Around the Globe

Around the Globe

Raids cast shadow on reforms

The arrest of key Trinamool Congress leaders in the Rose Valley scam has cast its shadow on the already rocky relations between the Centre and non-BJP ruled states like Bengal.
Finance minister Aru Jaitley on Wednesday reeled off tax collection data to counter Bengal FM Amit Mitra’s charge that demonetisation has led to a drastic drop in Bengal’s tax revenues. There was evidence that the war of words between the Centre and non-BJP states are set to escalate even further.

GST sure to miss April 1 deadline

The April 1 deadline for the launch of goods and services tax (GST) appeared increasingly uncertain on Wednesday.
With the Centre and states unrelenting on their positions over right to control assessees and taxing high-sea trade in the new indirect tax regime, the government’s deadline now seemed difficult to meet.

Industry expects budget to bring down gold import duty to 5%

Buoyed by commerce minister’s recommendations for lowering gold import duty, the country’s gems and jewellery sector hopes that the budget would bring the duty down to five per cent. It also wants the government should not insist PAN card details for cashless gold and jewellery purchases.

Bengal FM Mitra stages walkout

An all out war has broken between the Mamata Banerjee-led Trinamul Congress and the Bharatiya Janata Party. Bengal finance minister Amit Mitra staged an angry walkout from a pre-Budget meeting in the capital on Wednesday, saying there was ‘financial emergency’ and ‘political environment of fear’ in the country. This is a clear indication that the Trinamul Congress leadership has decided to go all out against the Modi government.

New diplomatic enclave to boost Dwarka real estate prices

In a move that could push property prices in Dwarka in the national capital, the government on Wednesday approved transfer of land for the purpose of establishing a second diplomatic enclave in the area that will house embassies and chanceries.

BJP offices, workers attacked as TMC takes to streets

From Kolkata to New Delhi to Bhubaneshwar, TMC MPs, leaders and workers held protests against Tuesday’s arrest of their MP Sudip Bandyopadhyay as alleged workers of West Bengal’s ruling party attacked BJP offices, hurling bombs and setting them on fire.
Furious over the arrest of Bandyopadhyay, TMC leader in the Lok Sabha and a close Mamata Banerjee aide, party workers also demonstrated in front of CBI offices in Kolkata and Bhubaneshwar, where the MP was taken for production in a court after his arrest.

Poll dates for 5 states announced

The election commission has drawn a grueling over two-month-long schedule for assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa, which will keep the central government on the tenterhooks as they coincide with the budget session of Parliament.

Break the deadlock

The two-day meeting of the GST council that ended on Wednesday was the eighth meeting of the GST council over the past three months. Several challenges have been overcome, while a few more issues are now required to be ironed out. While the date of April 1 announced earlier looks difficult, it is now expected that GST will kick in from July.

Higher cess on demerit goods mulled

With states seeking higher compensation in the wake of lower tax collection due to demonetisation, chances of increasing the proposed cess on sin goods and demerit goods loom large under the goods and services tax (GST) regime.
Given the demonetisation blues troubling the states the enhanced cess rates may have to be extended to a larger number of goods, but experts caution that such a move would be undesirable.

India Inc gets more time

The likely delay in the goods and services tax (GST) rollout has given industry a reason to rejoice as companies will now have more time to prepare for the new tax regime.
The trade and businesses were looking at a six-month window for aligning their accounting systems with the proposed indirect tax structure. The additional time will also bring clarity on the rules and tax incidences on various goods and services.