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Daily The Hindu News Analysis IJULY 2017 ST By Jatin Verma Educator Unacademy unacadem For Editorial Analysis & English video, Visit my Unacademy Profile- https://unacademy.com/user/studiousjatin
Page l + 9: At stroke of midnight, India gets a 'good and simple tax' Calling the GST a simpler, modern and more transparent taxation system that will do away with 500 different taxes levied across the coun- try's 29 States and seven Union Territories, Govt. said that it would end the spectre of tax terrorism and Inspector Raj that India's businesses have had to endure for long. GST Council chaired by Finance Minister slashed the tax rate on fertilizers from 12% to 5% and tractor parts from 28% to 18%,in a bid to make the new tax regime more farmer-friendly. Question. What are the most important Second Generation Reforms for India. LPG Reforms of 1990s were First generation Reforms] For Daily News & Editorial Analysis, you can follow me on Unacademy https://unacademy.com/user/studiousjatin
GST SUVIDHA PROVIDERS Web Portal Mobile App GSP-GST Server GST Server .Registration Package Tax . Challan Payer . Generation Invoice Uploading Return Filling ERP . Ledger Apps GSP Eco System
Page ll: Delayed on D-Day: e-waybills, date of filing returns Several key aspects such as the e-waybill system, the tax collected at source (TCS) by e- commerce companies, and the dates of filing returns have been delayec. The government on June 18 decided to push back the date of filing returns for July and August under GSTWhile the deadline for filing returns for July was earlier August 10, it was deferred to September 5.The deadline for August was moved to September 20 from September 10. The decision to delay the date of filing returns suggests that the government itself has realised that the GST Network is itself not ready and that the GST Suvidha Providers also need more time The e-waybill system, envisaged to provide an electronic way bill for the movement of goods across the country, met with huge opposition from industry players since the rules were con- sidered to be too complicated to implement. For Daily News & Editorial Analysis, you can follow me on Unacademy https://unacademy.com/user/studiousjatin
Page 8: Notice to poll panel on MP Minister The Madhya Pradesh High Court issued a notice to the Election Commission on a plea filed by Public Relations, Legislative Affairs and Water Resources Minister Narrotam Mishra for disqualifying him from the Assembly allegedly for corruption and paid news during the 2008 Assembly polls. The EC on June 24 disqualified Mr Mishra under Section IOA of the Representation of the People Act, 1951. Page 8: Now, a hard trek via Lipulekh : Amid a face-off between Indian and Chinese troops along the India-China border, the Kailash-Mansarovar Yatra through the Nathu La pass in Sikkim has been cancelled. However, pilgrims travelling through the Lipulekh pass in Uttarakhand will continue as scheduled. The annual Kailash Mansarovar Yatra was flagged off earlier this month by External Affairs Minister However, China had declined permission for the first group of 50 pilgrims to proceed to Mount Kailash through the Nathu La pass.
Page 9: How will the Centre ensure States' finances are not hurt? hat was the issue? The GST is a destination- based tax, and as such is viewed as being to the advantage of the consuming States and to the detriment of the producing States like Maharashtra, Tamil Nadu, Gujarat, Haryana, and Karnataka. . These States had raised objections to the implementation of GST, forcing the Centre to agree to a formula for compensating them in the event of a loss of revenue The 14th Finance Commission advised the Centre to provide 100% compensation to States for their revenue loss after implementation could be as much as 55,000 crore.
where are the funds? The GST, once implemented, will subsume almost all the cesses levied at the moment, including Swachh Bharat Cess and Krishi Kalyan Cess. Other cesses like the education cess on imported goods and the cess on crude oil will remain under GST. e However, the government needs extra revenue to compensate the States, and so the GST Council decided to impose additional cesses for five years on certain goods over and above the highest tax bracket of 28%. These goods on which cess will be levied include tobacco products, coal, motor vehicles, which include all types of cars, personal aircraft, and yachts. These additional cesses, however, will be removed after five years & the States incurring losses would have to find alternatives