economictimes.indiatimes.com 2019-01-28 09:07:00
Rahul Gandhi on Monday alleged that the "Goa audio tapes", cited by the Congress to attack the Centre on the Rafale issue, were authentic and the state's Chief ...
timesofindia.indiatimes.com 2019-01-28 02:18:00
PORVORIM: As part of an effort to streamline the existing Goods and Services Tax (GST) regime, the council of ministers approved the Goa Goods and Ser.
economictimes.indiatimes.com 2019-01-27 10:00:00
He said the Air Cargo policy announced on January 15 this year will boost fish exports, adding that the Centre and Goa government would tie up to form clusters ...
indianexpress.com 2019-01-24 00:37:01
The NGO claimed that in the last three years, 21.10 lakh live goats and sheep have been exported from Tuna port and the port authorities have generated a ...
timesofindia.indiatimes.com 2019-01-19 00:38:31
PANAJI: As part of the Business Reforms Action Plan (BRAP) for 2019, the department of industrial policy and promotion (DIPP) has outlined 80 reforms that Goa ...
timesofindia.indiatimes.com 2019-01-14 21:54:00
Panaji: In a major boost to the state's efforts to improve ease of doing business for industrial sector and investors, CM Manohar Parrikar on Monday l.
economictimes.indiatimes.com 2019-01-14 01:00:00
After considering expenses, Sankaran should invest the money instead of letting it idle and link it to his goals. His major goals include childs education and ...
www.financialexpress.com 2019-01-13 23:43:10
Extension services need to be revamped to realise the goal of agricultural exports, and investments in cold chain infrastructure need to be ramped up ...
www.thehindu.com 2019-01-13 19:13:03
A 46-year-old former Goa Ranji cricket player Rajesh Ghodge collapsed on a cricket ground in Margao in south Goa on Sunday while playing a local tournament ...
www.ndtv.com 2018-12-31 08:00:00
The Centre said it's on track to meet its official March 31 deadline to provide electricity connections to every home, saying a December 31 goal promoted publicly ...
timesofindia.indiatimes.com 2018-12-21 08:00:00
Cricket News: The BCCI despite knowing that Gary Kirsten was employed with Royal Challengers Bangalore, still accepted his candidature and forwarded his ...
www.hindustantimes.com 2018-12-20 08:00:00
A 24-year-old woman on Thursday accused officials conducting the National Eligibility Test (NET) in Panaji of not allowing her to appear for the examination ...
rocktownyouth.org 2018-12-11 15:45:00
admin Business Basic Finance terms everyone must know As a child, you wanted to quickly grow into an adult so that you could make your own decisions and live life your own way. As an adult, you miss those carefree times when everything was well taken care of. You never realised there are so many things you need to look after when you are on your own. One of the most crucial but often neglected areas is personal finance. It can be a little overwhelming to manage your personal finances if you do not have a finance background. To make your life a little easier, we have simplified some common financial terms for you. Read along to know more about them. Compound interest - this the total interest that you earn on your savings and the interest on the initial deposit. In other words, it is interest on interest. In case of loans, it is the interest that you have to pay on the principal and the interest that gets accumulated on it. Due to compound interest, your savings and debt grow faster with time. Assets - it is something valuable that has an economic value. It could be something you own, use or generate income from. It could be physical like cash, jewellery, real estate or non-physical like a patent. Liabilities - Your financial liabilities are what you owe to someone else. It could be a friend or a financial institution. Loans from banks or friends are classic examples of liabilities. It is an obligation on your part to repay your liabilities either in cash or services. Net worth - It is the difference between your assets and liabilities. To calculate your net worth, add up everything you own. Also, include the current market value of your home and car. Reduce your current liabilities from this amount. Your net worth figure is a reflection on your financial well-being. Asset allocation - You must have heard many times about investing your money to create wealth. Asset allocation is the strategy to distribute your money across different asset classes. You can choose from stocks, bonds, fixed deposits or mutual funds. Your asset allocations must depend upon your personal goals and risk tolerance. Cash Flow - A business' cash flow is the total funds that move around within a period of time. It includes incomes and expenses. The cash flow determines the financial health of a business. It indicates the total assets of the business in excess of liabilities. Bottom Line - The bottom line of a company is its total income. It is the last figure that comes in the ledger. The bottom line is calculated by deducting the company's expenses from its income. Stocks - It is an ownership in a company. You become a shareholder when you buy a stock of a company. The stock prices go up and down depending upon the performance of the company. Sensex - Short for Sensitivity Index, it is an indicator of the movement of Bombay Stock Exchange (BSE). It comprises of the top 30 companies listed on the BSE. Sensex's up and down movement is an indicator of the general market sentiment. Bear and bull market - These terms are used to describe the stock market conditions. A bearish market is when the stock prices are going down and investors are pulling out. A bullish market is when the stock prices are moving upwards. The investors pump in more money into the market in a bullish market. Credit report - It is like a report card where you are marked on your past credit behaviour. Your credit requests like credit cards and loans appear on this report. Any delay in replaying your loan is recorded and may impact your future credit applications. Credit Score - It is a numerical score that indicates the creditworthiness of an individual. Lenders prefer considering the credit score before extending loans and credit cards. It gives the probability of a person's capability to return the advances. Mutual Fund - Mutual funds invest the money collected from investors to different asset classes like stocks, bonds, etc. It is a useful tool to benefit from the stock market if you do not have the time to update yourself on a daily basis. Stock options - You must have often heard of companies rewarding their employees with stock options. It is basically a share in the company that is on offer. The employee can choose to buy their employer's shares at a fixed price and profit from selling it in future. Tax exemption - It is a tax relief proposed by the government that reduces your taxable income. There are various investments that you can make to enjoy this exemption under different sections like 80C, 80CCC etc. Provident Fund - The PF Act mandates that an organisation has to contribute 12% of its employee's basic salary to his provident fund. An equal amount has to be contributed by the employee. On retirement, the employee gets a lump sum amount including the interest. Life insurance - It is a contract between an individual and an insurance company. It covers the death of the individual and provides a lump sum amount to the beneficiaries. The individual has to make premium payments in exchange. Term life insurance - This life insurance is valid only for a certain period of time. The insurance company is liable to pay insurance cover if the individual passes away during this time. Inflation - Expressed as a percentage, it is the total increase or decrease in the prices of goods and services. If it increases, you can buy lesser things with the same amount of money. GST - It is an indirect tax that has replaced all the previous indirect taxes in our country. It is levied on both good and services and is levied at every point of sale. Fiscal Policy - It is the government's initiatives and actions that influence a country's economy. It includes strategies to generate income as well as expenditures for public welfare. Monetary Policy - It is formed by the central bank and is directed at stabilising the economy. In India, RBI defines the monetary policy which in turn impacts the interest rates at banks. GDP - Short for Gross Domestic Product, it indicates a country's total economic activity. It a numerical figure that represents all the goods and services produced in a country. It is calculated annually or quarterly. Savings account - it is the most basic type of account that you can open at a bank. You can deposit money into this account and earn interest on your savings. Most banks offer added features like credit cards, chequebook and net banking with a savings account. Current Account - This account facilitates a high number of transactions to a business. It allows any number of deposits and withdrawals in a month. There is no interest earned on this account.
indiatimes.com 2018-12-10 00:00:00
By Hasmukh Adhia GST has been a major structural reform of the current government. Replacing multiple taxes and cesses of state and central governments into a single tax has been a major relief to trade and industry. At the same time reduction in overall tax incidence has brought relief to the end-consumers. The IT driven tax filing system of GST has made it difficult for intermediaries in the value added chain to evade taxes. The movement of goods across the country has become faster and less cumbersome with the help of a single e-way bill carried by the transporter, and because of abolition of state check posts. GST has given a big boost to the manufacturing sector as a whole, which will accelerate the growth of the economy. Initial difficulties faced in implementation of GST were not unexpected. However, they were quickly resolved because of the flexibility shown by the GST council in correcting course. The experience of other countries where GST was introduced shows that all of them faced some teething troubles for the initial two to three years. As compared to Australia and Malaysia, the Indian experience shows that GST has settled down fairly well. Now GST has much wider acceptability even among MSMEs. The question now is what GST's future course should be in India. So far, the government has gone by the maxim 'the best should not be the enemy of the good'. But we must continue on a quest for the best. Having implemented GST in a vast country like India after taking 31 states on board, it is time to perfect the system gradually. In order to move towards an ideal GST, we must set an agenda for the next three to five years. Our first attention should go in the direction of stabilising revenue both for states and Centre. While states are already comfortable because of the compensation mechanism in which 14% incremental growth rate of revenue is assured, the Centre still needs to worry about its revenue. GST revenue is undoubtedly going to get a major boost when the government implements the new system of return filing in which there will be perfect matching of invoices for availing input tax credit. At present, the total tax liability declared by registered dealers every month is Rs 5 lakh crore, of which approximately a lakh crore is paid in cash and the remaining Rs 4 lakh crore is settled by way of input tax credit. Even if we stop 10% leakage in wrong availment of input tax credit, it will mean that to that extent, the monthly GST paid by cash should go up from Rs 1 lakh crore to Rs 1.4 lakh crore. Second, an attempt should be made to bring all excluded items into GST one by one in the next three to five years. This includes five petroleum products, electricity, real estate and alcohol in that sequence. Among the petroleum products, the two items which can easily be brought into GST are natural gas and aviation turbine fuel (ATF). Exclusion of certain items from GST creates distortions such as cascading of tax and reversal of input tax credit. Since tax on diesel and petrol gives substantial revenue to states and Centre, it is obvious that bringing them into the GST net will be a difficult decision. But this is doable with proper tax structuring of petroleum products, divided between GST and cess. The items of electricity duty and potable alcohol, on which at present only states have the power to impose levies, can also be brought into the GST net by imposing only state GST on them. But inclusion of these items will help in removing input tax credit blockages; it will be both more efficient for industry and more affordable for consumers. By bringing petrol, diesel and potable alcohol into GST, the rate at which these items are sold to consumers will be common across states. Third, we must try to rationalise the rate structure as and when the scope for revenue sacrifice increases with rising revenues. Initially, we can move from a four slab structure to a three slab structure, and gradually to a two slab structure. Multiplicity of slabs creates classification disputes and duty inversions, necessitating blockage of funds and refunds. Also, modest rates result in better compliance. If we have to move to a three slab structure, no new item should now move from 18% to 12%, or 12% to 5%, or 5% to zero in the interest of revenue neutrality. If we deviate too much from the mean or median rate slab, it will be difficult to then increase GST on these items when the country aspires to have a single slab GST. We can easily set the goal of having a two slab structure by the end of fifth year from now. Fourth, in the present GST system there are certain items where input tax credit is not allowed which breaks the chain. Some of these sectors are restaurants (GST rate on restaurants is 5% but without input tax credit), transport vehicles, oil or gas pipelines, telecom tower. Exclusion of items from availing input tax credit results in accumulated credit and has a cascading effect. The attempt here is to suggest a road map. The pace of actual implementation can be based on revenue growth and practical considerations of consumer interest. The writer is former Finance Secretary of India 0 Comments
economictimes.indiatimes.com 2018-12-07 08:00:00
GOA: India is likely to issue the final regulations for companies engaged in sale of medicines through online platforms by end of this month and put them into ...
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