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Krishi Kalyan cess impose, will affect general public



service tax

From today the people will need to pay more for avail any kind of services, The Krishi Kalyan Cess of 0.5 per cent on services imposed by Finance Minister Arun Jaitley comes into force from today through which the government proposes to collect Rs 5,000 crore during the remaining 10 months of the current fiscal.

The total service tax collection target has been pegged at Rs 216,000 crore during the current fiscal. In addition, the government intends to collect Rs 10,000 crore from the 0.5 per cent Swachh Bharat Cess and Rs 5,000 crore from Krishi Kalyan Cess.

“I propose to impose a cess called Krishi Kalyan Cess at 0.5 per cent on all taxable services, the proceeds of which would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers,” Jaitley had said in his budget speech.

“The cess will come into force with effect from June 1, 2016.”

The overall rate, including cess, which will be at 15 per cent, will affect a host of services — telephones, restaurants, cinemas, visits to beauty parlours, air travel, insurance, DTH, credit and debit cards, courier, healthcare, banking and professional consultancies.

Earlier, there were two other cess under the service tax net — education cess and secondary and higher education cess. These were rationalised and subsumed into the overall service tax rate of 14 per cent.

Though the Krishi Kalyan cess is only 50 paise per Rs 100 of transaction, on a larger scale the proceeds could fetch more than Rs 5,000 crore, finance ministry officials said.

The officials said the increase in the service tax rate is part of the effort to bring it on par with the expected rate of goods and services tax (GST) of 17-18 per cent.

In the 2015-16 budget, Jaitley had raised the service tax rate from 12.36 to 14 per cent. From November 15, 2015, an additional 0.5 per cent Swachh Bharat cess had also come into force.

Wefornews Bureau


Twitter likely to ban cryptocurrency ads, claims Report

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.




San Francisco, March 19: After Facebook and Google, now microblog platform Twitter likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) related advertisements.

News agency IANs citing a Sky News report on Monday stated the new Twitter policy will be rolled out within in two weeks.

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.

Last week, Google announced that it will debar advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms.

The ban on such advertisements will be effective from June.

“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” Scott Spencer, Google’s Director of Sustainable Ads, said in a blog post.

“In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting,” the search engine giant asserted.

In 2017, Google scrapped more than 3.2 billion ads that violated its advertising policies.

The search also blocked 79 million ads in its network for trying to send people to malware-laden sites and removed 400,000 of these unsafe sites last year.

In January, social media giant Facebook put a ban on all ads promoting cryptocurrencies, including Bitcoin and ICOs.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” stated Rob Leathern, Product Management Director at Facebook.


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Global cues, fears of political instability dent equity indices




Mumbai, March 19: Negative Asian cues — on the prospect of higher interest rates in the US and global trade wars — pulled the key indices of the Indian equity market lower during the early morning session on Monday.

Apart from global cues, fears of domestic political instability dented investors’ risk-taking appetite. However, value buying had initially pushed the equity indices higher.

According to market observers, heavy selling pressure was witnessed in oil and gas, metals and auto stocks.

At 9.30 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 33,142.37 points — down 33.63 points, or 0.10 per cent, from its previous close of 33,176 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged-lower. It was down by 17.90 points, or 0.18 per cent, to close at 10,177.25 points.


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Key challenges, political will top agenda as Crans Montana Forum begins



Crans Montana Forum 2018

Dakhla (Morocco), March 16 : With focus on key international challenges like urban global management, ocean economy, food and public health issues and the growing potential of Africa-Asia cooperation, the Crans Montana Forum began on Friday in this western town of Morocco.

Former French President Nicolas Sarkozy, Reverend Jesse Jackson, President and Founder of Rainbow Push Coalition, and leaders from several countries joined Jean-Paul Carteron, Honorary Chairman and Founder of the Crans Montana Forum, at the opening ceremony here.

The major focus of the Forum this year is on the Africa and South-South Cooperation.

In his address, Jesse Jackson, one of America’s foremost civil rights figures, stressed on the need to develop and mobilize political will to “end poverty, hunger, illiteracy and killer diseases in the world”.

“Humans have limited but genuine freedom through our individual decisions and our collective politics to make a positive difference in the world. If we can develop and mobilize political will, we will find constructive ways for South-South Cooperation and end the divisions of North and South, rich and poor, powerful and disenfranchised,” Jackson said.

Organized under the patronage of His Majesty King Mohammed VI, a royal message from the King was read at the Forum’s opening ceremony by Yanja El Khattat, President of the Dakhla-Oued Eddahab Region, of which Dakhla is a part.

Various speakers at the opening ceremony highlighted the crucial role being played by Morocco to be a platform of gateway to Africa and to highlight the kep challenges being faced by African and other countries.

The conference is being attended by over 3,500 delegates and leaders from various countries and 43 international organizations.

The Forum will discuss the crucial issue of urban global management in view of the increasing rural exodus and the urban planning challenges.

The Forum will also discuss extending the Silk Road to Africa and fostering Asia-Africa partnerships. It will also have sessions on women empowerment and youth empowerment and integration.

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