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DAILY NEWS ANALYSIS from HINDU, TOI, INDIAN EXPRESS 8th August 2017 By JATIN VERMA Educator Unacademy For Daily The Hindu News & Editorial analysis- Visit my Unacademy profile- www.unacademy.com/user/studiousjatin
. Page-Cess limit on motor vehicles raised to 25% The GST Council recommended that the Central Government may move legislative amendments required for increase in the maximum ceiling of cess leviable on motor vehicles falling under headings 8702 and 8703, including SUVs, to 25% instead of the present l 5%. The reason for this, according to the GST Council's Fitment Committee, was that the post-GST tax incidence on motor vehicles across most categories was significantly lower than the pre-GST tax. The reason for levying cess is to compenstae States in case of any revenue shortfall Analysis: I. Big SUVs are diesel guzzlers 2. Buying car in India is easier than Buying homes 3.Automobile industry lobbying- During diesel price de-regulation, during registration fee hike[Workers' wages- recurrent strikes in Maruti's Manesar Plant?] 4. Industry says- it will affect their "Make in India" plans- Employment, industry,revenue but Oil import??? 5. Congestion on Roads; China does a draw for only Ilakh vehicles sales per year
GST ties Bengal's traditional weavers in knots . There is confusion on whether GST would be levied on taant saris, business for these weavers has almost stopped over the past month. However, five per cent GST has been imposed on cotton and yarn, raw materials for taant saris.At least 8,000 weavers in the Rajbalhat area in Hooghly district's Jangipara block whose livelihood has been jeopardised due to the confusion regarding GST. Weavers in other districts such as Nadia, Bankura and Purba Bardhaman are facing a similar crisis. According to the Handloom Census of India (2009-10) there are 4.07 lakh households in Bengal involved in the sector. . The Producers (sari merchants)--who provide the weavers with cotton yarn and other raw materials for the sari and then sell the finished producthave nearly stopped giving them any work due to the confusion over GST.
Page 10: Planes missing, fruits to India rot in Kabul Weeks after the India-Afghanistan air corridor trade project was launched, the project has run into rough weather, with fruit exporters complaining that procedural delays, particularly a shortage of cargo planes, are causing them major losses.
States cold to stricter anti-racial law . The Home Ministry's proposal to amend the law to insert two stricter anti-racial discrimination provisions in the Indian Penal Code has got a lukewarm response from the States. Only four of them Uttar Pradesh, apart from Manipur, Meghalaya and Mizoram in the northeast have given their assent to the proposed law. Three Union TerritoriesAndaman and Nicobar, Dadra and Nagar Haveli, and Lakshwadeep have also agreed to the Centre's proposal. . The Home Ministry has proposed to amend two provisions in the IPC, that is, Section 153A and Section 509A. Since this matter comes under the Concurrent List, Centre has to obtain the opinion of the State Governments. . Panel recommendations: Amendments were based on the recommendations of the Bezbaruah Committee, constituted by the Centre in February 2014 in the wake of a series of racial attacks on persons belonging to the northeast. The draft 153 C IPC provision says, "whoever promotes or attempts to promote, on the ground of race, racial features, behaviour, culture, customs or way of living, any act which is prejudicial to human dignity or dignity of members belonging to particular race and uses criminal force or violence in furtherance of such act, or likely to cause fear or feeling of insecurity amongst the members of such race, shall be punished with imprisonment for a term which may extend to five years and fine." Wary of misuse: The Govt is also examining the possibility of the provisions being misused. Especially Section 509A IPC, which makes making a word or gesture, punishable by three years, difficult to prove. We do not want the culprits to go scot-free but no innocent should be punished eithen
Page 12World News:North Korea defiant after new sanctions, rejects talks . North Korea vowed that tough new United Nations sanctions would not stop it fromm developing its nuclear arsenal, as it rejected talks and angrily warned the United States of retaliation The message of defiance was the first major response to the U.S.-drafted sanctions, which the UN Security Council unanimously approved over the weekend and which could cost North Korea $I billion a year. . U.S. wanted North Korea to bring all of its Nuclear Arsenal under International Atomic Energy Agency of U.N. surveillance The North's sole major ally China, accused by the United States of doing too little to rein in Pyongyang, piled on the diplomatic pressure by vowing to fully implement the new sanctions. will enforce sanctions 100%:China China is " 00%", committed to enforcing the latest round of United Nations sanctions against North Korea over its nuclear weapons programme
Business Page 13: Number of income tax returns led goes up 24.7% The number of income tax returns filed this financial year up to August 5 increased by almost 25% and the advance tax collections during that period has risen 41 .8% over the year-earlier period, according to the Centre. %overthe year-earlier P e As a result of demonetisation and 'Operation Clean Money there is a substantial increase in the number of Income Tax Returns (ITRs) filed. The number of returns filed as on August 5 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of ficsal year 201 6-20 17, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year.
. Business Page: Profit petroleum may be exempt from levy of GST royalty Currepay a pre-determicts (PSsighe Gods an a operators to pay a pre-determined share of the surplus petroleum output to the Centre as a form of royalty.Currently, such profit petroleum is subject to GST as it has been construed as a payment made The oil and gas exploration and production business is likely to get a boost following a proposal to exempt the profit petroleum paid to the Centre from the Goods and Services Tax (GST). . The production sharing contracts (PSCs) signed for exploration and development of oil fields require by firms for a service. . Though profit petroleum is legally taxable, the levy of GST doesn't appear to be in sync with the PSCs che New Exploration Licensing Policy or NELP . Implicit cost':The PSC allows contractors to recover all expenses incurred in exploration, development,production and this includes costs of all inputs and indirect taxes paid thereon (except corporate income tax) If profit petroleum is a consideration paid to the government for the right to explore, it is also an implicit cost. However, operators are not allowed to recover the profit petroleum paid to the government as a cost under the PSC. Moreover, if GST is to be levied on the government's share of profit petroleum, disputes could arise on whether the contractor can pay the GST out of his own profit petroleum.
Industry bodies such as Cl had made several representations on the issue to the Centre, contending that paying a share in profit petroleum to the government is a profit-sharing arrangement rather than a payment for a service. relationship between the government and contractors is of an assignor and assignee, they concede that the GST levy has the potential to lead to litigations and disputes . . This is not good for reducing India's dependence on imported oil and gas. So, in order to quell the concerns of this strategically important sector, we have mooted that the GST Council consider exempting government's share of profit petroleum from the tax," the official said "Profit petroleum is a bidding parameter for players under the NELP regime and they are required to share varying amounts of the surplus oil drilled beyond a particular threshold with the government. In the overall scheme of NELP treating government's sh appears odd. Cost petroleum At the same time, the government is likely to clarify that cost petroleum, which is the value of petroleum that a contractor can take in order to recover all contract costs for exploration and royalty incurred during a year- could be taxable. . Cost petroleum is not a consideration for a service to the government and thus not taxable per se However, it is a valid measure of mining service provided by an operator, which is taxable especially where details of cash bills raised by the oDerator are not available with authorities
Chrome File Edit ViewN History BOOkmarkS People Window Help (42) Jatin Vermaa , Two IPS officers jo >< (42) 7th August 2( >< .r11 ces limit on mc secure ! https://unacademy.com/user/iatinve r m a 71 JATIN VERMAl Searching for ..JAT VERMA.. EDUCATORS Jatin Verma Mahesh Verma COURSES The Hindau-Daily News Analysis July 2017 (Hind) The Hindu-Daily NewS Analysis July 2017 y Jatin Verm (Hind) The Hindu-Daily Editorial Analysis for June 2017 The Hindu-Daily News Analysis for June 2017 The Hindu Daily News Analysis August 2017 For Daily PRESS INFORMATION BUREAU updates, Visit my Unacademy profile- www.unacademy.com/user/studiousjatin