giftedviz.com
giftedviz.com September 20, 2018


High expectations as NE set to host first GST meet

10 November 2017, 01:51 | Darnell Patrick

High expectations as NE set to host first GST meet

High expectations as NE set to host first GST meet

The 23rd GST Council meeting got underway in Guwahati on Thursday evening while the opposition Congress agitated outside the venue protesting the negative impact of GST on small businesses, poor and marginalised sections of the society. "With a view to giving further relief to small taxpayers and consumers at large, it is expected that tax rates will be brought down from current 28 per cent to 18 per cent on over 200 items of daily use", he said before flying to Guwahati to participate in the two-day GST Council meet that began on Thursday.

The panel also recommended lowering tax rates for manufacturers and restaurants under the composition scheme to 1 per cent.

"Tax rates on 80 per cent of 227 items falling in top slab is likely to be reduced from 28 per cent to 18 per cent in the next GST council meeting".

Under GST, various goods and services have been bracketed in 5%, 12%, 18% and 28%. We are hopeful that the suggestions provided by various trade bodies will be incorporated in the GST during the upcoming council meeting", Sobhapandit said.Sobhapandit added, "Various trade bodies have provided a number of recommendations so that doing business becomes easier and user-friendly under the new tax regime. "The whole idea is, as your revenue collections neutralises we must prune it", he had said. "I see that as a future guide as far as the Council is concerned", Jaitley had said.

The minister said that exclusion of electricity, crude oil, petrol, diesel, jet fuel, natural gas and real estate out of GST means that about half of total indirect tax revenue will be out of GST.

Inspector general's report questions whether airport security is up to snuff
The latest tests come just two years after the DHS secretly audited the agency and found that it failed 95 percent of the time. Pekoske said the TSA itself conducted "tens of thousands" of internal tests last year and planned a similar number this year.


Star Wars Battlefront 2 lays out its FREE DLC Plans
EA has outlined four weeks of planned content, dubbed The Last Jedi Season , following the release of Star Wars Battlefront 2 . Instead, "Johnson will introduce new characters from a corner of the galaxy that Star Wars lore has never before explored".


Why Entrepreneurs Carry Business Cards
You will have to wait for them to visit your website or store later and this can mean they’ve already forgotten about you. If you succeed in creating a memorable business card, you don’t just connect deeper with the person you gave the card to.


The GST Council is also set to consider steps to ease the compliance burden for traders and businesses. Most of the daily use items could be lowered to 18 per cent.

Apart from bringing down the taxes, the GST Council may also take call on incentivising digital transactions for both customers and traders to boost digital payments in the country.

Another significant proposal that could come up for the GST Council's approval is the inclusion of the GST component in the maximum retail price of goods.

Penalty on delayed GST returns filing could also be reduced to Rs 50 from Rs 100, sources said.



Other News

Trending Now

Martellus Bennett released by Packers
When Bennett returned from the bye, he offered only a one-word explanation for what led him to that decision: "Life", he said. The Packers' other two tight ends, Richard Rodgers and Lance Kendricks, have a total of 12 catches this season.

Eurozone Growth Set to Accelerate as Threats Subside
Romania's 2017 budget is built on projections for 6.1% economic growth and deficit equivalent to 2.96% of GDP. In 2016, Romania's economy grew by 4.8% year-on-year, compared to a revised growth rate of 3.9% in 2015.

Kentucky posts its highest-ever NCAA graduation rate
Four of Baylor's sport programs earned a flawless GSR score of 100, including men's golf, women's golf, soccer and women's tennis. This is the 13th year that the NCAA has calculated data for the GSR and the Wolf Pack's rate has risen nine times in that span.

Director will reshoot film without Spacey
Paul Getty , the industrialist who was named by the the richest living American in1966 by the Guinness Book of World Records . Spacey's career has nosedived since the first allegation of sexual advances were made by actor Anthony Rapp on 30 October.

China's goods trade volume up 15.9 pct in Jan-Oct
Imports grew 17.2 percent year-on-year in October, beating forecast of 16.0 percent growth but slightly slower than the 18.7 percent rise in September.

Ezekiel Elliott suspended again; Could miss three divisional matchups
Dallas Cowboys running back Ezekiel Elliott will be suspended for six games starting immediately after the Second Circuit U.S. It wasn't immediately clear how soon the court would rule on Elliott's claim that he was treated unfairly by the NFL.

LinkedIn can now help you build a better resume in Word
Furthermore, job applications on LinkedIn have increased 40 percent year-over-year, signaling increased competition for jobs. Look out for more updates in the coming months.

Jio's Triple Cashback Offer! Exclusively For Jio Prime Members
Additionally, Reliance Jio has also partnered with some e-commerce sites to provide vouchers of up to Rs. 1899 on every recharge. Once the recharge is successful, the user will receive 8 vouchers of Rs. 50/- each, totaling Rs. 400/- in their Jio account.

Microsoft 'not leaving current players behind — Xbox One X
But at the same time, playing the unenhanced and enhanced titles back to back, most of the adjustments were subtle. For Games & Apps, chances are you'll want to go as high-definition as your television will allow you to go.

Premiere of Louis CK film scrapped amid sexual misconduct allegations
Another anonymous woman said C.K. masturbated in front of her in his office on The Chris Rock Show in the late 90's. In 2015, Gawker published a story detailing allegations of mistreatment of women by Louis C.K.