GST Council moves a step closer to finalising draft laws
Business & Finance   Saturday, December 24, 2016 IST

The issue of dual control and the all important IGST legislation will be taken up at the next meeting on January 3-4.

The Goods and Services Council has moved a significant step closer to finalising the draft Central GST and State GST laws that must be passed in Parliament — along with two other laws — to bring GST into implementation, Finance Minister Arun Jaitley announced on Friday.

The Council will meet again on January 3-4 and will discuss the contentious issue of cross-empowerment, the only main issue that is lacking consensus, Mr Jaitley added, saying that the next session will also see the CGST and SGST laws being framed in legal language and placed before the states.

“The CGST and SGST laws, a total of 197 provisions and five schedules, have been approved,” Mr Jaitley said during a press conference following the completion of the Seventh GST Council meeting on Friday. “The legally vetted copy of the drafts will be circulated to the states. Only issues of dual control and cross empowerment are left.”

Regarding the Compensation Law, the Finance Minister said that a few issues are left to be settled — such as the source of the compensation fund — but that the law will be placed for approval, along with the CGST and SGST laws, in legal language at the next meeting of the Council. He added that the compensation to the states for the loss of revenue, if any, from the rollout of GST, would be paid every two months.

“So, if I were to list the residual issues left for the next meeting, then they are the Interstate GST law, the issues of dual control and cross empowerment, and the approval of the legally vetted language,” Mr Jaitley said.

“The GST council seems to have made some good progress, in terms of approving the CGST and compensation laws,” Pratik Jain, Partner and Leader Indirect Tax, PwC India said. “The most contentious issue of 'dual control' or 'cross empowerment' is to be discussed at the next meeting in early January.  If there is an agreement on the issue, then GST laws can be passed in the budget session.  However, now April 1, 2017, as the date of GST implementation is virtually ruled out, which I think is good news for both industries as well as the Government.”

Mr Jaitley also said that the rates committee was working in parallel, and would make its recommendations to the GST Council soon. “After all these pending issues are cleared, then we can move on to rates,” Mr Jaitley said.

Despite the fact that the government failed to table and pass the draft GST laws in the Winter session of Parliament, Mr Jaitley said he was trying his best to meet the government’s deadline of April 1, 2017, for the rollout of GST.

“We don’t want to hasten the process of discussion,” he said. “But we don’t want to delay implementation either. The GST Council meetings are all-day and issues are often discussed for hours. No decision has so far been taken by vote, all are by consensus.”

Read Full Article

Tradition to technology: How Christmas celebrations have changed in digital age
Business & Finance   Saturday, December 24, 2016 IST

Christmas appears to have misplaced its meaning throughout the globe in a secularised and a materialistic world. however, the Bible hasn’t changed nor the Church. The humans have changed over time because of transformation characterised through era, society and economy main to an altered truth

Over the years, information conversation generation has bombarded humans with the visual and auditory enjoyment which has converted their outlook. the good old days of sending and receiving greeting cards to friends thru snail mail had its own abnormal pleasing allure. Now humans WhatsApp their emotions and mind which are transposed into an ephemeral and digital space.

At the press of a mouse, it is possible to scour through purchasing websites to reserve presents. With this backdrop, an easy pastoral narrative which depicts the birth of Jesus over 2000 years ago at Bethlehem appears anachronistic. people like to discuss over how suitable it's miles to want their non-Christians colleagues, neighbours and buddies “satisfied Christmas”. over the years the normal greeting of “Merry Christmas” has been substituted with “glad vacations.” there has been a regular effort to drop the word “Christmas” and replacement it with a mundane and cosmetic “happy holidays.” Do people now agree with that to desire non-Christian US citizens, “Merry Christmas” amounts to a non-inclusive act?

Maximum Christmas carols are sung today inside the US and elsewhere had been written through Jews, obviously, those American Jews felt quite inclusive with Christmas. that is a clean example of the growing secularisation and the cultural relativism popular nowadays.

The modern-day man is not ardently attached to a monolithic spiritual or cultural identity. therefore Christmas could nevertheless be celebrated -- but sans the earlier non-secular fervour. The prophetic words of English novelist Charles Dickens in the tale of two towns can undoubtedly be carried out to the publish-present day situation of Christmas that's “the satisfactory of instances and the worst of times… an afternoon understanding and an afternoon of foolishness, a time of perception and a time of incredulity, a season of light and a season of darkness, a spring of hope and additionally a winter of depression”.

Nowadays connectivity that the internet has facilitated acts as the tremendous equaliser. whilst dwelling in a combination of identities, realities, cultures, gender roles, technology, economies, geographies and mediascapes, the concept of Christmas is thought in another way. The day isn't a long way whilst such attempts to attach a selected spiritual significance to any day of the year might wane into insignificance or be rendered absolutely redundant.

Perhaps a review of values may lead to an emergence of different social systems and Christmas could maintain to conform and articulate a positive mindset to existence. Christmas festivities would be discovered in future. but they'll not conform to beyond rituals however rather adapt to emergent socio-religious requirements.

Read Full Article

More in Business & Finance
Wholesale inflation falls to 2.6% in Sept as food items soften.

Wholesale inflation fell to 2.60% in September as prices of food articles, led by vegetables, softened.   Inflation, based on t...


Facebook launches food order and delivery service for users in US

Facebook Inc on Friday launched a service through which its US users can order food for take-away or delivery directly through its app or website. Facebo...


IMF favours structural reforms in Indian banking sector, labour market...

  The International Monetary Fund (IMF) has suggested a three-pronged approach for structural reform in India that includes addressing the cor...


Samsung Electronics CEO Kwon Oh-hyun steps down

Samsung Electronics on Friday said that its CEO and Vice Chairman Kwon Oh-hyun will step down from the management. Kwon’s departure comes months after group s...


TCS posts 3.2% sequential rise in Sept quarter dollar revenue.

Tata Consultancy Services Ltd (TCS)’s quarterly revenue rose 1.7% in constant currency terms in the second quarter from the preceding three months, lower th...


Stock market rally continues, Sensex above 32,000

  The stock market got on to the front foot today as the benchmark Sensex reclaimed the 32,000 -mark by jumping over 104 points after domestic...