From July 1st, 2017, the GST bill will come into force. So, the Goods and Services Tax, which will bring the Indian economy under a single tax bracket, is said to reduce the delays in tax payments and ensure more stringent checks on the same.
It is the biggest tax reform since Independence, as per government notice, the main reason why there is change in our GST? because it is only meant to boost growth and scrap local taxes that add to overhead costs and obstruction in businesses. The making was started since 2000, and now in 2017 the Goods and Services Tax (GST) will finally come into force from July 1.
GST has undergone several conceptual changes to finally emerge as a multi-rate tax structure, In these 17 long years, which economists believe will undermine the advantages that a simple-structured, uniform indirect tax would have affected.
Foodgrains, cereals and vegetables have been zero rated under GST, other rate slabs are 5%, 12%, 18% and 28%. An assessed tax will also be added to certain sin and luxury products.
- Reduction in the rate of AUTOMOBILE : There is a reduction in the passenger car segment is also expected to see an overall reduction in tax outgo, with bigger cars and sport utility vehicles (SUV) benefiting from lower tax rates.
- A marginal tax relief in Cement : This really opposite to the peoples expectation of cement firms, which were hoping for an 18% GST rate, the sector has been categorized in the 28% slab. Despite that, cement makers will see some relief in tax payout as the effective tax rate for packaged cement is anyway 29-31%.
- CONSTRUCTION, REAL STATE: Input cost credit to offset higher rate : The sector is likely to gain from the input tax credit that is available under GST rules. As the construction sector, including real estate, has had an effective tax outgo of between 11% and 18%. Under GST, the entire works contract is charged 18% tax.
- CONSUMER GOODS: Anti-profiteering measures to keep a lid on gains : The sales growth will be hit in the near term as trade channels have cut purchases in the run-up to GST in Packaged consumer goods makers. Overall impact is seen as neutral as rates have been cut on mass consumption items and hiked on higher-end products.
- JEWELLERS, No dent to demand : The change will not affect the consumers buying.The GST rate on gold jewellery has been fixed at 3%, lower than expectations of a 5% rate. The new rate is close to the current 2%.
- Increase in the price of LUXURY HOTELS: After the implementation of GST , the tax rate varied between 18% and 25% based on state levies, GST classifies hotels into four buckets based on room tariffs. Those with room rates below Rs 1,000 will be tax-exempt, although the rest will be taxed at 5%, 12%, 18% and 28%.
- MULTIPLEXES on benefit side : The GST rate has been fixed at 28% for tickets costing over Rs 100. Multiplexes will be on benefit, primarily owing to input tax credit on fixed costs such as rent and common area maintenance.
- TELECOM: Hit by higher tax burden : All the Telecom companies were already facing the crisis by the weighed down by high taxes and levies, now it has been increased with an additional 3% tax with the shift to GST. A service tax of 15% applied to telecom services earlier.
- VALUE FASHION: Gets a leg-up : The 5% GST rate on apparel priced below Rs 1,000 is expected give a fillip to the value fashion business. Post GST, the entire value chain—raw material to the finished product—will come under the tax net.
According to a report by Pulitzer Prize-winning journalist Seymour Hersh in the German newspaper Die Welt said, in spite of intelligence warnings that no evidence was found relating to the Syrian government to the Sarin gas attack in Khan Sheikhoun, the US President Donald Trump decided to endorse a missile strike on a Syrian air base. An American officer is reported to have told his colleagues when he came up to learn of the decision to bomb the Syrian airbase with Tomahawk missiles that “We KNOW that there was no chemical attack … the Russians are furious. Claiming we have the real Intel and know the truth … I guess it didn’t matter whether we elected Clinton or Trump”.
The Die Welt report claims that there was a targeted strike on April 4 by the Syrians on a building in the rebel-held town of Khan Sheikhoun, which held some high-profile Jihadists. Unknown to the Syrians and the Russians, the basement of the building apparently comprised lots of Chlorine-based decontaminants along with fertilizers and herbicides (for local consumption) which, when lit burning up down released neurotoxins similar to Sarin that may eventually result in a lot of casualties, including children, in the spot. Hersh reported that having recently been told by some intelligence officials on the ground that there was clearly a detachment between President Trump and many of his advisors about the incident in Khan Sheikhoun. In the report, he said that US armed service officials were warned in advance by the Russians and Syrians about the approaching strike to reduce the effects of Jihadists in Khan Sheikhoun.
“Did the Syrians plan the attack on Khan Sheikhoun? Absolutely. Do we have intercepts to prove it? Absolutely. Did they plan to use sarin? No. But the president did not say: ‘We have a problem and let’s look into it.’ He wanted to bomb the shit out of Syria,” an advisor told Hersh. A lot of the photographs posted to the internet children suffocated and being cared for at hospitals with symptoms similar to a nerve system agent-based chemical attack. At least 70 people were reported to be murdered in the attack. Following the attack was extensively reported in the press, Trump took the opportunity to last out at the Syrian government and President Bashar-al Assad for killing innocent babies. Hersh stated that despite officials saying Trump about no confirmation of Syria using Sarin on its people, the US President went ahead to order a missile attack on the Shayrat airbase in Syria as a caution.
Talking about Hersh, he is famous for his investigative story on the prisoner mistreatment at the Abu Ghraib prison in Iraq by US officials and the My Lai massacre during the Vietnam War for which he was honored the Pulitzer Prize for International Reporting.
An encounter between the security forces and the terrorists is going on in Dayalgam village of Anantnag. During the search operation, it was found that two-three terrorists were hiding. There is news of the death of a woman in the action of the security forces.
“Security forces were fired at when they launched an operation in Batpora village after a tip-off about the terrorists hiding in a house. In the cross firing, the woman was wounded and later succumbed to her injuries,” the police said.
Tahira Begum, 44, sustained injuries during the encounter and was rushed to the district hospital, but she could not be saved, officials said.
Security forces launched a cordon and search operation in Brenti-Batpora early today after they received information about the presence of at least three terrorists including Basheer Lashkari, a top Lashkar-e-Taiba terrorist, who is believed to be the behind the killing of Kashmiri police officer Feroz Ahmed Dar and five other cops.
The official said the search operation turned into an encounter after the terrorists, who he said were using residents as human shields, opened fire on security forces. Clashes have erupted and there are reports of stone throwing in the area.