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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 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
i Chrome File Edit View History Bookmarks People Window Help 70% Wed 9:53 PM UPSC c secure https://unacademy.com rusernatinverrna71 atin unacademy a Explore Search Courses, Topics & Educators o credits Jatin Verma Follow Worked at Citi Bank. Books, movies, travelling, share trading. Have appeared in UPSC CSE twice. Preparing again Activity 29 Courses128.9k Followers 5 Following Impact Jatin Verma added a new lesson 1h 3,024,634 9th August 2017 Editorial-1: Food for Action (on NFSA) National Food Security Act 2013: A Complete Analysis Jatin Verma replied on a comment 2h sir will this state food commission be a quasijudicial body??" Harpreet Singh Kals Jatin Verma 2h you can say.... in loose sense of the term, though. Show Al For Daily Multiple Choice Questions, Visit my Unacademy profile- www.unacademy.com/user/studiousjatin
Other Courses by me: Mediumm Timings 1. The Hindu News Analysis 2. The Hindu Editorial Analysis 3. Daily PIB Summary Live Now. 4. Daily MCQs on Current Affairs 5. Yojana/Kurukshetra Analysis Coming son. [Hindi & 6. Indian Polity Crash Course 7. Most Important Current Affairs. [Hindi & English] 9.00 am [Hindi & English] 9.00 am [Hindi & English] 5.00 pm [Hindi & English]7.30 pm English] Ist Sunday [Hindi for now] [Hindi & English]. Periodic Periodic Sunday-weekly DNA Review: Sunday-weekly Editorial Review: A re-cap of Most Important News of the week A re-cap of Most useful Editorials of the week For Indian Polity Crash course, Visit my Unacademy profile- www.unacademy.com/user/studiousjatin