The spirit of give and take must continue to operationalise the new indirect tax regime
The Lok Sabha has duly given its assent to necessary Central legislation to operationalise the Goods and Services Tax, nearly 17 years after the government began discussions on the prospects for a unified indirect tax regime across the country. It is eyeing a July 1 rollout for the GST, which will replace the multiple Central and State-level taxes and levies that make doing business in India a compliance nightmare today. The long and winding road for this reform, punctuated by political about-turns, has had a fairly straight trajectory in recent months, following the constitutional amendments last August. The GST Council has managed to thrash out a consensus on several issues relating to the administration and the legislative provisions for the new tax system within six months.The fact that apparently intractable positions held by the States as well as the Centre on the sharing of administrative powers,for instance, have been reconciled without the Council resorting to a majority vote inspires confidence. So does the alacrity with which the Centre has moved to secure Parliament’s nod for four enabling pieces of legislation within a fortnight of the Council’s approval. State Assemblies should do the same to pass the State GST law by holding special sessions if need be. For Indian businesses that have been seeking the reform,it is now time to come to terms with the fine print and embrace the tax system.The GST Council,meeting again on Friday to clear four pending sets of regulations, must sign of on which of the ive GST rates will apply to different products and services. Clarity on the applicable rates will help industry alter their accounting systems, supply chains and pricing strategies. But some provisions in the GST laws have the industry in a tizzy. While the highest GST rate has been pegged at 28%, the integrated GST law has set a ceiling of 40%. Though an enabling provision, it gives the government too much leeway to alter the rate structure in coming years without seeking Parliament’s nod. Compare this to the cess ceiling of 15% on luxury cars, for instance, which are likely to see a 12% cess to start with. On several other fronts, the final laws haven’t changed much from their draft versions, despite industry red-lagging several provisions. These include the anti-profiteering clauses to curb ‘unjust enrichment’ of firms, the requirement for branch offices to register separately in each State, and treating all transactions between related parties (including head office and branch offices) as taxable.For the services sector,in particular,compliance requirements could go up multi-fold. It is still not too late for the GST Council to offer some exemptions or resist operationalising some of these provisions through the subordinate rules and regulations in order to address genuine industry grievances.
MEANINGS AND WORDS
1) Disgruntled
Meaning: Unhappy, annoyed, and disappointed about something.
Example: A disgruntled former employee is being blamed for the explosion.
Synonyms: Critical, Bad Tempered
Antonyms: Contented, Pleased
2) Status quo
Meaning: The present situation.
Example: Certain people always want to maintain the status quo.
Synonyms: Situation, Circumstances
Antonyms: Lapse, Reverse
3) Ploy
Meaning: Something that is done or said in order to get an advantage, often dishonestly.
Example: There are various ploys we can use if necessary.
Synonyms: Scheme, Play
Antonyms: Vitiate, Debase
4) Sedate
Meaning: Avoiding excitement or great activity and usually calm and relaxed.
Example: The fight against a chemical storage site has transformed a normally sedate village into a battleground.
Synonyms: Decorous, Sober
Antonyms: Agitated, Frivolous
5) Allusion: Something that is said or written that is intended to make you think of a particular thing or person.
Illusion: An idea or belief that is not true.
6) Adapt: To change something to suit different conditions or uses.
Adept: Having a natural ability to do something that needs skill.
Adopt: To legally take another person’s child into your own family and take care of him or her as your own child.
7) Avenge: to do harm to or punish the person responsible for something bad done to you or your family or friends in order to achieve a fair situation:.
Revenge: The action of hurting or harming someone in return for an injury or wrong suffered at their hands.
8) Apprise: Inform or tell.
Appraise: Assess the performance of (an employee) formally.
9) Adduce: Cite as evidence.
Deduce: To reach an answer or a decision by thinking carefully about the known facts.
10) Blast off: If a rocket blasts off, it leaves the ground to go into space.
11) Red-eye: A flight taken at night.
12) Moon buggy: A vehicle used for driving on the moon.
13) Nose cone: The front part of a spacecraft, aircraft, or missile (flying weapon).
14) Touchdown: The landing of an aircraft or of some types of spacecraft.
