-The Times of India NEW DELHI: For some days now, several service providers — from insurance and banking to telecom and hotels — have been sending emailers to customers warning of a GST-driven increase in prices starting July 1. Alarmed and unconvinced, the revenue department in the finance ministry has roped in other ministries to impress upon industry to adjust input tax credit against possible increase in tax liability. The tax credit...
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How farm loan waivers can actually benefit the economy -Charan Singh
-The Financial Express The fastest-growing major economy of the world cannot ignore its farmers as there is a genuine need to help the farming sector which is suffering from stress on account of indebtedness. The banking industry is also not able to extend credit to those farmers who are in default. A loan waiver can help bankers to renew the loans, and farmers can use the borrowed money for production of...
More »Political economy structures perpetuate myopic understanding of agriculture sector -Nirvikar Singh
-The Financial Express A half-dozen years ago, I participated in a conference on water resource challenges in India. I remember Upmanu Lall, professor at Columbia University, graphically and bluntly making the point that Punjab’s water table was not far from collapse. This has been known for years, and there have been feeble efforts to deal with the problem, but they have been far short of what is needed. My own understanding...
More »Government makes Aadhaar must for bank a/cs, high value transactions
-The Times of India NEW DELHI: The government has made the Aadhaar card mandatory for opening bank accounts and conducting Financial transactions of Rs 50,000 and above. Those with existing accounts will also have to submit their unique identification number by the end of December. Not disclosing it by December 31 will lead to suspension of the account. While the income tax department had earlier announced the decision to make Aadhaar mandatory for...
More »GST Is Proving to Be a Procedural Nightmare for Small Service Providers and Traders -MK Venu
-TheWire.in Most of the outreach efforts of the finance ministry to explain and create awareness about the GST have been with the bigger industry players. It is becoming increasingly clear that that neither the Centre nor states are adequately prepared to launch the goods and services tax (GST) on July 1. The sheer multiplicity of taxes, as also different tax slabs for the same commodity or service, is a problem which has...
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