Regulations
Support GST bill passage: Assocham to Sonia
Kolkata : Assocham on Wednesday appealed to Congress president Sonia Gandhi to support the passage of the Goods and Services Tax (GST) legislation in parliament, and also suggested that the Seventh Pay Commission recommendations be implemented in a staggered manner.
 
"Let the Pay Commission be staggered over the next few years, or else the benefits derived out of the cut in subsidy on oil, LPG and fertiliser would be wiped off by the extra salary bill," Assocham president Sunil Kanoria told the media here.
 
Kanoria said all-out efforts should be made to get the GST Constitutional Amendment Bill -- which is pending in the Rajya Sabha -- passed in parliament, and urged Gandhi to extend his support to the legislation "which alone can make a huge difference to the business sentiment".
 
He said as the entire global economy was on the edge and India may also get a big hit like other emerging economies, the government should "certainly not implement" the Seventh Pay Commission at one go because it would not only ruin the health of the central fiscal structure but also the states which require large allocations for planned development.
 
"Given the perilous state of financial markets, raising money through disinvestment would be quite difficult for the government, which then is also expecting banks to get some re-capitalisation from the market which is going through one of the most tumultuous times," he said.
 
"With the nominal GDP likely to stay muted next year as well, the tax revenue targets cannot be set at ambitious level, while there would be lot more demand for pushing investment. That is why off-budget innovative financial models like the railways have to be found," he 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.

 

User

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.

United Spirits net slips 45 percent in Q3
Bengaluru : Liquor major United Spirits Ltd (USL) has posted Rs.41 crore net profit for the third quarter (October-December) of this fiscal (2015-16), registering a whopping 45 percent decline from Rs.75 crore in the like period a year ago.
 
In a regulatory filing to the Bombay Stock Exchange on Wednesday, the city-based Indian subsidiary of British liquor major Diageo said income from sales, however, increased 20 percent to Rs.2,646 crore from Rs.2,200 crore in the same period a year ago.
 
The company's scrip with Rs.10 face value ended at Rs.2,591.60, losing Rs.107 or 3.97 percent from Monday's closing price of Rs.2,698.60 though it opened at Rs.2,720 for trade when trading began earlier in the day.
 
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.
 

 

User

COMMENTS

Nanda Patel

1 year ago

Market Cap of 37478 Cr and stock trading around 175 PE. It's hard to see value when Vijay Mallya is still heading the company though he only has 5% stake in company and Diago is unable to get him out form his top position.

Purchase preference to local content in oil, gas contracts announced
New Delhi : The government on Wednesday announced a 10 percent purchase preference for local products in all petroleum sector contracts towards boosting the share of domestic manufacture in projects awarded by state-run oil and gas companies.
 
"Based on discussions within an internal steering committee on the matter, companies and other stakeholders, we have decided there should be 10 percent purchase preference in tenders," Petroleum Minister Dharmendra Pradhan told reporters here.
 
"Our ministry has estimated oil companies' annual capital expenditure of around Rs. 90,000 crore. The award of these contracts should increase local manufacturing," the minister said.
 
He said the award of these contracts would not require separate approval from the union cabinet.
 
Pradhan also said the ministry will soon publish a concept paper on the proposal calling for stakeholder comments.
 
"These consultations are expected to be over by 19 February. Rolling out the new proposal would go into the next financial year," he said.
 
The policy does not differentiate between domestic and foreign companies as long as they meet the minimum cutoff of locally manufactured content in a tender.
 
Under the changed guidelines, contracts for equipment and services can attract mandatory local content share of between 10 percent to 50 percent.
 
"Based on our estimate, upto 20 percent local content can come in service and supply related contracts while 30 percent locally manufactured content can come in EPC (engineering, procurement and construction) contracts," Pradhan 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.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)