases in H-1B visa fees and tighter visa restrictions in the US, the UK, Australia and Singapore. Indian IT services companies say their costs are rising but customers may not be willing to pay.
【News source】

GST professionals getting huge salary hikes ahead of tax roll out

SoftBank records $1.4 billion loss from India investments

E-commerce: SoftBank losses from Ola, Snapdeal reach a staggering $1.4 bn

Nightmare on IT St: thousands to be sacked

Tech Mahindra to follow Infosys, Wipro, all set to lay-off 1500 employees

More job cuts likely in IT sector; Wipro, Infosys tighten appraisal process

After promising jobs to 10,000 Americans, Infosys to sack hundreds at home

Now Tech Mahindra looks to lay off hundreds on 'performance' ground

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