Newspaper Editorials With Hindi Vocab 16/1/2016

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THE FINANCIAL EXPRESS: Will GST see the light of day next fiscal वित्त वर्ष ? 
The Goods and Services Tax (GST), the most criticalमहत्वपूर्ण  tax reform that India has been longing for के लिए तरस रहा है, is stalledठप in the Rajya Sabha,
where the ruling political party lacks majority. Despite all its efforts, the government failed to get the Opposition’s nod
विपक्ष की मंजूरी in the Winter session of Parliament which ended in December. Nonetheless बहरहाल, the government seems undeterred व्याकुल and continues to hold a positive demeanour  आचरण . The release of multiple process reports—including the CAG report and the Goods and Services Tax Network (GSTN) report—stands testament प्रतिबद्धता to the government’s commitment to introduce GST as soon as possible.


While the original time-line of April 2016 is now far from being a reality, the
government is likely to make serious attempts to push for the clearance of the Bill in the Budget session, beginning later this month. Even after the successful passage of the Constitutional Amendment Bill in the Rajya Sabha, the actual roll-out of nationwide राष्ट्रव्यापी GST will take its time, considering other critical steps required such as the formation of the GST Council, the approval of the CGST Bill through a simple majority in both the houses of Parliament, and the approval of SGST Bills in respective state assemblies.

During the third Union Budget of the NDA-led government, the industry expects significant amendmentsसंशोधन under the current indirect tax regime, which will pave the way सुचारु करने की दिशा में  towards a smooth transition to GST from the next fiscal year.



Increase in service tax rate and threshold limit सीमा
In December, a key panel on GST headed by the Chief Economic Advisor released its report, suggesting the revenue neutral rate (RNR) to be in the range of 15% to 15.5%, and to be converted to structured rates. The lower rate of GST on goods of special importance has been proposed at 12% and the standard rate at 18%. In addition, a higher rate of 40% has been proposed for sin/demeritपाप / अवगुण goods such as luxury cars, tobacco products, aeratedगैस से भरा हुआ drinks, etc, and a special rate of 2-6% has been suggested for precious metals.

In line with the recommended GST rate structure, there is a possibility that the government increases the service tax rate from the current level of 14.5%.
The increase in the service tax rate will put additional burden on the taxpayers, especially in view of the uncertainty surrounding the time-lines on actual implementation of GST. In order to ensure that the taxpayers are not overburdened अधिक बोझ डाल and to give respiteमोहलत to smaller taxpayers, it is expected that the government will increase the thresholdशुरूआत exemption of service tax from the current level of R10 lakh. On one hand, an increase in the threshold exemption limit will keep small businesses outside the purviewपरिधि of service tax net, and on the other hand this increase will substantiallyकाफी हद तक ease the complianceअनुपालन burden on the tax authorities, permitting them to focus on larger taxpayers.

The government should also consider reducing the rate of Central Sales Tax (CST) from the current 2% to 1%, and reduce the tax cost on inter-state sale of goods.
Rationalising current tax concessions/exemptions रियायतें / छूट
The proposed GST regime व्यवस्था, which will subsume सम्मिलित हो most central and state-level taxes, is expected to have a single unified list of concessions/exemptions as against the current mammothविशाल exemptions and concessions available across goods and services under the tax regime. Therefore, it is expected that the government will prune downनीचे काटना or withdraw some of the existing set of exemptions or concessions to take a step closer towards GST.


Amendments in CENVAT credit rules
The GST regime eventuallyअंततः seeksचाहता है to have a single rate of tax both for goods and services, with seamlessनिर्बाध credit mechanism without any distinction between goods credit and services credit. The current CENVAT credit rules are restrictive and ambiguousअस्पष्ट; even the eligibility criteria for availment of credit vastlyबेहद differs for manufacturers and service providers. It is expected that the government brings necessary legislativeविधायी changes in CENVAT credit rules such as allowing credit on all expenses related to business without any corresponding nexusबंधन with output service/goods, and aligning the provisions for admissibility of credit on inputs/capital goods/input services so as to bring parityसमानता  in credit availment across goods and services.

In addition, one of the industry expectations is that the recently introduced Swachh Bharat Cess (SBC), which is currently a cost in the hands of taxpayers, should be made CENVAT-able to maintain seamlessअखंड credit chain.
Such a move will reduce the current level of litigationsमुकदमों and provide a boost to the Make-in-India campaign, while also neutralisingउदासीन the effect of any increase in tax/duty rates.

IT preparednessतत्परता for successful implementationअमल of GST
IT infrastructure will be one of the basic requirements for successful implementation of GST. Based on the state government’s experience under VAT, it is evident that without an efficient e-governance, it is not possible to administer VAT regime effectively. The input tax credit, which is an important aspect पहलू under VAT, is difficult to monitor without a fully development computer system. A closer look at the proposed GST model suggests facilitationसुगमता of a robust मजबूत IT system with all necessary information for availment of credits available on the IT platform. In the upcoming Budget, the government should run a pilot project wherein the dealers can choose to avail credits based on the details uploaded by their vendors on the government tax portal.
It is now well accepted that due to logjamगतिरोध in Parliament regarding the passage of the Constitution Amendment Bill, uncertainty continues to hover inमें उड़ना the minds of taxpayers and global investors. Having said this, it is highly probable that the government will make amendments in existing regulations to prepare enough to face the biggest transformationपरिवर्तन  in the history of indirect taxation of India.







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