General Affairs
Rajya Sabha Objects, Lok Sabha Rejects. Finance Bill Passed In Parliament
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The Finance Bill 2017 has been approved by Parliament, with the Lok Sabha today rejecting five amendments that were proposed by opposition parties and adopted yesterday by the Rajya Sabha, where the government is in a minority. It was a matter of embarrassment, not worry for the government as the opposition flexed its numerical muscle in the upper house.
Because the Finance Bill is a "money bill" the government just needed to bring the Rajya Sabha's proposal back to the Lok Sabha, where it has a big majority, and ensure they were voted down. Three amendments were proposed by the Congress' Digvijaya Singh and two by Left leader Sitaram Yechury.
The opposition has accused the government of undermining the Rajya Sabha by presenting key legislation as "Money Bills" to exclude the upper house from having a say in legislation. Money Bills once cleared by the Lok Sabha are sent to the Rajya Sabha like all other bills, but any changes that the upper house proposes are not binding. The Lok Sabha can accept or reject them.
Four GST or Goods and Services Tax-related bills passed by the Lok Sabha yesterday were also presented as "Money Bills." In the debate that preceded the vote, the Congress' M Veerappa Moily called it "the biggest assault on democracy" and asked, "What is the point of having the council of states." He said all members of the Rajya Sabha should resign "if they have some pride left."
Opposition parties have alleged that the government has pushed "draconian" laws by including them in the Finance Bill. The Congress' Deependra Hooda said in the Lok Sabha today that the government was amending 40 laws through the Finance Bill, making the Rajya Sabha "incidental".
"The procedures of House are being violated and the Finance Bill is being made a compendium... Just because they (the government) have a majority in the House, they should not run roughshod," said Saugata Roy of the Trinamool Congress.
The amendments sought by the opposition and rejected today proposed to delete provisions that give more powers to taxmen. The Rajya Sabha also approved a cap of 7.5 per cent of net profit of the last three financial years for donations by companies to political parties and a provision to disclose the name of political parties to which a company has made contributions.
Because the Finance Bill is a "money bill" the government just needed to bring the Rajya Sabha's proposal back to the Lok Sabha, where it has a big majority, and ensure they were voted down. Three amendments were proposed by the Congress' Digvijaya Singh and two by Left leader Sitaram Yechury.
The opposition has accused the government of undermining the Rajya Sabha by presenting key legislation as "Money Bills" to exclude the upper house from having a say in legislation. Money Bills once cleared by the Lok Sabha are sent to the Rajya Sabha like all other bills, but any changes that the upper house proposes are not binding. The Lok Sabha can accept or reject them.
Four GST or Goods and Services Tax-related bills passed by the Lok Sabha yesterday were also presented as "Money Bills." In the debate that preceded the vote, the Congress' M Veerappa Moily called it "the biggest assault on democracy" and asked, "What is the point of having the council of states." He said all members of the Rajya Sabha should resign "if they have some pride left."
Opposition parties have alleged that the government has pushed "draconian" laws by including them in the Finance Bill. The Congress' Deependra Hooda said in the Lok Sabha today that the government was amending 40 laws through the Finance Bill, making the Rajya Sabha "incidental".
"The procedures of House are being violated and the Finance Bill is being made a compendium... Just because they (the government) have a majority in the House, they should not run roughshod," said Saugata Roy of the Trinamool Congress.
The amendments sought by the opposition and rejected today proposed to delete provisions that give more powers to taxmen. The Rajya Sabha also approved a cap of 7.5 per cent of net profit of the last three financial years for donations by companies to political parties and a provision to disclose the name of political parties to which a company has made contributions.
5 Dead In Maharashtra As Heat Wave Sweeps Through Parts Of India
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Five people have died of heat stroke in Maharashtra and 40-plus temperatures have led to heat wave warning in parts of the state.
Districts in central and north Maharashtra are worst affected.
Village Bhira in Raigad district has been in the news for unusually high temperature at 46.5 degrees, but the Indian Meteorological Department says it will send a team to verify it.
Akola recorded 44.1 degrees Celsius and Wardha, Nagpur and Chandrapur have recorded 43 degrees.
Many other parts of India are suffering record temperatures at the start of summer.
Barmer in Rajasthan recorded a high of 43.4 degrees Celsius while Narnaul in Haryana sizzled at 42 degrees, nine degrees above normal.
The temperature in Ludhiana in Punjab is seven degrees above normal.
In Uttar Pradesh, the maximum temperature crossed 40 degrees in Varanasi, Allahabad, Hamirpur and Agra.
It is the hottest day of the year yet in Delhi, with the temperature six degrees above normal at 38.2 degrees Celsius.
The temperature in Uttarakhand's capital, Dehradun as well as Srinagar has been recorded much above the normal for this part of the year.
There are predictions of a "mild heat wave" in Maharashtra and Gujarat. In the past few days, it has been hotter than 40 degrees in Rayalaseema region of Andhra Pradesh.
In Rajasthan, Barmer was the hottest with mercury touching 43.4 degrees Celsius, followed by 43 degrees Celsius in Churu.
Heat wave conditions will prevail at isolated regions in Gujarat before temperatures across the state return to normal in 2-3 days, according to the Met Department.
"Heat wave conditions remain mainly in North Gujarat region. Saurashtra-Kutch as well as south Gujarat regions are no longer experiencing heat wave," Manorama Mohanty, a senior Met department official in Ahmedabad, said.
On Monday, the temperature in Ahmedabad touched 42.8 degrees, breaking a seven-year record for the month of March.
Districts in central and north Maharashtra are worst affected.
Village Bhira in Raigad district has been in the news for unusually high temperature at 46.5 degrees, but the Indian Meteorological Department says it will send a team to verify it.
Many other parts of India are suffering record temperatures at the start of summer.
Barmer in Rajasthan recorded a high of 43.4 degrees Celsius while Narnaul in Haryana sizzled at 42 degrees, nine degrees above normal.
The temperature in Ludhiana in Punjab is seven degrees above normal.
In Uttar Pradesh, the maximum temperature crossed 40 degrees in Varanasi, Allahabad, Hamirpur and Agra.
It is the hottest day of the year yet in Delhi, with the temperature six degrees above normal at 38.2 degrees Celsius.
The temperature in Uttarakhand's capital, Dehradun as well as Srinagar has been recorded much above the normal for this part of the year.
There are predictions of a "mild heat wave" in Maharashtra and Gujarat. In the past few days, it has been hotter than 40 degrees in Rayalaseema region of Andhra Pradesh.
In Rajasthan, Barmer was the hottest with mercury touching 43.4 degrees Celsius, followed by 43 degrees Celsius in Churu.
Heat wave conditions will prevail at isolated regions in Gujarat before temperatures across the state return to normal in 2-3 days, according to the Met Department.
"Heat wave conditions remain mainly in North Gujarat region. Saurashtra-Kutch as well as south Gujarat regions are no longer experiencing heat wave," Manorama Mohanty, a senior Met department official in Ahmedabad, said.
On Monday, the temperature in Ahmedabad touched 42.8 degrees, breaking a seven-year record for the month of March.
Maoist Camp Destroyed In Jharkhand, A Commander Held
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A Maoist camp was destroyed by the security forces in Jharkhand's Giridih district and one of its commanders arrested in Khuti today, the state police said.
The arrested Maoist commander, Soma Munda, carried a reward of Rs. 50,000 on his head. The police have seized Rs. 48,000 from his possession collected as levy.
According to the police, the Maoist camp in Madhuban in Giridih was destroyed in a joint operation of the police and Central Reserve Police Force (CRPF).
The police had received information about the presence of Maoist guerrillas of Bengal, Odisha, Jharkhand at the camp.
Police sources said a group of Maoists was holding a meeting, but they escaped when the camp was raided.
The police have seized Maoist literature and other incriminating documents.
Maoist guerrillas are active in 18 of the 24 districts of the state.
The arrested Maoist commander, Soma Munda, carried a reward of Rs. 50,000 on his head. The police have seized Rs. 48,000 from his possession collected as levy.
According to the police, the Maoist camp in Madhuban in Giridih was destroyed in a joint operation of the police and Central Reserve Police Force (CRPF).
The police had received information about the presence of Maoist guerrillas of Bengal, Odisha, Jharkhand at the camp.
Police sources said a group of Maoists was holding a meeting, but they escaped when the camp was raided.
The police have seized Maoist literature and other incriminating documents.
Maoist guerrillas are active in 18 of the 24 districts of the state.
No Night Shifts For Women, They Are Needed At Home, Say Karnataka Legislators
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Women should be spared night shifts, and companies, as far as possible, should not call them to work at night, a committee of legislators has proposed in Karnataka. The proposal has triggered protests from women employees as well as activists, who have called it regressive and argued that if accepted, it will shrink the space for women at workplaces.
Critics also point out that the new law allowing women 26 weeks of maternity leave can work as a disincentive to employing women.
The committee chairman, NA Haris, has claimed that women have a lot on their plate as they have to take care of the house and are more involved in child care. "A woman has a greater social responsibility than everyone else. She is going to groom the next generation and has maternal responsibilities. If a woman is working in the night, it could result in the neglect of the child as the mother and the child can't meet.
He added that a man can assist his wife, but can't become a mother and vice versa.
"It is easy to talk, but we have to understand that the social responsibility of each member of the family relies more on the woman," he said.
The committee also said that safety of women is another concern during night shifts. "As men, we have more responsibility towards the safety of women. This is not an issue of old-fashioned, new fashioned," said Mr Haris.
The proposal and the justification given by the committee chairman have perplexed both employers as well as employees. "Tomorrow they will tell a woman to stay at home and bear children. It is none of their business. It shows a feudalistic, paternalistic mindset which is very sad in this modern era," said entrepreneur Mohandas Pai.
Safety, Mr Pai said, was the government's responsibility and it is not the legislators' business to tell women whether to work the night shift or not. Their job, he added, is to make sure that the life, liberty of every citizen is protected.
There are around five lakh women employees among the 15 lakh IT workers in Bengaluru, and Mr Pai said, such a bizarre proposal may force employers to think twice before hiring women.
"Women have fought their way up and penetrated the job market. Now if you put all these restrictions, employers will be hesitant to hire a woman," he said.
"Women can manage both -- work and family-- with ease," said Amrin, a freelancer. "I don't have anyone around me... We understand where we have to draw the line so I don't think we need anyone to protect ourselves other than us."
Her friend Magdalene, who works with an online sales company, agreed and said, "The men in our lives should have the confidence that we can be independent without them. That's enough."
Critics also point out that the new law allowing women 26 weeks of maternity leave can work as a disincentive to employing women.
The committee chairman, NA Haris, has claimed that women have a lot on their plate as they have to take care of the house and are more involved in child care. "A woman has a greater social responsibility than everyone else. She is going to groom the next generation and has maternal responsibilities. If a woman is working in the night, it could result in the neglect of the child as the mother and the child can't meet.
"It is easy to talk, but we have to understand that the social responsibility of each member of the family relies more on the woman," he said.
The committee also said that safety of women is another concern during night shifts. "As men, we have more responsibility towards the safety of women. This is not an issue of old-fashioned, new fashioned," said Mr Haris.
Safety, Mr Pai said, was the government's responsibility and it is not the legislators' business to tell women whether to work the night shift or not. Their job, he added, is to make sure that the life, liberty of every citizen is protected.
There are around five lakh women employees among the 15 lakh IT workers in Bengaluru, and Mr Pai said, such a bizarre proposal may force employers to think twice before hiring women.
"Women have fought their way up and penetrated the job market. Now if you put all these restrictions, employers will be hesitant to hire a woman," he said.
"Women can manage both -- work and family-- with ease," said Amrin, a freelancer. "I don't have anyone around me... We understand where we have to draw the line so I don't think we need anyone to protect ourselves other than us."
Her friend Magdalene, who works with an online sales company, agreed and said, "The men in our lives should have the confidence that we can be independent without them. That's enough."
New Technology Allows Paralyzed Man To Move Arm By Thinking About It
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Bill Kochevar didn't feed himself for more than eight years, nor did he scratch his nose. He couldn't. A bicycle accident in 2006 left him nearly completely paralyzed from the shoulders down.
Now, as outlined in research published Tuesday in The Lancet, Kochevar regained usage of his right hand with the help of an experimental technology called a neuroprosthetic. It essentially created a new connection between the brain and limb to replace the one that was broken.
For the first time in eight years, the 56-year-old Cleveland resident moved his arm simply by thinking about it. He drank a cup of coffee, munched on a pretzel and fed himself mashed potatoes.
"It was amazing," Kochevar said in a video published by Case Western Reserve University. "I thought about moving my arm, and it did. I could move it in and out, up and down."
"We have been able to take the electrical signals which represent his thoughts and use that to control stimulation of his arm and hand," said the study's lead author Abidemi Bolu Ajiboye, assistant professor at Case Western Reserve University.
Though Kochevar was the first to benefit from such technology, Bolu Ajiboye said he believes it could be accessible to the general public in five to 10 years.
Kochevar was on a 150-mile bicycle ride one rainy day in 2006, when he crashed into the back of a mail truck that had stopped to deliver a package. He was left paralyzed from the shoulders down. Upon learning of the research in 2014, he volunteered to take part.
"Somebody has to do research," he said. "If nobody does research, things don't get done."
The inherent problem was that signals from Kochevar's brain were not reaching the rest of his body due this spinal cord injury.
The procedure to create an entirely new connection between his brain and arm took place in two distinct phases.
First, researchers implanted an electrode array, used to detect and record brain signals, into the motor cortex of his brain, the area responsible for arm and hand control.
The sciences hooked the array up to a computer interface displaying a virtual arm. Responding to Kochevar's neural signals, the virtual arm would move about the computer screen, approximating a real limb.
At first, Kochevar simply attempted to control the on-screen arm with his mind, as if it were his own.
"We have an algorithm that sort of transforms those neural signals into the movements he intended to make," Robert Kirsch, a professor of biomedical engineering at Case Western, told NPR.
"He was able to do it within a few minutes," Kirsch said in a statement. "The code was still in his brain."
After four months of training, he became adept at controlling the on-screen arm.
"It went very well very quickly," Kochevar told Time. "I learned how to do it right away and got better and better."
Researchers also implanted a network of 36 muscle-stimulating electrodes into his right arm and hand. These send electrical pulses into the muscles, which cause contractions and allow them to move, similar to how a pacemaker prompts the heart to beat at a natural rhythm.
Next, the electrodes in Kochevar's brain were attached to those in his muscles via a computer interface. The interface decoded his brain's neural signals into the electrical pulses required to move his arm.
Instead of attempting to control a virtual arm, he attempted to control his own.
At first, researchers would move his arm and ask him to imagine he was doing it, as the computer interface recorded his resulting neural signals.
Soon, though, he could move his arm by thought alone. He does still require a mobile arm support - a sling of sorts - to hold his atrophied arm against gravity, but he controls that, too, with his brain.
Suddenly, he could feed himself, raise a straw to his lips and scratch his nose - actions he hadn't been able to perform for eight years.
The technology is far from perfected. There is a slight delay between him willing his arm to perform an action and the action taking place, but it is minuscule.
"The computer samples brain activity 30,000 times a second and the muscle reacts within 20 milliseconds," Bolu Abijoye told Time. "The literature suggests that it's when the delay gets to 300 milliseconds that it's really noticeable."
Kochevar also can't actually feel what he's doing. Although he can still perform the actions with his eyes closed, he can't identify what is in his hand by touch.
Still, he seemed pleased.
"This won't replace caregivers," he said. "But, in the long term, people will be able, in a limited way, to do more for themselves."
Added Kochevar, "For somebody who's been injured eight years and couldn't move, being able to move just that little bit is awesome to me. It's better than I thought it would be."
Now, as outlined in research published Tuesday in The Lancet, Kochevar regained usage of his right hand with the help of an experimental technology called a neuroprosthetic. It essentially created a new connection between the brain and limb to replace the one that was broken.
For the first time in eight years, the 56-year-old Cleveland resident moved his arm simply by thinking about it. He drank a cup of coffee, munched on a pretzel and fed himself mashed potatoes.
"We have been able to take the electrical signals which represent his thoughts and use that to control stimulation of his arm and hand," said the study's lead author Abidemi Bolu Ajiboye, assistant professor at Case Western Reserve University.
Though Kochevar was the first to benefit from such technology, Bolu Ajiboye said he believes it could be accessible to the general public in five to 10 years.
Kochevar was on a 150-mile bicycle ride one rainy day in 2006, when he crashed into the back of a mail truck that had stopped to deliver a package. He was left paralyzed from the shoulders down. Upon learning of the research in 2014, he volunteered to take part.
"Somebody has to do research," he said. "If nobody does research, things don't get done."
The inherent problem was that signals from Kochevar's brain were not reaching the rest of his body due this spinal cord injury.
The procedure to create an entirely new connection between his brain and arm took place in two distinct phases.
First, researchers implanted an electrode array, used to detect and record brain signals, into the motor cortex of his brain, the area responsible for arm and hand control.
The sciences hooked the array up to a computer interface displaying a virtual arm. Responding to Kochevar's neural signals, the virtual arm would move about the computer screen, approximating a real limb.
At first, Kochevar simply attempted to control the on-screen arm with his mind, as if it were his own.
"We have an algorithm that sort of transforms those neural signals into the movements he intended to make," Robert Kirsch, a professor of biomedical engineering at Case Western, told NPR.
"He was able to do it within a few minutes," Kirsch said in a statement. "The code was still in his brain."
"It went very well very quickly," Kochevar told Time. "I learned how to do it right away and got better and better."
Researchers also implanted a network of 36 muscle-stimulating electrodes into his right arm and hand. These send electrical pulses into the muscles, which cause contractions and allow them to move, similar to how a pacemaker prompts the heart to beat at a natural rhythm.
Next, the electrodes in Kochevar's brain were attached to those in his muscles via a computer interface. The interface decoded his brain's neural signals into the electrical pulses required to move his arm.
Instead of attempting to control a virtual arm, he attempted to control his own.
At first, researchers would move his arm and ask him to imagine he was doing it, as the computer interface recorded his resulting neural signals.
Soon, though, he could move his arm by thought alone. He does still require a mobile arm support - a sling of sorts - to hold his atrophied arm against gravity, but he controls that, too, with his brain.
Suddenly, he could feed himself, raise a straw to his lips and scratch his nose - actions he hadn't been able to perform for eight years.
The technology is far from perfected. There is a slight delay between him willing his arm to perform an action and the action taking place, but it is minuscule.
"The computer samples brain activity 30,000 times a second and the muscle reacts within 20 milliseconds," Bolu Abijoye told Time. "The literature suggests that it's when the delay gets to 300 milliseconds that it's really noticeable."
Kochevar also can't actually feel what he's doing. Although he can still perform the actions with his eyes closed, he can't identify what is in his hand by touch.
Still, he seemed pleased.
"This won't replace caregivers," he said. "But, in the long term, people will be able, in a limited way, to do more for themselves."
Added Kochevar, "For somebody who's been injured eight years and couldn't move, being able to move just that little bit is awesome to me. It's better than I thought it would be."
Business Affairs
GST Bill passed in Lok Sabha: Here are 6 issues that may haunt tax payers, consumers
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GST Bill was passed by Lok Sabha on Wednesday raising hopes of the new tax regime coming into force from 1 July, 2017. Here are the few contentious issues that may haunt the tax payers as well as consumers if they are not addressed properly.
Multiple tax rates: When the GST was conceived it was supposed to be a single uniform rate across all product categories, but the shape that the GST has taken is far removed from the actual concept of one country-one tax. What instead we have got is a multi-ties tax structure with 4 different tax rates --5, 12, 18 and 28 per cent. Besides, there would be exempted and zero-rated goods, which means there would be at least six different categories of products under GST.
Fear of high tax rates: One of the earlier expectation from GST was moderate tax rates on goods and services. However, with a peak rate at 28 per cent (which can go up to 40 per cent) and a cess of 15 per cent over and above the peak rate for demerit goods have dashed all the hopes of a moderate tax regime at least in the near future.
The 15 per cent cess would be levied at least for the first five years during which the central government would compensate the states for any revenue loss due to implementation of GST. The proposed higher rates have already made the industry a little jittery.
"It is important for the Government to ensure that 18 per cent is a general rate and exceptions, particularly those falling under 28 per cent category are minimised," says Pratik Jain, Partner and National Leader - Indirect Tax at PwC India.
Anti-profiteering measures: The government is planning to set up an authority to see if any reduction in tax rates after GST is passed on to the consumer by companies or not. The industry and businesses are not taking this idea kindly and they see it as a backdoor entry of inspector raj. Experts say that prices should be market determined and no government authority has the business of deciding prices for goods and services.
Taxation of free supplies between related parties: The GST law proposes to tax any free supplies between two related parties. The problem arises especially in case of related parties located in different states. Such transactions between related parties in different states mean each party would have to generate invoice, maintain documents, etc. There is no centralised registration under GST and therefore, this would create compliance issue for companies.
"The bigger issue in this is valuation. If stage one of a good is manufactured in Delhi, stage two in Noida and stage three in Faridabad, how would a company value the goods at different stages. The GST law does not give a formula for valuation and this could create dispute between manufacturer of goods and services and the tax department," says Rajat Mohan, director, indirect taxation, Nangia and Co.
Controls conundrum: To avoid dual control, the GST council has reached a compromised formula --90 per cent of tax assessees with an annual turnover of Rs 1.5 crore or less, will be assessed by states and the rest by the Centre. For those with turnover of over Rs 1.5 crore, the states and the Centre will share it equally.
However, this 'solution' has its own set of issues. For example, if an entity with a turnover of less than Rs 1.5 crore in one year, posts turnover of Rs 1.5 crore in the following financial year, who would be the new authority to take over the assessment? And, how will existing investigations, if any, against the entity be addressed, and by whom? "There are a lot of procedural issues, and if these issues are not addressed properly, they would lead to litigations
Issue of casual taxable person: If a person registered in one state moves to another state for a short period for some business transaction -- say to participate in an fair or exhibition, then that person would have to get himself registered in that state for that period.
The GST law says in case of casual taxable person, he/she would have to pay taxes in advance by making an estimate of the sales. This is another pain point because the sales can be lower than the estimate, and the person may be paying higher advance taxes. Though the higher taxes paid would be refunded, it would take time in many cases may create working capital issues for such businesses.
GST Bill was passed by Lok Sabha on Wednesday raising hopes of the new tax regime coming into force from 1 July, 2017. Here are the few contentious issues that may haunt the tax payers as well as consumers if they are not addressed properly.
Multiple tax rates: When the GST was conceived it was supposed to be a single uniform rate across all product categories, but the shape that the GST has taken is far removed from the actual concept of one country-one tax. What instead we have got is a multi-ties tax structure with 4 different tax rates --5, 12, 18 and 28 per cent. Besides, there would be exempted and zero-rated goods, which means there would be at least six different categories of products under GST.
Fear of high tax rates: One of the earlier expectation from GST was moderate tax rates on goods and services. However, with a peak rate at 28 per cent (which can go up to 40 per cent) and a cess of 15 per cent over and above the peak rate for demerit goods have dashed all the hopes of a moderate tax regime at least in the near future.
The 15 per cent cess would be levied at least for the first five years during which the central government would compensate the states for any revenue loss due to implementation of GST. The proposed higher rates have already made the industry a little jittery.
"It is important for the Government to ensure that 18 per cent is a general rate and exceptions, particularly those falling under 28 per cent category are minimised," says Pratik Jain, Partner and National Leader - Indirect Tax at PwC India.
Anti-profiteering measures: The government is planning to set up an authority to see if any reduction in tax rates after GST is passed on to the consumer by companies or not. The industry and businesses are not taking this idea kindly and they see it as a backdoor entry of inspector raj. Experts say that prices should be market determined and no government authority has the business of deciding prices for goods and services.
Anti-profiteering measures: The government is planning to set up an authority to see if any reduction in tax rates after GST is passed on to the consumer by companies or not. The industry and businesses are not taking this idea kindly and they see it as a backdoor entry of inspector raj. Experts say that prices should be market determined and no government authority has the business of deciding prices for goods and services.
Taxation of free supplies between related parties: The GST law proposes to tax any free supplies between two related parties. The problem arises especially in case of related parties located in different states. Such transactions between related parties in different states mean each party would have to generate invoice, maintain documents, etc. There is no centralised registration under GST and therefore, this would create compliance issue for companies.
"The bigger issue in this is valuation. If stage one of a good is manufactured in Delhi, stage two in Noida and stage three in Faridabad, how would a company value the goods at different stages. The GST law does not give a formula for valuation and this could create dispute between manufacturer of goods and services and the tax department," says Rajat Mohan, director, indirect taxation, Nangia and Co.
Controls conundrum: To avoid dual control, the GST council has reached a compromised formula --90 per cent of tax assessees with an annual turnover of Rs 1.5 crore or less, will be assessed by states and the rest by the Centre. For those with turnover of over Rs 1.5 crore, the states and the Centre will share it equally.
Controls conundrum: To avoid dual control, the GST council has reached a compromised formula --90 per cent of tax assessees with an annual turnover of Rs 1.5 crore or less, will be assessed by states and the rest by the Centre. For those with turnover of over Rs 1.5 crore, the states and the Centre will share it equally.
However, this 'solution' has its own set of issues. For example, if an entity with a turnover of less than Rs 1.5 crore in one year, posts turnover of Rs 1.5 crore in the following financial year, who would be the new authority to take over the assessment? And, how will existing investigations, if any, against the entity be addressed, and by whom? "There are a lot of procedural issues, and if these issues are not addressed properly, they would lead to litigations
Issue of casual taxable person: If a person registered in one state moves to another state for a short period for some business transaction -- say to participate in an fair or exhibition, then that person would have to get himself registered in that state for that period.
The GST law says in case of casual taxable person, he/she would have to pay taxes in advance by making an estimate of the sales. This is another pain point because the sales can be lower than the estimate, and the person may be paying higher advance taxes. Though the higher taxes paid would be refunded, it would take time in many cases may create working capital issues for such businesses.
SC ban on BS-III vehicles: Hero, Honda offer discounts of up to Rs 12,500
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A day after the Supreme Court banned sale and registration of BS-III vehicles, two-wheeler majors Hero MotoCorp and Honda Motorcycle have offered discounts of up to Rs 12,500 on such models to liquidate stocks.
Earlier on Wednesday, the Apex Court banned sale and registration of all vehicles not complying with Bharat Stage IV or BS-IV emission norms from April 1, 2017. The court verdict jolted the auto industry which was saddled with an inventory worth Rs 20,000 crore.
As per the apex court's ruling, around a million vehicles, including 7.51 lakh two-wheelers, cannot be sold after March 31 due to BS-IV non-compliance.
According to the Society of Indian Automobile Manufacturers (SIAM), the manufacturers have a total stock of 8,24,275 BS-III-compliant vehicles.
With less than two days to go before the deadline, the two-wheeler majors are trying to sell as many units as possible by offering heavy discounts on BS-III vehicles.
Hero MotoCorp is offering discounts of up to Rs 12,500 on its BS-III two-wheelers. The company is offering rebate of Rs 12,500 on its scooters, Rs 7,500 on premium bikes and Rs 5,000 on entry level mass market motorcycles, according to dealers.
On the other hand, the number two player Honda Motorcycle and Scooter India (HMSI) is offering a straight discount of Rs 10,000 on its BS-III scooters and motorcycles.
Both the companies said the offer will be valid till stocks last or up to March 31. After the ban, Hero MotoCorp and Honda Motorcycle and Scooter India were believed to be the biggest losers in the two-wheelers market.
Earlier, the Ministry of Road Transport and Highways had issued a draft notification, making BS-IV-compliant vehicles mandatory across the country in a phased manner from April 1, 2017, without mentioning any date of registration.
Automakers had suggested that the April 1 deadline was meant to stop manufacturing of BS-III vehicles, and not their sale and registration.
The manufacturers also argued that in 2005 and 2010, when the industry had switched to BS-II and BS-III, respectively, they were allowed to sell their stocks with old emission norms. Likewise, they should be able to sell their old stocks this time as the new technology is duly introduced.
A day after the Supreme Court banned sale and registration of BS-III vehicles, two-wheeler majors Hero MotoCorp and Honda Motorcycle have offered discounts of up to Rs 12,500 on such models to liquidate stocks.
Earlier on Wednesday, the Apex Court banned sale and registration of all vehicles not complying with Bharat Stage IV or BS-IV emission norms from April 1, 2017. The court verdict jolted the auto industry which was saddled with an inventory worth Rs 20,000 crore.
As per the apex court's ruling, around a million vehicles, including 7.51 lakh two-wheelers, cannot be sold after March 31 due to BS-IV non-compliance.
According to the Society of Indian Automobile Manufacturers (SIAM), the manufacturers have a total stock of 8,24,275 BS-III-compliant vehicles.
With less than two days to go before the deadline, the two-wheeler majors are trying to sell as many units as possible by offering heavy discounts on BS-III vehicles.
Hero MotoCorp is offering discounts of up to Rs 12,500 on its BS-III two-wheelers. The company is offering rebate of Rs 12,500 on its scooters, Rs 7,500 on premium bikes and Rs 5,000 on entry level mass market motorcycles, according to dealers.
On the other hand, the number two player Honda Motorcycle and Scooter India (HMSI) is offering a straight discount of Rs 10,000 on its BS-III scooters and motorcycles.
Both the companies said the offer will be valid till stocks last or up to March 31. After the ban, Hero MotoCorp and Honda Motorcycle and Scooter India were believed to be the biggest losers in the two-wheelers market.
Earlier, the Ministry of Road Transport and Highways had issued a draft notification, making BS-IV-compliant vehicles mandatory across the country in a phased manner from April 1, 2017, without mentioning any date of registration.
Automakers had suggested that the April 1 deadline was meant to stop manufacturing of BS-III vehicles, and not their sale and registration.
The manufacturers also argued that in 2005 and 2010, when the industry had switched to BS-II and BS-III, respectively, they were allowed to sell their stocks with old emission norms. Likewise, they should be able to sell their old stocks this time as the new technology is duly introduced.
Sensex closes above 100 pts; Nifty, Nifty Bank and Nifty Midcap end at record closing highs
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Adani Ports was the top gainer, adding over 6 per cent on the BSE and NSE.
ONGC was the major laggard on the BSE while Idea Cellular was the poorest performer on the NSE.
HDFC contributed 80 per cent gains in Nifty Bank Index rally today.
Most PSU banks touched 52-week highs.
3.34 PM:
The S&P BSE Sensex ended at 29,647.42, up 115.99 points while the Nifty closed at 9,173.75, 29.95 points higher.
12.23 PM:
Adani Ports takes the place as top gainer on the BSE, adding 4.48 per cent to the bourse.
10.55 AM:
Shares of Navneet Education surged over 10 per cent on the BSE.
The company is confident about recognising revenue from encyclopedia at Rs 80 crore this year, reported CNBC TV 18.
They are also confident about revenue and net profit in the short term.
10.44 AM:
Larsen & Toubro said its subsidiary L&T Hydrocarbon has bagged orders worth Rs 4,000 crore in the international market.
"L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary of Larsen & Toubro, has won orders totalling close to Rs 4,000 crore in the international market," L&T said in a BSE filing.
The stock of Larsen & Toubro Ltd was trading 0.54 per cent up at Rs 1,564.50 on the BSE.
9.34 AM:
Shares of Voltas picked up 2.36 per cent on the BSE.
9.30 AM:
Lok Sabha's clearance to the GST legislations gave support to the markets but the benchmark indices remained cautious ahead of March F&O Expiry.
After the Meteorological Department predicted massive heat waves across the Indian subcontinent, Air conditioning shares seem to have seen an increase in prices, reported CNBC TV 18.
9.25 AM:
EXPERT TAKE
"Looking at yesterday's price action, it is quite clear that breaching of 9100 in coming session is unlikely. Hence, any minor dip towards 9120 - 9100 should be interpreted as a buying opportunity as we expect the index to make an attempt to move towards 9200 in the forthcoming session. Traders are advised to stick to a stock centric approach and expect the index to trade with a positive bias," said an Angel Broking report.
9.22 AM:
The shares of Axis bank shed 1.19 per cent in early trade.
9.21 AM:
Among the top gainers were SBI (up 1.01 per cent) followed by Adani Ports, HeroMoto Corp and Reliance.
9.18 AM:
The S&P BSE Sensex opened at 29,578.18, up 46.75 points.
Nifty50 started the day at 9,151.30, down 7.50 points.
Adani Ports was the top gainer, adding over 6 per cent on the BSE and NSE.
ONGC was the major laggard on the BSE while Idea Cellular was the poorest performer on the NSE.
HDFC contributed 80 per cent gains in Nifty Bank Index rally today.
Most PSU banks touched 52-week highs.
3.34 PM:
The S&P BSE Sensex ended at 29,647.42, up 115.99 points while the Nifty closed at 9,173.75, 29.95 points higher.
12.23 PM:
Adani Ports takes the place as top gainer on the BSE, adding 4.48 per cent to the bourse.
10.55 AM:
Shares of Navneet Education surged over 10 per cent on the BSE.
The company is confident about recognising revenue from encyclopedia at Rs 80 crore this year, reported CNBC TV 18.
They are also confident about revenue and net profit in the short term.
10.44 AM:
Larsen & Toubro said its subsidiary L&T Hydrocarbon has bagged orders worth Rs 4,000 crore in the international market.
"L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary of Larsen & Toubro, has won orders totalling close to Rs 4,000 crore in the international market," L&T said in a BSE filing.
The stock of Larsen & Toubro Ltd was trading 0.54 per cent up at Rs 1,564.50 on the BSE.
9.34 AM:
Shares of Voltas picked up 2.36 per cent on the BSE.
9.30 AM:
Lok Sabha's clearance to the GST legislations gave support to the markets but the benchmark indices remained cautious ahead of March F&O Expiry.
After the Meteorological Department predicted massive heat waves across the Indian subcontinent, Air conditioning shares seem to have seen an increase in prices, reported CNBC TV 18.
9.25 AM:
EXPERT TAKE
"Looking at yesterday's price action, it is quite clear that breaching of 9100 in coming session is unlikely. Hence, any minor dip towards 9120 - 9100 should be interpreted as a buying opportunity as we expect the index to make an attempt to move towards 9200 in the forthcoming session. Traders are advised to stick to a stock centric approach and expect the index to trade with a positive bias," said an Angel Broking report.
9.22 AM:
The shares of Axis bank shed 1.19 per cent in early trade.
9.21 AM:
Among the top gainers were SBI (up 1.01 per cent) followed by Adani Ports, HeroMoto Corp and Reliance.
9.18 AM:
The S&P BSE Sensex opened at 29,578.18, up 46.75 points.
The S&P BSE Sensex opened at 29,578.18, up 46.75 points.
Nifty50 started the day at 9,151.30, down 7.50 points.
Good news for fliers! No stamping of handbag tags at Delhi, Mumbai, Bengaluru and other airports from April 1
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In a step that will make security check a little less taxing for fliers, the Central Industrial Security Force (CISF) has decided to do away with "security check" stamp on cabin-bag tags which is presently mandatory for customers' hand luggage.
There will be no stamping on the cabin bag tags from April 1 at seven major airports - Delhi, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad and Cochin - for both domestic and international flyers.
The decision comes after the Bureau of Civil Aviation Security (BCAS) on February 23 ordered the removal of the present system under which the hand luggage is cleared by the security officials with a stamp on the cabin-bag tags after it passes through an x-ray machine.
The CISF, however, was not able to implement the change right away as they wanted to ensure the security check was not compromised in the process. Now, CISF has said all measures have been taken and the new process can begin from April 1.
"Appropriate measures have been taken. The cycle of security check will speed up and our staff will get more time to check suspicious baggage," CISF DG OP Singh told the Hindustan Times.
CISF has said it will try and implement the same system in other airports in the country after trial runs.
"It may be possible we need to do trial runs at some of those airports," said Singh.
Globally, most developed nations, including the US and EU countries, do not require stamping hand bag tags or boarding cards.
In a step that will make security check a little less taxing for fliers, the Central Industrial Security Force (CISF) has decided to do away with "security check" stamp on cabin-bag tags which is presently mandatory for customers' hand luggage.
There will be no stamping on the cabin bag tags from April 1 at seven major airports - Delhi, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad and Cochin - for both domestic and international flyers.
The decision comes after the Bureau of Civil Aviation Security (BCAS) on February 23 ordered the removal of the present system under which the hand luggage is cleared by the security officials with a stamp on the cabin-bag tags after it passes through an x-ray machine.
The CISF, however, was not able to implement the change right away as they wanted to ensure the security check was not compromised in the process. Now, CISF has said all measures have been taken and the new process can begin from April 1.
"Appropriate measures have been taken. The cycle of security check will speed up and our staff will get more time to check suspicious baggage," CISF DG OP Singh told the Hindustan Times.
CISF has said it will try and implement the same system in other airports in the country after trial runs.
"It may be possible we need to do trial runs at some of those airports," said Singh.
Globally, most developed nations, including the US and EU countries, do not require stamping hand bag tags or boarding cards.
PM Modi's UDAN project takes off; one-hour flights capped at Rs 2,500
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The government on Thursday announced the list of airlines that will be connecting unserved airports in the country. In the first round of bidding, Air Odisha Aviation has won the bid to connect the maximum number of unserved airports in the country.
Other carriers which have won the bids to fly to unserved airports in tier-2 cities include Air India's subsidiary Alliance Air, Air Deccan, SpiceJet, Air Odisha and Turbo Megha.
50 per cent of seats on every flight will cost Rs 2,500 per seat under the UDAN scheme. This will be applicable for flights where the distance is less than 500 km or one-hour.
Over 45 unserved and under-served airports would be connected under the scheme - UDAN (Ude Desh ka Aam Naagrik) that seeks to make flying more affordable.
"UDAN network will cover the whole country, giving a major economic boost to hinterland areas," Civil Aviation Minister Ashok Gajapathi Raju tweeted.
"This will have a positive effect on the economy, in terms of employment and investment," Raju added.
India's domestic air passenger traffic grew at a record breaking rate of 23 per cent in 2016 - amongst the highest in the world.
Unseating Japan, India became the third largest aviation market in domestic air traffic with 100 million passengers in 2016.
In a century of Civil Aviation in India, only 76 airports became operational with scheduled commercial flights. With UDAN, the government plans to connect 33 unserved airports.
Some of the cities that will be connected include Shimla, Kandla, Puducherry, Bhatinda, Cooch Behar, Ludhiana, Jaisalmer, Porbandar, Diu, Jamnagar, Jamshedpur, Hosur, Salem, etc.
Announcing the names of winning bidders and the routes, civil aviation secretary RN Choubey said 128 routes are being awarded to a total of five operators.
The operators are Air India subsidiary Airline Allied Services, SpiceJet, Air Deccan, Air Odisha and Turbo Megha. They would be operating 19-78 seater aircraft.
UDAN will stimulate the growth of regional aviation market in India, Minister of State for Civil Aviation Jayant Sinha tweeted.
Indian civil aviation industry is all set to welcome a new era of transformation as UDAN connects many new destinations, Sinha added.
The airports that would be connected under UDAN include Bhatinda, Puducherry and Shimla.
On each flight, 50% of the seats would have a cap of Rs 2,500 per seat/hour, Choubey said.
Under UDAN, the operators would be extended viability gap funding.
The amount is estimated to be around Rs 205 crore per annum for the operators chosen in the first round of bidding, Choubey added.
Minister of State for Civil Aviation Jayant Sinha said the scheme provides for various benefits including no airport charges and three-year exclusivity on the routes.
UDAN is expected bring the Indian aviation sector to 31 new cities. Here are the new routes.
The government on Thursday announced the list of airlines that will be connecting unserved airports in the country. In the first round of bidding, Air Odisha Aviation has won the bid to connect the maximum number of unserved airports in the country.
Other carriers which have won the bids to fly to unserved airports in tier-2 cities include Air India's subsidiary Alliance Air, Air Deccan, SpiceJet, Air Odisha and Turbo Megha.
50 per cent of seats on every flight will cost Rs 2,500 per seat under the UDAN scheme. This will be applicable for flights where the distance is less than 500 km or one-hour.
Over 45 unserved and under-served airports would be connected under the scheme - UDAN (Ude Desh ka Aam Naagrik) that seeks to make flying more affordable.
"UDAN network will cover the whole country, giving a major economic boost to hinterland areas," Civil Aviation Minister Ashok Gajapathi Raju tweeted.
"This will have a positive effect on the economy, in terms of employment and investment," Raju added.
India's domestic air passenger traffic grew at a record breaking rate of 23 per cent in 2016 - amongst the highest in the world.
Unseating Japan, India became the third largest aviation market in domestic air traffic with 100 million passengers in 2016.
In a century of Civil Aviation in India, only 76 airports became operational with scheduled commercial flights. With UDAN, the government plans to connect 33 unserved airports.
Some of the cities that will be connected include Shimla, Kandla, Puducherry, Bhatinda, Cooch Behar, Ludhiana, Jaisalmer, Porbandar, Diu, Jamnagar, Jamshedpur, Hosur, Salem, etc.
Announcing the names of winning bidders and the routes, civil aviation secretary RN Choubey said 128 routes are being awarded to a total of five operators.
The operators are Air India subsidiary Airline Allied Services, SpiceJet, Air Deccan, Air Odisha and Turbo Megha. They would be operating 19-78 seater aircraft.
UDAN will stimulate the growth of regional aviation market in India, Minister of State for Civil Aviation Jayant Sinha tweeted.
Indian civil aviation industry is all set to welcome a new era of transformation as UDAN connects many new destinations, Sinha added.
The airports that would be connected under UDAN include Bhatinda, Puducherry and Shimla.
On each flight, 50% of the seats would have a cap of Rs 2,500 per seat/hour, Choubey said.
Under UDAN, the operators would be extended viability gap funding.
The amount is estimated to be around Rs 205 crore per annum for the operators chosen in the first round of bidding, Choubey added.
Minister of State for Civil Aviation Jayant Sinha said the scheme provides for various benefits including no airport charges and three-year exclusivity on the routes.
UDAN is expected bring the Indian aviation sector to 31 new cities. Here are the new routes.
General Awareness
Third G-20 framework working group meet held at Varanasi, Uttar Pradesh
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Third meeting of G20 Framework Working Group (FWG) is hosted by India from March 28 to March 29, 2017 at Varanasi, Uttar Pradesh under the G-20 German Presidency. The meeting is co-hosted by Department of Economic Affairs, Ministry of Finance, Govt. of India and Reserve Bank of India (RBI). The meet is arranged to discuss the challenges before the global economy and their possible solutions.
- The meeting was inaugurated by Union secretary of Economic Affairs Mr. Shaktikanta Das and he was the chief guest.
- This was the first time the Framework is taking place outside the New Delhi. The first two FWG meetings under G-20 German Presidency have already been held at Berlin in December 16, 2016 and at Riyadh in Feb 17, 2017.
Participants
Nearly 100 high-level officials from G20 member and invitee countries, as well as international organizations such as the World Bank, International Monetary Fund (IMF), International Labor Organization (ILO) and Organization for Economic Co-operation and Development (OECD) will take part in the meeting.
Things discussed in FWG
- The current global economic situation for the development of the G-20 nations.
- Policy options required for the G-20 countries, which they can pursue to counter the important development challenges.
- Clear deliberation about the inclusive growth agenda of G-20 and to formulate a framework that will enable countries to help frame country specific inclusive growth policies.
About Framework Working Group (FWG)
- India, along with Canada, has been co-chairing this group and the Chief Economic Advisor of India Arvind Subramanian holds the role of the Indian co-chair.
- Framework Working Group (FWG) is the core working group within the G20 and it works for resolving challenges faced by the global economy.
- The policy options of this framework can be used for by the countries to address the challenges faced by them.
About Group of 20 nations
Group of 20 (G20) is one of the major multilateral forums of the global economy founded in 1999.
- It includes India, Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union (EU).
- Group of 20 works for ensuring policy coordination among the major global economic players.
- Currently, the G20 presidency is with Germany and India is the member G20 since its inception.
G20 summits in future
- The twelfth meeting of the Group of Twenty (G20) summit is to be held at the city of Hamburg, Germany.
- The summit is to be held at 7 and 8 July, 2017.
- In 2018, the summit is to be held at the city of Buenos Aires, Argentina. This is the first-ever G20 summit to be hosted in South America.
Third meeting of G20 Framework Working Group (FWG) is hosted by India from March 28 to March 29, 2017 at Varanasi, Uttar Pradesh under the G-20 German Presidency. The meeting is co-hosted by Department of Economic Affairs, Ministry of Finance, Govt. of India and Reserve Bank of India (RBI). The meet is arranged to discuss the challenges before the global economy and their possible solutions.
- The meeting was inaugurated by Union secretary of Economic Affairs Mr. Shaktikanta Das and he was the chief guest.
- This was the first time the Framework is taking place outside the New Delhi. The first two FWG meetings under G-20 German Presidency have already been held at Berlin in December 16, 2016 and at Riyadh in Feb 17, 2017.
Participants
Nearly 100 high-level officials from G20 member and invitee countries, as well as international organizations such as the World Bank, International Monetary Fund (IMF), International Labor Organization (ILO) and Organization for Economic Co-operation and Development (OECD) will take part in the meeting.
Things discussed in FWG
- The current global economic situation for the development of the G-20 nations.
- Policy options required for the G-20 countries, which they can pursue to counter the important development challenges.
- Clear deliberation about the inclusive growth agenda of G-20 and to formulate a framework that will enable countries to help frame country specific inclusive growth policies.
About Framework Working Group (FWG)
- India, along with Canada, has been co-chairing this group and the Chief Economic Advisor of India Arvind Subramanian holds the role of the Indian co-chair.
- Framework Working Group (FWG) is the core working group within the G20 and it works for resolving challenges faced by the global economy.
- The policy options of this framework can be used for by the countries to address the challenges faced by them.
About Group of 20 nations
Group of 20 (G20) is one of the major multilateral forums of the global economy founded in 1999.
- It includes India, Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union (EU).
- Group of 20 works for ensuring policy coordination among the major global economic players.
- Currently, the G20 presidency is with Germany and India is the member G20 since its inception.
G20 summits in future
- The twelfth meeting of the Group of Twenty (G20) summit is to be held at the city of Hamburg, Germany.
- The summit is to be held at 7 and 8 July, 2017.
- In 2018, the summit is to be held at the city of Buenos Aires, Argentina. This is the first-ever G20 summit to be hosted in South America.
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