Taxation
'Final GST draft coming soon, exemptions drastically cut'
The finance ministry will shortly roll out the final draft of the Goods and Services Tax (GST) bill after drastically pruning the list of central exemptions, an official said here on Thursday.
 
"The government will roll out the final GST draft paper in the public domain very soon," said Special Secretary (Revenue) Rashmi Verma, addressing 'Indirect Tax and GST Conference: Recent Developments in India', without revealing the exact timeframe.
 
Verma said the government would drastically prune the list of exemptions currently being enjoyed by the industry as incentives for business expansion in hilly states and north-eastern part of India.
 
Reduction in exemptions would result in seamless flow of goods and services tax and substantially arrest its cascading effect, she said.
 
"Tax exemptions until now extended to industry for their expansion and diversification will have to go with GST legislation becoming a reality," said Najib Shah, chairman, Central Board of Excise and Customs (CBEC). 
 
Verma also said a large number of concerns and issues raised by the industry concerning GST had been addressed at the conference which was organised by PHD Chamber of Commerce and Industry.
 
With the basic draft of GST bill already present in public domain, the government has been engaging with state governments and the industry to take a balanced view of the concerns and issues of the stakeholders, she added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Ganesh Kamat

1 year ago

GST SIMPLIFIED....

Tax Reform Simplified,
Only 1% Tax on Receipt to get
more Taxpayers, Tax collections & more VOTES too.

1) For Big Tax collections,
take 1% Tax from 20 Taxpayers,
than 20% Tax from one Taxpayer.

2) Simple Tax of 1% on Receipt /Transaction /Interest /Sale
/Gift /Loan /Benefit /Salary /Dividends /Rent /Custom.....
any & all inward cash, Cheque etc.

3) Average say on Rs. 30 L Receipt,
Pay Rs. 0.3 Lac Tax per year.
If Taxpayers = 60 Cr.
Tax collection will be 18 L- Cr.

4) Simple Tax means more Taxpayers, more collection & No refund Problem.

5) At present, we have say @ 3 Cr Taxpayers,
with Collection of say @ 3.5L-Cr,

6) So with 1% Tax, the Taxpayers will work to improve Business / Goods Services/ R.&D./
Social work.So more Employment, make in India, less Farmer Suicide & Peace of mind to the people.

7) Bank Account number is your mobile number.

8) Tax payment by your mobile number @ RBI a/c,
In bank transaction, the Bank will deposit your 1? Tax by your mobile number @ RBI a/c directly.

9) For cash Transaction pay similar to Post paid Mobile charges,
to your mobile number @ RBI a/c.
Most will pay if the Tax is 1% & simple to pay.

10) Your Bank Account Number should be mobile number & connected to PAN/ AADHAAR /Passport/ Election Card etc.
For Simplicity.

11) Tax collection will be distributed to State & Local bodies, say 10% each, from the place of collection.

12) Also add 1% more (L.P.F.)
Less Privilege Fund,
similar to PPF for,
social / self benefit,
to give Power to the people for Social Cause / in your bad days.

13) In short Pay Rs. 20- for every Rs. 1,000- Received.

i) Rs. 10- as tax to RBI
ii) Rs. 10- in your (L. P. F.) a/c. Could be use for social cause/ for your bad days.

14) L. P. F. (Less Privilege Fund)
of 18 L- Cr, with 60 Cr voters, will reduce dependency on the Government for the Social development.
Fund will be used for the Social cause / in your bad days.

15) Keep faith in 60 Cr voters, as they will take care of their neighbours, in need.
Also most will pay, if Tax is 1? & Simple to pay.
Only Indian can make better India.

16) Can consider more tax for Higher Receipt, say above 0.5 Cr per year, payable at the year ending.

17) All Transactions are Traceable as mobile number is once Bank a/c number & connected to PAN/ AADHAAR
/ Election card.....
So, No Corruption & Black Money Problem.

18) Babus Harassing the youth,
Traders, Voters.. who wants to work.
Babus are ruthless as they
pay "Protection Money" to......?
for Posting/ Promotion/ Permit...
Administrations Reform is a Must.
For getting Votes.

19) Farmers suicide can get reduced, by encouraging them to sell their farm products on Railways to commuter
& roads to motorists, also we need more Passenger Train, to help farmers to sell farm products, to nearby Towns.

20) Expecting Feedback on How to make India Peaceful Place by Refined, Simple Laws.
No blame game please.
Media/ Babus /Netas /Judicial Role is Eminent along with People.

For "Sare Jaha Se Achha Hindustan Hamara." forward this message.
_____________________

Google to train two million Android developers: Pichai
Global internet search engine giant Google will train two million new Android developers in the next three years, its chief executive Sundar Pichai said here on Thursday.
 
Pichai is on a three-day visit to India. 
 
Speaking at the Shri Ram College of Commerce (SRCC), the Indian-origin CEO said: "As per the new plan (by Google), we will train two million Android developers in partnership with 30 universities. This will be done over the time period of next three years."
 
"For me, getting many developers in the workforce are going to solve many new things." 
 
Talking about the public Wi-Fi project which he announced on Wednesday, Pichai said he was very excited about it. 
 
It is the largest (such) project in the world wherein 400 railway stations will get Wi-Fi internet, he added.
 
"The reason we are doing it is that in India when you bring access to internet it changes lives of people," Pichai said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Air India grounds two pilots after engineer's death
Air India on Thursday de-rostered the pilot and co-pilot of an aircraft whose live engine sucked in a maintenance engineer leading to his horrific death, official sources said here.
 
The pilot and co-pilot have been taken off flying duties pending the inquiry being conducted by the Directorate-General of Civil Aviation (DGCA) into the shocking incident of Wednesday.
 
The grounding of pilots is a standard procedure after any such incident and does not constitute any form of action against them, officials said.
 
Air India CMD Ashwani Lohani announced an ex-gratia of Rs.500,000 to the family of the deceased, service engineer Ravi Subramanian.
 
"The funeral shall be performed tomorrow and we have offered a job to a family of the victim," Lohani said.
 
Air India offices observed a two-minute silence at 11 a.m. on Thursday to mourn Subramanian's death, he added.
 
"The DGCA is conducting an inquiry. So it will not be proper to comment... Initially it seems there was some communication gap (resulting in the tragedy)," Lohani said. 
 
"No disciplinary action has been taken against anyone till now."
 
In a freak accident, Subramanian was suddenly sucked into an engine of an Airbus A-319 aircraft at the Chhatrapati Shivaji International Airport here on Wednesday evening.
 
The incident occurred at bay 28 around 8.40 p.m. when the aircraft with around 100 passengers was being prepared for a Mumbai-Hyderabad flight AI-619.
 
The victim was sucked in by the running engine of the aircraft. His badly mutilated body was later recovered.
 
The passengers in the aircraft, many of them dazed after seeing the macabre incident, were deboarded and put on another flight which departed around an hour later.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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