STOCK MARKET BSE NSE

Parle denies reports of 10,000 job losses, calls for rational tax structure on biscuits

'The news about 8,000 to 10,000 job losses at Parle G is not a factual story,' said Mayank Shah, Senior Category Head at Parle.

Published: 27th August 2019 12:18 PM  |   Last Updated: 27th August 2019 12:18 PM   |  A+A-

Image of Parle-G biscuit used for representational purpose. (Photo | Parle official website)

By ANI

MUMBAI: Leading biscuit maker Parle Products on Monday denied reports of 10,000 job losses due to slowing economic growth, falling demand and consequent production cuts.

"The news about 8,000 to 10,000 job losses at Parle G is not a factual story," said Mayank Shah, Senior Category Head at Parle.

"The facts have been hyped by the media. The condition of job loss is actually an eventuality if our demand for lesser tax rates is not met," he told ANI.

"It is not a fact that people have lost their jobs by now. The fact is that we cannot continue with the same number of manpower if we are not having the same production volume as earlier," said Shah.

"I just believe that 18 per cent Goods and Services Tax (GST) on biscuits is too much. Biscuits were exempt from excise tax earlier. But now they are taxed at 18 per cent," he said.

Other company products like rusk were earlier exempt from taxes. Now it is taxed at 5 per cent GST rate. Shah said even biscuits could be put in the tax bracket of 5 per cent.

"It is more important to talk about the fair tax rate for us. A high tax rate can affect our volume of production. About jobs which we are talking is actually an eventuality of the whole scenario," said Shah.

Parle is a leading manufacturer of biscuits and confectionery in the country. Outside India, it has manufacturing units in Cameroon, Nigeria, Ghana, Ethiopia, Kenya, Ivory Coast, Nepal and Mexico.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp