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GST Council finalises lottery, hospitality tax rates

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June 18, Sunday : In Seventeenth Goods and Service council meeting chaired by Finance Minister, Arun Jaitley the panel finalised lottery and hospitality tax rates. Besides this it also gave green chit to anti-profiterring and e-way.

In hospitality industry, rooms with tariff above Rs 7,500  will come under 28 per cent slab, while hotel rooms ranging between Rs 2,000 and Rs 7,500 will attract 18 per cent GST.

State run lotteries will come under the cap of  at 12% and state authorised lotteries will be taxed at 28 percent.

While addressing media, Jaitley ended all the speculation made over deferment of  Goods and Service tax regime from July 1st by saying, all in one tax will be implement on its scheduled date.

He said official launch of the GST is all set to take place on the midnight of June 30th and July 1st during an event.

To make hassle free payments, after the implementation of GST people would able to pay tax on a simple return in first months.

Finance Ministers belonging to different states and union territories are also attend the meeting.

Earlier, in Last meeting, the council revised the rates of 66 items out of the 133 for which representations had been received seeking change from the fitments originally made in the four-slab indirect tax structure.

The council will next meet on June 30.

Wefornews Bureau

India

Pranab stresses on education, skills and employability

Such a situation is “unacceptable” and the youth must a celook inward” if they are keen to end this.

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pranab-mukherjee

Kolkata, Feb 24 : With India set to become home to the world’s largest working population by 2022 and a global supplier of workforce, education, skill development and enhancing employability are the most urgent needs, former President Pranab Mukherjee said on Saturday.

If India harbours the hope of reaping demographic dividends, it must make sure its people are educated and skilled enough, Mukherjee told a large assembly of young entrepreneurs at a special session organized by Young Indians, the youth wing of the Confederation of Indian Industry.

India’s potential is huge, but the failure to tap the potential in the right manner will frustrate its aspiration to become a global power, he said.

“The oldest civilisation will be younger and younger. The responsibility lies on you to remove disparity, inequality and provide leadership. Otherwise, I am afraid, demographic advantage will turn into a demographic disaster,” Mukherjee said.

He exhorted the country’s youth to work towards ending the growing wealth gap. There is an emerging divergence of haves and have-nots, he said, adding disparity exists not just on health and education parameters, but also on income distribution.

Such a situation is “unacceptable” and the youth must a celook inward” if they are keen to end this, Mukherjee said.

According to the former head of state, developmental paradigm must be shifted to equality and harmony.

“A recent report on the Indian economic situation between 2013 and 2017 states that 71 per cent of the total wealth generated in India is accumulated by 21 per cent people; while remaining 79 per cent of the population are left with 29 per cent of the wealth. This cannot go on for long. Change has to be brought about by the young people, not by me, not by anybody else,” he said.

The former President cited yet another study that brings to fore some other social disparities. As per the report, 40 of the least developed countries have only 13 per cent of the girl child getting enrolled in schools; and just 11 per cent of the men and women have access to some sort of healthcare.

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PNB says Virat Kohli continues to be its brand ambassador

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Virat Kohli PNB

New Delhi, Feb 24: The $1.8 billion fraud hit Punjab National Bank (PNB) has said that Indian skipper Virat Kohli continues to be its brand ambassador.

“There are reports in the media that Virat Kohli, Bank’s brand ambassador is going to discontinue his endorsement with Punjab National Bank. The same is again totally false and incorrect. Virat Kohli is our brand ambassador,” the bank clarified through a public notice.

The notice further clarified: “There are media reports that the bank has engaged PricewaterhouseCoopers (PwC) to conduct an investigation into the alleged fraud and PwC has been asked to gather evidence that can be used against Nirav Modi and his associates in the court. The news is totally incorrect.”

It also said that media reports saying Reserve Bank of India and government asking PNB to make payment of the fraudulent amount to other banks is also incorrect.

The bank reiterated that the bank has the capacity and capability to handle the situation and protect the interest of the institution, customers and stakeholders.

IANS

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Loan default case: Rotomac firm owner Vikram Kothari, son sent to 11 days CBI remand

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Vikram Kothari

New Delhi, Feb 24: A special CBI court on Saturday sent Rotomac Pens owner Vikram Kothari and son Rahul Kothari to the 11-days CBI remand in connection with Rs 3,695 crore Loan default case. 

Yesterday, Patiala House Court had sent Kothari and his son to the one-day transit remand.

On Thursday, the CBI arrested Kothari and his son on charges of cheating a consortium of banks of Rs 3,695 crore (including interest) by siphoning off loans sanctioned to his company for procurement of wheat and other goods for export.

The Income Tax Department also issued a show-cause notice to Kothari asking why prosecution be not initiated against the group.

The agency arrested the two after day-long questioning at the Central Bureau of Investigation (CBI) headquarters in south Delhi’s Lodi Road area.

It was the Kotharis’ questioning for the fourth consecutive day since the probe agency lodged the case against him and his family, and conducted raids at their residential and office premises in Uttar Pradesh’s Kanpur.

The CBI filed the FIR on Sunday night following a complaint against Kothari, his wife Sadhana and son Rahul, from the Bank of Baroda.

Vikram Kothari is the Chairman and Managing Director of Rotomac while his wife and son are Directors.

Kothari had obtained Rs 2,919 crore from Bank of India (Rs 754.77 crore), Bank of Baroda (Rs 456.63 crore), Indian Overseas Bank (Rs 771.07 crore), Union Bank of India (Rs 458.95 crore), Allahabad Bank (Rs 330.68 crore), Bank of Maharashtra (Rs 49.82 crore) and Oriental Bank of Commerce (Rs 97.47 crore), the FIR said.

Kothari, his wife, son, firm Rotomac, some unidentified bank officials and private persons were booked over the charges of criminal conspiracy, cheating and forgery under the Indian Penal Code and Prevention of Corruption Act.

In its complaint, the  Bank of Baroda said that the banks had extended credit to the Kanpur-based firm and its related companies from 2008 onwards.

Earlier, the probe agency had earlier seized several belongings of Kothari and his kin, including laptops and mobile phones.

WeForNews 

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