- Anand Mahindra shared a delightful video of a little boy who broke the internet with his incredible dance moves
- As the cameras caught Gaganjit dancing, Melania Trump could be seen laughing and clapping for him
Saturday, February 29, 2020
Truckers, owners pay Rs 48,000 crore a year in bribes Truckers, owners pay Rs 48,000 crore a year in bribes, a study conducted by SaveLife Foundation has found. ET Online|Last Updated: Feb 29, 2020, 06.38 PM IST
Truck drivers and fleet owners shell out around Rs 48,000 crore annually as bribes to traffic or highway police, a recent study has shown.
The study conducted by SaveLife Foundation, a not-for-profit entity, was carried out across 10 major transport and transit hubs. The report released by junior minister for road transport V K Singh claimed that at an all-India level, two-thirds (67%) of the drivers admitted to having bribed traffic or highway police personnel on the road.
Among the transport hubs included in the study, Guwahati fared the worst, where 97.5% of drivers claimed that they had paid bribes. This was followed by Chennai (89%) and Delhi (84.4%).
Over 82% respondents admitted to having bribed “officials of one or the other department on the road” during their last trip, revealing the rampant corruption in the sector. Even local groups like “puja samitis” extort from truckers before allowing them to cross informal checkposts, with a quarter of the drivers paying them cash.
Overall, the bribe paid was estimated at Rs 1,257 per trip.
Even bribing RTO officials was also found be an unwritten norm for truckers, with nearly 44% respondents confirming the same. In Bengaluru, their share was 94%, followed by 93.4% in Guwahati.The report has exposed that a large share of drivers (47%) admitted to having paid bribes for renewal of their driving licences. Nearly 93% of the respondents from Mumbai claimed that they had to pay a bribe for this, followed by Guwahati (83%) and Delhi-NCR (78%).
While on an average a driver paid Rs 1,789 for renewal of licence, in Delhi the bribe amount was the maximum at Rs 2,025. Even 43% of the fleet owners claimed to have paid bribes (average of Rs 1,360) to the transport department for registration of their vehicles, the report noted.
Airtel submits Rs 8000 crore more as AGR dues, including Rs 5,000 crore extra, subject to DoT reconciliation The telco had earlier paid Rs 10,000 cr as AGR dues and it looks like the second tranche will be its final one. ET Bureau|Last Updated: Feb 29, 2020, 04.33 PM IST
Bharti Airtel has paid the telecom department Rs 8004 crore more as statutory dues in its second tranche, taking the total amount paid by the operator to the government to Rs 18,004 crore .
The latest deposit as adjusted gross revenue (AGR) dues is split into Rs 3004 crore as full and final towards its AGR dues, based on its self assessment. It paid an additional Rs 5000 crore as “ad-hoc payment”, subject to refund after the telecom department reconciles it's own estimates with the telco's.“...the Company has paid an additional amount of Rs. 3,004 crores towards the full and final amounts due over & above the ad-hoc amount of Rs, 10,000 crores paid on February 17, 2020 on behalf of the Bharti Group of Companies (Bhartii Airtel, Bharti Hexacom and Telenor India),” said the telco in a regulatory filing on Saturday .
“In addition to the aforesaid amounts paid basis our self-assessment, we have also deposited an adc!itlonal amount of Rs. 5,000 crores, as an ad-hoc payment ad-hoc payment,”(subject to subsequent refund / adjustment) to cover differences, if any, arising from the reconciliation exercise with the DoT,” it added .
This means Airtel has paid Rs 18,004 crore in all compared to AGR demands of about Rs 35,000 crore .
The operator had earlier paid Rs 10,000 crore as AGR dues and it looks like the second tranche will be its final one.
Read more at:
https://economictimes.indiatimes.com/industry/telecom/telecom-news/airtel-submits-rs-8000-crore-more-as-agr-dues-including-rs-5000-crore-extra-subject-to-dot-reconciliation/articleshow/74412118.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst ..GST: Changes and method to claim Input Tax Credit answered Small business owners often voice a few queries related to input tax credit (ITC). This article seeks to answer some of the commonly asked questions and list out the key changes in the process.
ET CONTRIBUTORS|
Last Updated: Feb 29,
2020, 10.19 AM IST
By Bhogavalli Mallikarjuna Gupta
Ever since the GST came into effect on July 1,
2017, the Indian economy has seen a plethora of regulations implemented by the
GST council. Now the department is using analytics to keep tab on the errant
taxpayers who are claiming excess input tax credit or to track some taxpayers
who are not serious about the matching of their GSTR - 3B with their GSTR - 2A.
The Input Tax Credit (ITC) is one of those regulations that is causing
confusion among the masses. Here is a brief explanation of what ITC means, how
it will affect the masses- especially small business owners, and what are the
necessary steps needed to be taken.
What is ITC?
Input tax credit (aka ITC) is the subtraction of
the tax money you have paid on inputs on the final output bill.
Who can avail of ITC?
ITC is available to an entity only when it is
covered under the GST Act. Any manufacturer, supplier, agent or e-commerce
operator aggregator must be registered under the GST if it is to become
eligible to claim the ITC on their purchases which are used in the course and
furtherance of business
What are the changes in accounting practices?
One of the primary reasons the GST was
implemented was to get rid of old style book-keeping practices and records.
With new ledgers in accounting practices there will be a great deal of transparency
and control. Further mistakes made by suppliers would be readily tracked.
In the case of multiple registrations it is
advised to create ledgers for all - State GST, Central GST, Integrated GST, and
even for tax levied on inter and intra state sales and imports. So in relation
with ITC, the ledgers may be as follows:
·
Interim / Suspense /
Provisional ITC - SGST
·
Interim / Suspense /
Provisional ITC - CGST
·
Interim / Suspense /
Provisional ITC - IGST
·
Interim / Suspense /
Provisional ITC - GST Cess
The entry in accounting records passed at the time of goods
and material received note requires additional entries.
The new accounting entry at the time of purchase
should be
The
new accounting entry at the time of matching
This process will have an option to track at the
supplier invoice level and helps to monitor the suppliers who are not
filing returns on time. This new process also helps to keep track of the
changes which are reflected dynamically in GSTR - 2A from time to time based on
filing of returns by the supplier after the due date.
Did you know?
a) As per rule 69 of the Central Goods and
Services Tax (CGST) Rules, 2017, following details must be matched to the claim
of input tax credit
·
GSTIN of the supplier
·
GSTIN of of the
recipient
·
Invoice or debit note
number
·
Invoice or debit note
date
·
Tax amount
b) There are reasons for the differences between the records
of the seller and the buyer. These could be wrong GSTIN of the supplier, date
related or entry errors while uploading invoice or debit note number, invoice
or debit note date and errors in calculation of the tax amount.
What are the potential errors?
There can be errors at various levels. Let's
examine a few commonly found ones.
·
Errors by the suppliers:
It often happens, especially in absence of a good ERP/Accounting system that
the supplier might end up entering the wrong GSTIN number. Furthermore the
supplier might have not filed tax or uploaded the tax invoice.
·
Invoice related errors:
Again, there could be mismatch due to data entry error of invoice or debit note
number by the end of supplier in their ERP system or the the books of accounts.
The supplier may go errant not just while mentioning invoice number but while
entering the amount of the invoice too. Human errors!
·
Factor of time and luck:
Another important factor is the time gap between receipt of goods and the
generation of invoice. This may cause mismatch and/or errors-for instance, if
the purchase is made on a certain day and the invoice is generated way later,
for some reason. This will create confusion on the day of day of purchase.
Likewise, it may also happen that the supplier has issued invoice and it was
not received by the recipient. Or in some cases in which the purchase has been
made but the goods are still in transit or not yet shipped, then it will be
required to reconcile the entries accordingly.
To avoid the precious working capital the MSMEs have to
change their business process based on the statutory requirements of GST and
also adopt technology so that the entrepreneurs can concentrate on the business
operations rather than the compliance and accounting work. It has to be kept in
mind that GST is not a tax reform but a business process reform and change of
business process and adoption of technology helps the MSMEs to scale to new
heights and they have the potential to become tomorrow's MNCs.
( CMA Bhogavalli
Mallikarjuna Gupta is the Chief Taxologist at Logo Infosoft.)
Read more at:
Friday, February 28, 2020
Delhi Govt okays prosecution of ex-JNUSU president Kanhaiya Kumar for sedition in 2016 case The permission comes nine days after Delhi chief minister Arvind Kejriwal promised to take an early decision on grant of prosecution against Kanhaiya in the 2016 Jawaharlal Nehru University sedition case. INDIA Updated: Feb 28, 2020 19:48 IST
Delhi Govt okays prosecution of ex-JNUSU president Kanhaiya Kumar for sedition in 2016 case(HT Photo)
Delhi government has granted sanction to prosecute Left leader and former students leader Kanhaiya Kumar in the JNU sedition case on Friday.
The permission comes nine days after Delhi chief minister Arvind Kejriwal promised his government will take an early decision on grant of sanction to prosecute Kanhaiya in the 2016 Jawaharlal Nehru University sedition case after a Delhi court had asked Delhi Police to file a status report on April 3.
The file was pending with AAP minister Satyendar Jain, who also handles the home department which is responsible for taking such decisions.
Thursday, February 27, 2020
Has India stumbled upon a chance defence against coronavirus? Nomura economist thinks it has India's aversion to joining Asia’s sophisticated supply chain for production is what is saving it from virus. ET Online|Last Updated: Feb 27, 2020, 09.42 PM IST
Does India have a serendipitous bulwark against the deadly virus that is ravaging parts of China and spreading to several other regions of the world?
As it turns out, some people do think that could be the case. In an interview, Robert Subbaraman, chief economist at Nomura, said Asia is by far the region most exposed to contracting the virus, but within Asia, India is the least exposed to economic fallout from the coronavirus.
The reason: India's aversion to joining Asia’s sophisticated supply chain for production, where China is the epicentre, may be what is saving the country from coronavirus.
India has been slow to get involved in Asia’s very sophisticated supply chain for production across countries where China is the epicentre. This has helped India from feeling the real damage of the coronavirus, which has brought many industries, in and outside China, to a standstill.
"India does not have a strong links with China in terms of visitor arrivals and so forth in some of these other Asian countries but also the economic spill-overs from China onto India are not severe," Subbaraman said.
India and the virus
The outbreak of the virus in China has hit India's manufacturing and exports sectors. Among those hit particularly hard are medicines, electronics, textiles and chemicals. China is India's biggest source of intermediate goods, a sector that sees bilateral trade worth $30 billion a year.
The Indian government is seized of the threat. Finance minister Nirmala Sitharaman said the government would announce measures soon to help cope with the effect of the virus. The FM met more than 200 business leaders to assess the impact of the coronavirus and discuss plans to contain the damage.
Ratings agency Moody's said on Tuesday that the outbreak added to pressures on growth in Asia. The impact is felt primarily through trade and tourism, and through supply-chain disruptions.
Moody's cut its economic growth forecast for India for 2020 to 5.4% from an earlier estimate of 6.6%, and cut the forecast for 2021 to 5.8% from 6.7%, saying the revisions were also affected by weakening domestic demand.
One economy already down
China's economy now faces much weaker growth as the spread of the virus has hit production as well as trade.
"China’s GDP growth is going to be at least a halving between Q4 and Q1 this current quarter. So it is looking like this quarter will be 3% year-on-year," he added.
The business impact of the virus is already being felt in many parts. While the world scrambles to control its spread, the world’s most China-reliant economy, Australia, is reeling from shockwaves. The faltering of Australian trade has now fueled questions over whether the nation is too reliant on the Asian behemoth.
Coronavirus has now affected over 82,000 people worldwide, and caused more than 2,800 deaths. About 30,000 of the affected have been cured, but fear of infections is still ..
Tuesday, February 25, 2020
Monday, February 24, 2020
An Indian dress code for Mr & Mrs Donald Trump
Ahmedabad Mirror|
While President Donald Trump is usually seen in sharp suits, First Lady Melania Trump flaunts her svelte figure in some of the choicest of dresses. City’s fashion experts create a stylish digital lookbook for the couple:
Agencies
Trump and Melania should sport typical Indian wear since it will be a change from the western attires they don daily. Fashion Designer, Anuj Sharma thinks US President Donald Trump should wear a dhoti, he will look beautiful in it. It would be apt too considering the weather. For Melania, he suggests, drapping a sari of any material in a typical Gujarati style should be the best option.
Considering the hot weather, Trump and Melania should wear something light, suggests Deval Rahul Patel, a fashion designer. Accodirding to her, Trump should go for a smart, lightembroidered Nehru jacket. He should pair it with an Indian kurta or shirt and linen trousers. He can also accessorise it with a pocket square. The colours he can choose from are yellow, blue and blush pink. A pair of comfortable shoes or brown formal shoes will complete the look.
If I got a chance to dress Trump and Melania, it would definitely be in natural Indian handwoven material like khadi. I will also make sure their fashion reflects non-violence (Gandhi’s philosophy), for instance, not giving them any accessory in leather. Traditional Indian chappals will complete the looks, said Purvi Doshi, a fashion designer in Gujrat.
Considering Trump and Melania might visit the Gandhi Ashram, wearing khadi (the textile promoted by Gandhiji) would just seem right believes textile & garment designer, Soham Dave. According to him, Trump can sport a khadi kurta of a natural shade like beige and Melania could drape in six yards of khadi with a bit embroidery on it and could accessorise it with the simple yet classic white pearls.
While Trump shouldn’t change his look, Melania should try traditional Gujarati designs as these arts are fading away. If someone like her endorses it, people will surely take notice and take it seriously says fashion designer Digvijay Singh. While the designer expects Trump to maintain his original style and sport a red tie and navy blazer, Melania should go for a natural indigo-dyed kurta or the one with typical Gujarati designs using natural vegetable dyes like Mata ni Pachedi, kalamkari or block print. She could pair it with a churidar, Kutchhi silver jewellery and a pair of mojadis.
(Images used in the slideshow are edited for representation purpose only. )
(Images used in the slideshow are edited for representation purpose only. )
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