Sitting amid the blackened remains of his home, 32-year-old Nikesh Gawali carefully broke open a half-melted plastic box with a screwdriver. His hands shook slightly, not out of fear, but out of hope. “I’m trying to find my daughter Aarti’s gold earrings,” he said quietly, still focused on the box. “She’s just five. I got them made recently after months of labour work.” The plastic box, warped and blackened by heat, was one of the few things left from his two-room house on the outskirts of Dhamangaon village . All around him lay ash, broken tin sheets and charred wooden beams. The walls had cracked under the heat and the front room’s tin roof had caved in completely. What remained was a blackened debris all around - almost nothing to suggest a home once stood there. Nikesh earns his living as an agricultural labourer, like many in the village. Work is uncertain and depends on the season. Those earrings weren’t just jewellery - they were a small dream, a reward for his hard work,...
 |
| GST |
High power GST council of India on Thursday announced a 4-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess.
A member of GST council said that the slaps have been decided to keep inflation under check. The council decided to keep essential commodies in zero rate slab. Finance minister Arun Jaitley said about Rs 50,000 crore would be needed to compensate states for loss of revenue from rollout of GST, which is to subsume a host of central and state taxes like excise duty, service tax and VAT, in the first year.
However, economic experts have different view on the Jaitley’s comment. “There would be more than 1 lakh crore revenue losses for states after implementation of GST,” said Shobha Prasad, a financial expert. The 4-tier tax structure agreed to has slight modification to the 6, 12, 18 and 26 per cent slab that were under discussion at the GST Council last month. The structure to agreed is a compromise to accommodate demand for highest tax rate of 40.
The Goods and Services Tax Bill or GST Bill, officially known as The Constitution (One Hundred Twenty second Amendment) Bill, 2014, proposes a national Value added Tax to be implemented in India from 1 April 2017.
An empowered committee was set up by Atal Bihari Vajpayee government in 2000 to streamline The GST model to be adopted and to develop the required backend infrastructure that would be needed for its implementation.In his budget speech on 28 February
2006, P. Chidambaram, the then Finance Minister, announced the target date for implementation of GST to be 1 April 2010 and formed another empowered committee of State Finance Ministers to design the roadmap. The committee submitted its report to the government in April 2008 and released its First Discussion Paper on GST in India in 2009.
The Constitution (122nd Amendment) Bill, 2014 was introduced in the Lok Sabha by Finance Minister Arun Jaitley on 19 December 2014, and passed by the House on 6 May 2015. In the Rajya Sabha, the bill was referred to a Select Committee on 14 May 2015. The Select Committee of the Rajya Sabha submitted its report on the bill on 22 July 2015. The bill was passed by the Rajya Sabha on 3 August 2016, and the amended bill was passed by the Lok Sabha on 8 August 2016.
The bill, after ratification by the States, received assent from President Pranab Mukherjee on 8 September 2016,[7][8] and was notified in The Gazette of India on the same date.
Comments
Post a Comment