Skip to main content

Modi gives exit route to small traders from ITlens

Modi gives exit route to small traders from ITlens
Prime Minister Narendra Modi on Sunday asserted the process of taking “important decisions” regarding the economic reforms will continue.The assertion came at a time when the opposition parties have been attacking demonetisation and goods and services tax (GST) rollout.On a day long visit to Gujarat, Modi also reached out to traders, saying their past records would not be checked by the income tax department if they join the formal economy by getting themselves registered under GST.
“After all reforms and hardcore decisions, the economy is on track and is going in the right direction,” Modi said addressingarally in Gujarat.“Many economists have agreed unanimously that the fundamentals are strong,” he added.He was apparently answering critics who have been saying the economy is in bad state.Congress vice president Rahul Gandhi had attacked Modi during his recent campaign tour in Gujarat, after the growth rate slipped to 5.7 per cent in the first quarter of 201718.
Talking about GST, Modi said the number of traders joining the new indirect tax regime is increasing day by day. “In the last few months, 2.7 million additional people have registered themselves for this indirect tax. Tax rules, system, tax officials and even politicians are forcing them to do it,” he said. “Iknow those who are joining have fear that their past records will be checked.Iassure you no tax officials will be allowed to open past records of those who want to come in the mainstream,” the PM declared.
“GST has eliminated check posts on borders.Trucks do not have to wait for days and corruption at checkposts has stopped.Those who used to take contracts for ensuring passage of your trucks through checkposts are naturally angry with me,” Modi said.
Essar Completes Construction OF Ro-Ro terminals
Essar Projects, the arm of Ruiasled Essar Group, on Sunday said it has constructed and designed ´rollonrolloff´ (RoRo) terminals at both Dahej and Ghogha ports, as part of its Rs 225 crore contract from the Gujarat government.Prime Minister Narendra Modi on Sunday inaugurated the first phase of the Rs 615 crore ´rollonrolloff´ (RoRo) ferry service between Ghogha in Saurashtra and Dahej in south Gujarat.The project was awarded by Gujarat Maritime Board which has executed the roro project, for constructing the roro terminals and supporting onshore infrastructure at Dahej and Ghogha.
The Business Standard, New Delhi  , 23th October 2017

Comments

Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Firms with sales below Rs.50 crore out of ambit

The tax department has reiterated that the PoEM rules, which require foreign firms to pay taxes in India if the effective control is here, will not apply to companies withaturnover of Rs.50 crore or less inafinancial year. Last month, the tax department had come out with the longawaited Place of Effective Management (PoEM) rules, which require foreign companies in India and Indian firms with overseas subsidiaries to pay local taxes if their businesses are effectively controlled by Indians. Then the rules did not setathreshold above which they were to apply. However, the accompanying press release states that the rules will not apply to companies withaturnover of up to Rs.50 crore inayear. That created confusion whether the threshold will be adhered to. Inacircular to clarify things, the Central Board of Direct Taxes (CBDT) said the provision "shall not apply toacompany havingaturnover or gross receipts of ~50 crore or less inafinancial year".

PoEM rules essentially target shell …