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2 episodes with services tax
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2 episodes with services tax
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 2, 2024. My name is Nelson John. Let's get started. The Indian stock market closed the volatile trading session on a flat note on Tuesday, October 1, amid mixed global signals and uncertain economic indicators. The Nifty 50 closed the session 0.05% lower while the Sensex ended with a slight decline of 0.04%.. The Goods and Services Tax has undergone a series of amendments since it was introduced in 2017. Yesterday the Central Board of Indirect Taxes and Customs announced yet another important change: an end to the anti-profiteering regime. This had been put in place to ensure that businesses passed on the benefits of GST rate cuts to consumers. Gireesh Chandra Prasad reports that with its removal, businesses will have more freedom to set prices. This change is part of a broader effort to simplify GST compliance, Gireesh adds. The Leela group of hotels filed papers for a 5,000 crore rupee IPO last month, reflecting a growing appetite for both luxury tourism and luxury hotel stocks. Experts told Abhinaba Saha they expect healthy demand for Leela's IPO, the largest in the hospitality segment to date, as luxury tourism is just getting started in India. Luxury hotel chain operator Ventive Hospitality announced an IPO worth at least Rs 2,000 crore just a few weeks ago, while Juniper Hotels and Apeejay Surrendra Park Hotels were listed in February. Ever seen ads for music CDs and glass tumblers? They are all over billboards and TV sets, but you'd be hard pressed to find the actual products on sale. That's because they're surrogate ads for products such as alcohol. Liquor manufacturers aren't allowed to advertise their products, so resort to such tactics. However, Dhirendra Kumar reports that the Central Consumer Protection Authority is now cracking down on companies that use surrogate advertising and could fine repeat violators 50 lakh rupees. When Ranveer Allahbadia's YouTube account – which has 17.33 million subscribers – was hacked on September 25th, it highlighted a growing concern about cybersecurity among content creators. Allahbadia's experience served as a stark reminder that no one is immune to cyber threats. Pratishtha Bagai writes about a recent Kaspersky study that revealed 20% of Indian internet users were victims of cyber threats in the first half of 2024 alone. Influencers are now increasingly using two-factor authentication (2FA) and limiting device access to their accounts. Yet, many creators rely on platform support after the fact, rather than taking proactive steps to secure their accounts. Industry experts suggest that influencers, like businesses, should seek professional cyber protection services.In India's film industry, big-budget spectacles such as Baahubali and Pathaan rake in massive sums at the box office but often see modest profits owing to high production costs. Conversely, mid-budget films have delivered impressive returns. Stree 2, which cost around ₹60 crore to make, grossed more than ₹600 crore. Such films manage to appeal to both urban and regional audiences, often without major stars, and thus have a better return on investment, writes Lata Jha. Sequels such as Gadar 2 and Stree 2 continue to attract audiences by leveraging the success of their predecessors, maintaining interest without the hefty marketing budgets that larger films typically require. GST-related anti-profiteering regime to end in March next year, marking shift towards free pricingLeela's IPO is a bet that luxury tourism in India is just getting startedLiquor makers in crosshairs over surrogate ads, CCPA calls for punitive actionAre social media influencers equipped to dodge cyber attacks?The curious case of mid-budget breakout hits
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Solidarity 716, 17 July 2024. Articles include: Don't wait on Starmer, demand! What a workers' government would do Let Gaza live! Peace, two states Making an equal future Confused right up to election day Why was Leicester different on 4 July? Iran: regime retrenches French left debates options after 7 July Trump picks hardline VP Looking for a new opposition bloc Which way will Jeremy Corbyn turn? SOAS seeks to overturn student union elections A fraught future in India, too Putin wars against Ukraine's civilians There is a “Magic Money Tree” Sickness at work: think “collective” first DSA discredits itself by nixing AOC The legacy of “anti-vax” The man with a thousand kids Air pollution causes early deaths Anti-gay laws in Burkina Faso Why the battle of ideas is central Debate: Electoral challenges part of the mix The New York teachers' strike of 1968 The decade of the conundrum Debate: What is the MAGA revolution? Debate: The Trump threat Junior doctors still need solidarity A debate on patriotism Showing who's boss Tina Roe Requiem for the 1930s Popular Front Reignite the Justine campaign! Tata: keep unions on alert GMB battle at Amazon Shipyard workers win About being a Swifty More online: https://workersliberty.org/publications/solidarity/solidarity-716-17-july-2024
July 5, 2024 - Ottawa quietly enacted its new Digital Services Tax last week, which will collect a levy from foreign tech giants generating revenue in Canada. U.S. Ambassador to Canada David Cohen tells Power & Politics the new tax on foreign tech giants making money in Canada is 'discriminatory.' Ontario Finance Minister Peter Bethlenfalvy says Ottawa should pause its implementation.
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, June 27, 2024. My name is Nelson John. Let's get started: The equity markets rose on Wednesday. Nifty was up by 0.62 percent, while Sensex edged up by 0.80 percent. It's been seven years since the central government imposed the Goods and Services Tax, commonly known as GST, on India. The aim was to create a common market where sellers and buyers didn't have to worry about a myriad of state and municipal taxes. However, the current slab structure has introduced a lot of complexities into the tax structure. The largest friction point has been over the funds that the states receive from the centre. How India Lives . com analyses these claims, and tries and figures out if the distribution of collected taxes is equitable for all the states. Central banks in the UK and Canada have cut their interest rates. The US Federal Reserve, which directly and indirectly controls the world economy to a large extent, has been mulling a rate cut for months as well. India's mutual fund industry is anticipating such a move from the Reserve Bank of India as well. If that happens, funds want to cash in. They're doing this via duration funds — a portfolio of bonds. Bond yields change according to current interest rates. As Anil Poste explains, a declining interest rate would provide higher returns via longer duration bonds. Mutual fund experts are bullish considering India's inflation and the relatively stable economic environment. Even just a 50 bonus point cut — that's half a percent over the next 12 months— would greatly improve the yields of this bond, Anil writes. Ask any lay person for categories of four-wheelers, and they would probably list out hatchbacks, sedans, and SUVs. But ask any sector expert, and they'd tell you CV and PV: commercial and passenger vehicles, respectively. Commercial vehicles are a category of vehicles that you wouldn't really buy: this includes trucks, buses, vans, and tempos. Tata Motors has now decided to split its two businesses in order to focus better on these respective segments. The combined entity had CVs as the cash cow, but was bankrolling Tata's PVs. Nehal Chaliawala writes that now that the PV segment has turned profitable on its own, Tata Motors' split between the two will help CVs power through on the back of its own revenue. Meanwhile PVs, which include the new successful upstart electric vehicles as well, will hope to achieve an Ebidta margin of 10%. Every year, the government boasts of lifting millions of people out of poverty. However, as N Madhavan writes, the way it goes about it isn't the most reliable. Poverty is measured by arriving at a poverty line. Those who fall under this line are considered poor by definition. The current achievements have been touted because we're still using the poverty line set in 2012. Experts are now calling for a new line that takes into account the inflation and living conditions. If you're looking to build a new factory, you might want to wait for just a bit more. In a bid to encourage India's lagging manufacturing sector, the government had put a 15 percent tax rate for new manufacturing facilities. This started in 2019, and led to over 23,000 factories opening in FY20. However, covid-induced lockdowns stalled progress. This scheme's validity expired on 31 March this year. Gireesh Chandra Prasad reports that the government is likely to restore this concessional rate in their next Budget. A lower tax rate is a great incentive for India's manufacturing sector to take off, and the new government is counting on it. We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Seven years on, GST still sparks Centre-state frictionWhy the mutual fund industry is betting on duration funds Tata Motors says demerger will allow all businesses to unlock potential Why India must count its poor accurately Building a new factory? Budget may extend concessional tax rate for a year
In today's episode for 25th June 2024, we tell you why bringing petroleum products under GST (Goods and Services Tax) may not be a practical solution to bring down high fuel prices. Speak to Ditto's advisors now, by clicking the link here - https://bit.ly/4bZKRXS
Today my guest is Monica Davidson, a Creative Practitioner and Business Educator. Monica believes that creativity gives our world a soul. In this episode, we find out about Monica's early life and her love of creative culture and expression. Monica recounts her early studies in communication and post-graduate studies in screen arts, business, leadership, and finance. Monica offers insights into supporting other creative practitioners – writers, film makers, artists, designers, and others – through education, advocacy and mentoring. We explore the creative practices of writing and film making, and those additional insights related to business, finance and marketing. We learn how Monica helps creative practitioners to develop these essential business skills, within the context of creative practice, to support creative and financial success. We find out about social enterprises, that is, commercial organisations with the heart of a non-profit, leading to positive outcomes for the community and world. Monica shares insights into the various approaches to teaching. For example, applying mathematics to practical, real-world situations such as calculating money. Some of Monica's more creative and sparkly pedagogy has involved teaching ideas around GST (Goods and Services Tax) through interpretive dance! Monica emphasises the simple, yet profound idea that creative people are businesspeople. Monica wants creatives to feel valued, and to encourage a broader culture that values creativity. Links: https://creativeplusbusiness.com/ https://www.linkedin.com/in/monicadavidson/ Freelancing for Australians For Dummies: https://www.wiley.com/en-au/Freelancing+for+Australian+For+Dummies-p-9780731407620
Get holistic financial planning with 1 Finance - https://1finance.onelink.me/5Kxt/otep19 In the first part of the episode we have broken down tax calculations in the simplest manner and demystified the current tax regulations and incentives. If you haven't checked the part 1 we highly recommend you to give it a listen before delving into part 2. In the second part of the episode, we have covered the tax implications of selling real estate. Details on Section 54, Tax Implications for NRIs, and discussed how GST (Goods and Services Tax) affects property transactions, especially for under-construction properties.*Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.Registration granted by SEBI, membership of BASL and certification from National Institute of Securities Markets (NISM) in no way guarantee performance of the intermediary or provide any assurance of returns to investors.Quotes or authorisations in this podcast are provided solely for educational purposes and relate to third-party products.
Steve Suarez, partner at Borden Ladner Gervais LLP, co-chair of the Chamber's economics and taxation committee Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode of The Very Real Estate Effect Podcast, Axel discusses the recent government announcement to cut the GST (Goods and Services Tax) on new rental buildings, aiming to boost construction. This tax cut eliminates the 5% federal tax on new rental properties, making real estate development more appealing to investors and developers. According to Axel, it won't lead to an immediate increase in rental units; it's a medium to long-term solution taking 18 months to two years to impact the market. He emphasizes the importance of collaboration between federal and provincial governments to address housing challenges effectively. Dive in! Learn about the government's GST cut on new rental buildings and its implications for real estate development, primarily in Quebec. Understand how government policies impact the industry. Axel invites further discussion and expert analysis, acknowledging that the long-term effects of this policy change are yet to be fully understood. SUPPORT US ON PATREON! patreon.com/realestateeffect and become a part of our real estate family! You'll get access to exclusive content, monthly virtual meetings [Ask me anything!], special events and more! And please subscribe to the show, share it with a friend and send us feedback. Visit www.realestateeffect.ca and follow me on IG @monsaxel
Officials are warning that the Government risks trade retaliation from other countries if it forges ahead with a Digital Services Tax. The tax would target offshore tech companies whose arrangements often mean they pay little tax in jurisdictions like ours. The Government is part of an OECD process to create a global framework but has reserved the right to implement the tax if these efforts fall through. Deloitte tax partner Robyn Walker told Mike Hosking it's an unusual position to take. She says it's a little odd we've decided to step aside slightly from a process that 138 counties committed to following just in July. LISTEN ABOVE See omnystudio.com/listener for privacy information.
The Taxation Principles Reporting Bill passes - how would Labour and National's tax proposals stack up against it? A digital services tax bill introduced, and National's tax policy is launched, a case of looks good from far but far from good?
Fears have come that new legalisation aimed at taxing multinational companies that provide digital services might not be as effective as hoped. The Government has unveiled the Digital Services Tax, which will slap three percent on New Zealand revenue of companies like Amazon, Meta and Google. It's expected to bring in $222 million over four years. However, Tech Commentator Paul Spain told Kate Hawkesby some companies may simply put up their New Zealand prices to cover the difference. LISTEN ABOVE See omnystudio.com/listener for privacy information.
Fears have come that new legalisation aimed at taxing multinational companies that provide digital services might not be as effective as hoped. The Government has unveiled the Digital Services Tax, which will slap three percent on New Zealand revenue of companies like Amazon, Meta and Google. It's expected to bring in $222 million over four years. However, Tech Commentator Paul Spain told Kate Hawkesby some companies may simply put up their New Zealand prices to cover the difference. LISTEN ABOVE See omnystudio.com/listener for privacy information.
July 1 this year marked the 6th year since the Goods and Services Tax was implemented. The average monthly collection in the first year was sub-₹1 lakh crore. Now, the government expects ₹1.5 lakh crore to be the norm, with its eye ₹2 lakh crore for the near future. At the start, there were several changes that naysayers felt made compliance difficult. Others said these were necessary prerequisites for a smooth run later. Pratik Jain, Partner and National Leader for Indirect Tax in PwC India joins us today to share his perspectives on how the 6-year run has been and what the road ahead looks like.
How does Canberra distribute revenue from the Goods and Services Tax and is it fair? The U.S dollar has long been the dominant currency for world trade but can China change that? The system behind how Australians pay for everything is about to be modernised.
How does Canberra distribute revenue from the Goods and Services Tax and is it fair? The U.S dollar has long been the dominant currency for world trade but can China change that? The system behind how Australians pay for everything is about to be modernised.
Taking the example of GST, which stands for Goods and Services Tax. Services and goods are taxed indirectly through this tax. There are multiple stages of taxation associated with GST at each point of sale where goods and services are provided. In the entire country, there is only one domestic indirect tax, the GST. On March 29, 2017, parliament enacted the GST, which entered into force on July 1. There are no exceptions when it comes to GST rates in Indian states, including union territories. Here we've compiled a list of the top GST interview questions and answers. This post is a must-read for every GST professional. Read also: http://saginfotech.wikidot.com/important-gst-interview-q-a-taxpayers-2023
MONEY FM 89.3 - Prime Time with Howie Lim, Bernard Lim & Finance Presenter JP Ong
Stamps, parcels and postage fees - that's right - we are putting the spotlight on the postal and parcel industry today. In particular, we're going to be looking at Singapore Post, which has seen a number of developments of late. The company is raising postage rates for postage, package delivery and doorstep parcel delivery this year as a result of the Goods and Services Tax hike as well as other inflationary cost increases. On the investment front, SingPost will dilute and potentially sell its stake in Chinese e-commerce provider, Shenzhen 4PX Information and Technology, Yet at the same time, the firm also expects to eventually acquire the whole of Freight Management Holdings, a leading 4th party logistics service company in Australia, to tap the fast growing market there. What are the reasons behind the rebalancing of its portfolio and the adjustment of prices, and really, what's next for SingPost? On Under the Radar, Drive Time's Finance Presenter Chua Tian Tian posed these questions to Lee Eng Keat, Head, Strategy & Programs Office at SingPost.See omnystudio.com/listener for privacy information.
Dörte, Global Employer Services | Tax & Legal | Karriere | Deloitte by Deloitte Deutschland
MONEY FM 89.3 - Prime Time with Howie Lim, Bernard Lim & Finance Presenter JP Ong
It's the last trading day for 2022, and that means it's also a time for us to look back on some of the key market stories that made the headlines this year. In the US, all major averages are heading for their worst year since 2008 but what are the big themes for markets as we kickstart 2023? And speaking of stocks, how could we miss out Elon Musk and Tesla, after the billionaire told employees not be bothered by the recent stock market craziness? Over in Asia, China is dismantling its pandemic restrictions - but with the rapid spread in COVID-19 cases and countries imposing measures for inbound travellers from China, to what extent can the region see a boom in their tourism activity? Back home in Singapore, the Goods and Services Tax is set to rise 1 percentage point to 8% come 2023, but who will bear the brunt of rising costs? On Market View, Prime Time's Finance Presenter Chua Tian Tian broke down the key market stories for the year. See omnystudio.com/listener for privacy information.
International travellers, including Australians, might be able to claim a GST (Goods and Services Tax) and WET (Wine Equalisation Tax) refund for some goods bought in Australia that you then take out of the country with you on a plane or ship. Mr Sathyanathan explains about Tourist Refund Scheme. Produced by Renuka. - நாட்டைவிட்டு வெளியேறும் வெளிநாட்டுப்பயணிகளும், வெளிநாடு செல்லும் ஆஸ்திரேலியர்களும் தாங்கள் வாங்கிய சிலபல பொருட்களுக்கு அவர்கள் உள்ளூரில் செலுத்திய GST என்ற, ‘பொருட்களுக்கும் சேவைகளுக்குமான' வரியைத் திருப்பிப் பெறுவதற்கான ஏற்பாடு, விமான நிலையங்களில் பல காலமாக செயல்பட்டுவந்தாலும் இன்னும் அதுபற்றி பலர் அறியாமலிருக்கிறார்கள். இது எப்படி செயல்படுகிறது என விளக்குகிறார் பிரபல வானொலியாளர் இரா சத்தியநாதன். அவரோடு உரையாடுகிறார் றேனுகா துரைசிங்கம்.
Kevin Sanderson is the founder of Maximizing eCommerce where he helps successful 6, 7, & 8-figure Amazon sellers expand their e-commerce sales internationally. Kevin is also part of an elite club of two-time guests on the FiringTheMan Podcast. For those of you wanting to know more about Kevin's story, we encourage you to check out Episode 41 where he details his “FiringTheMan” story of leaving a cushy corporate job to pursue a life of entrepreneurship in the eCommerce space.In this episode, Kevin talks about the benefits of international expansion as well as helpful tips on how to navigate it. Let's get started![00:01 - 9:19] Opening SegmentKevin's corporate background and how he got into e-commerceBackstory on how he helped David's team with international expansion [09:20 - 23:47 ] Factors to consider when planning for Internation ExpansionHigh returns offer in terms of time and effortPaperwork process required for each countryKevin recommends Canada and UK in terms of efficiency[23:48 - 33: 33] Value Added Tax (VAT) and Goods and Services Tax (GST) and The MarketVAT / GST differs per country and so the process outlined for Canada is different for US or UK GST (Goods and Services Tax) in Canada refers to a federal tax Want some Amazon refunds? Check out GETIDAPromo code: FTM400Ad campaigns have come a long way allowing you to manage them well with the right strategy[34:34 - 36:21] Why Consider International Expansion?Better chance in business, a lot of people already tried and it workedLess competition in the international market hence PPC is less expensiveThere are available services to help in terms of requirements such as forms and documents per country[36:22 - 44:26] Additional Factors to Consider When Expanding InternationallyIn terms of conversation rates complexities, Kevin recommends Payoneer for convenience or other Kevin recommends using machine listing translations, chrome translation, etc as there are many services available online to help [31:07 - 32:19] Closing SegmentConnect with Kevin SandersonQuote/s:“I always take everything with a little bit of a grain of salt. But what I really have come to believe is that the less moving of currency the better. And how some people live a life where they will never taste victory because they're too afraid of the potential defeat.” - Kevin SandersonConnect with Kevin SandersonWebsite: https://maximizingecommerce.com/YouTube: https://www.youtube.com/channel/UCotCLMv_rc--K6h_q_SjN6QTwitter: https://twitter.com/maxecomSend us a voice message and let us know how we can help you fire the man! Facebook, YouTube, InstagramResources MentionedGETIDAAmazon FBA Revenue CalculatorEmail us at support@firingtheman.com Leave us a review as it really helps the show!
The 47th GST Council meeting was conducted on June 28 and 29. According to Rule 6 of the Procedure and Conduct of Business Regulations of the Goods and Services Tax, the council should meet “at least once in every quarter financial year.” Per the rule, the council should have met by September 30. However, as of now, the meeting didn't take place. In the last GST Council meeting, it was said that the upcoming meeting would be conducted in August. Why is there a delay in executing the GST meeting? Will the delay have an impact on the reform measures under GST? Listen in. --- Send in a voice message: https://anchor.fm/business-line/message
In a recent press release, the Central Board of Indirect Taxes and Customs (CBIC) clarified doubts regarding the extension of deadlines for various GST provisions. The Central Board of Indirect Taxes and Customs (CBIC) notified various GST (Goods and Services Tax) amendments on 28 September 2022, effective from 1 October 2022. Please visit here: https://www.bloglovin.com/@johndenmark/proper-explanation-timelines-extension-for
Programming Note: We will be on a short ‘writing' break. Normal service will resume from Oct 29.Global Policy Watch: When Traditional Institutions Work Insights on topical policy issues in India — RSJKing Charles III was coronated last week. I saw the pictures of the event, and if you did not know the history of the British monarchy, the whole thing looked like a Monty Python sketch on a Nolan-esque budget. The King wore a costume that might have appeared outdated even in the 12th century when the Westminster Hall was built. The political class in their finery bowed, the aristocracy in splendid robes kept a stiff upper lip, the media continually upped the circus quotient for public consumption, and the Yeomen of the Guard marched in precise steps while some grand music (Handel?) played on. It was all pomp and circumstance (Elgar would have approved).I watched this with mild bemusement. I mean, here's King Charles III, a man who is reputed to speak to his plants, iron his shoelaces, show strange interest in red squirrels and, who often, rails against scientific revolution and the modern economy. What a strange man to ascend the throne of a nation vastly different from him. He must have found the quaintness of the pageantry to his taste. On the other hand, I'm sure he would have some time during the ceremony contemplated the history of the other Charles (Charlies?), who might have ascended the throne with similar accompanying pageantry.Charles I was beheaded for treason by the parliament led by Oliver Cromwell at Whitehall, not too far away from where Charles III was seated. The second King Charles led a charmed life with childhood exile, a triumphant return to the restoration of monarchy, and finally, a long suspension of parliament in the last years of his rule marking his legacy. Uneasy may not lie the head that wears the crown these days (there's really no day job here), but Charles III cannot be too careful about the institution that he represents. The institution is in a perilous state, and he's seen by many as an oddity unfit for the role. The commonwealth states don't have any time for the monarchy. The link to the colonial past is no longer about nostalgia. That's been erased and replaced with an indifference bordering on disdain for monarchy and its role during the excesses of colonialism. Among the young in Britain, the support for the monarchy is on the wane. Only 33 per cent in the age group of 18-24 support monarchy today compared to the 59 per cent who did a decade back. Some feel with the passing of Queen Elizabeth II, the institution of the monarchy will struggle to remain relevant or to serve its vital role of being the ceremonial head of the state. An elected president could do it better. I mean, what's the point of monarchy barring providing grist to the paparazzi mill, occasional photo shoots with visiting heads of state and announcing a few royal honours every year? Why spend enormous money and effort propping up an archaic and undemocratic institution? Why have a democratic constitution and then have a hereditary basis for choosing the head of the state? Isn't that a traditional and conservative imposition on the people?I have more than one reason to support such traditionalism in a democratic polity.Firstly, people need symbols and customs that represent continuity with their past. This assurance that you are part of an unbroken chain that holds all that's good and great about your culture gives meaning to many people's lives. That it extends beyond the personal (faith and family) to the political in how you organise your community and run your nation makes it both an anchor to hold a society steady and an escape valve that lets off any built-up steam of anger. Old institutions build up their influence over the ages. This is how they become easier to follow at any given time. This is a vital capability to preserve in any democracy.Writing in the mid-1860s, Walter Bagehot, the editor of the Economist then, made an insightful observation of how to create and nurture a good Constitution that will clarify this capability further:In ..constitutions there are two parts (not indeed separable with microscopic accuracy, for the genius of great affairs abhors nicety of division) first, those which excite and preserve the reverence of the population — the dignified parts, if I may so call them; and next, the efficient parts — those by which it, in fact, works and rules. There are two great objects which every constitution must attain to be successful, which every old and celebrated one must have wonderfully achieved every constitution must first gain authority, and then use authority, it must first win the loyalty and confidence of mankind, and there employ that homage in the work of government.There are indeed practical men who reject the dignified parts of government. They say, we want only to attain results, to do business: a constitution is a collection of political means for political ends, and if you admit that any part of a constitution does no business, or that a simpler machine would do equally well what it does, you admit that this part of the constitution, however dignified or awful it may be, is nevertheless in truth useless. And other reasoners, who distrust this bare philosophy, have propounded subtle arguments to prove that these dignified parts of old governments are cardinal components of the essential apparatus, great pivots of substantial utility; and so they manufactured fallacies which the plainer school have well exposed. But both schools are in error. The dignified parts of government are those which bring it force which attract its motive power. The efficient parts only employ that power. The comely parts of a government have need, for they are those upon which its vital strength depends. They may not do any thing definite that a simpler polity would not do better; but they are the preliminaries, the needful prerequisites of all work. They raise the army, though they do not win the battle.Secondly, in this age of polarisation and tribal loyalties trumping reason, the idea of an apolitical sovereign reigning as the head of state is appealing. There's a hope there that such a sovereign might not help rally people toward a populist cause but could perhaps hold them back from falling prey to raw emotions and passions. This moral authority, however undeserved, can constrain any political movement that threatens to derail democracy in the name of populism or majoritarianism. There's an additional element to the exercise of undemocratic sovereign power. When things are going good, the checks and balances of power between the legislature, executive and judiciary work effectively. There are debates and consultations before a consensus on the way ahead is arrived. But in times of crisis and exigencies, there's a need for an additional reserve of power or authority that can supersede or expedite the usual decision-making process of a democracy by imposing its will. A constitutional monarchy run on a parliamentary system has that reserve. A presidential style of government lacks this and runs the risk of not being agile enough to counter such exigencies. Like Bagehot put it:“at a quick crisis, the time when a sovereign power is most needed, you cannot find the supreme people. There is no elastic element, every thing is rigid, specified, dated. Come what may, you can quicken nothing and retard nothing. You have bespoken your government in advance, and whether it suits you or not, whether it works well or works ill, whether it is what you want or not, by law you must keep it.”Lastly, a functioning and aware monarchy helps assuage the deeply embedded anxieties about identity in society while gradually accepting the inevitable change that times bring with it. One of the things that the British monarchy, with Queen Elizabeth II at the helm, did well was to stand for what was to be British in times of tremendous upheaval. She was resolutely Christian, proud of the empire, rarely apologetic about its excesses, devoted to her duty as the unelected sovereign and funny in a very British way. Each of these was (and is) a fault line in a society wanting to modernise and cast away the sins of its past. She carried them along because maybe she understood the importance of being a gradualist. Or it is likely the legacy of the institution guided her to be one. It is strange, but the monarchy, the most top-down of the institutions, perhaps has been the bulwark against any hastily concocted plans of a top-down imposed change in societies. I went back to some of the early speeches of Queen Elizabeth II to see if she always knew this was what she had to contend with being a modern constitutional monarch. It could be her speech writers who saw this, or it could be her imprint on them, but her early speeches give a sense of her awareness about this. In her coronation day address, she said:The ceremonies you have seen today are ancient, and some of their origins are veiled in the mists of the past. But their spirit and their meaning shine through the ages never, perhaps, more brightly than now. I have in sincerity pledged myself to your service, as so many of you are pledged to mine.Therefore I am sure that this, my Coronation, is not the symbol of a power and a splendour that are gone but a declaration of our hopes for the future, and for the years I may, by God's Grace and Mercy, be given to reign and serve you as your Queen.Parliamentary institutions, with their free speech and respect for the rights of minorities, and the inspiration of a broad tolerance in thought and expression - all this we conceive to be a precious part of our way of life and outlook.During recent centuries, this message has been sustained and invigorated by the immense contribution, in language, literature, and action, of the nations of our Commonwealth overseas. It gives expression, as I pray it always will, to living principles, as sacred to the Crown and Monarchy as to its many Parliaments and Peoples. I ask you now to cherish them - and practise them too; then we can go forward together in peace, seeking justice and freedom for all men.Listen, much of this can seem like pompous drivel to the more cynical among us. But it is uplifting and meaningful to a lot more. There's a lot worse that was being said—then and now—to people from positions of authority. I'd rather have thousand-year-old institutions rooted in modern or outdated traditions speak uplifting drivel like this. People should get more of this.It applies to India too.Matsyanyaaya: The Chips are Down for Russia's Defence CompaniesBig fish eating small fish = Foreign Policy in action— Abhiram Manchi & Pranay Kotasthane(An edited version of this post first appeared in the Times of India's September 23 edition)Russia is considered a dependable defence partner to India, and rightly so. An underlying assumption is that Russia will continue to be a reliable supplier even in the future. But this assumption fails to consider that Russia's defence production capabilities will continue to decline well after the ongoing war in Ukraine ends. Here's why.Consider these telltale signs first. Russia has delayed the delivery of two Talwar-class stealth frigates for up to six months. There are also short-term delays in the supply of S-400 Triumf missile systems and spares for Kilo-class submarines, MiG-29 fighters and Kamov Mi-17 military transport helicopters. These setbacks shouldn't be dismissed as routine. They indicate a deeper problem: Russia's inability to access semiconductor chips for defence platforms going ahead.Ukraine put out an alleged shopping list of semiconductors, connectors, transformers, etc., that Russia is desperate to purchase. Politico, a US-based media company, divided this list into three parts Critical, Important, and Not-so-important. The Critical list has some chips of basic complexity, such as connectors, and memory chips, besides digital signal processors and Field Programmable Gate Arrays (FPGAs), which fall slightly higher in the complexity grade. There are no cutting-edge chips on the list. These items are pretty standard and can be manufactured on a large scale in most cases. This surprising lack of complexity in Russian equipment has also surprised the US. There have been claims that college students majoring in electrical engineering could reverse engineer and build most of the electronics used. Also, there have been instances of Russian-guided missiles missing their mark purely due to the old versions of navigation systems.When Russia invaded Ukraine in late February, the US quickly banned selling semiconductors used in defence systems to Russia. The new controls target chips, encryption software, lasers and sensors, etc., for Russia's defence industry. The other three pillars of the semiconductor industry, i.e. Taiwan, South Korea and Japan, also banned the export of items through the export control list provided by the US. These controls essentially mean that none of the high-end chips will be available for use by Russia. Russia also does not have the infrastructure to manufacture these chips domestically. Only two Russian companies, Angstrem-T and Mikron Group, are reported to have elementary production-grade chip manufacturing capabilities.As a result, Russia is feeling the pinch. It is running low on hypersonic weapons because of the unavailability of microchips. Examination of the remnants of the missiles Russia launched on Ukraine showed the usage of older technology parts with elementary GPS systems. Sometimes Russia even used chips taken out of dishwashers and refrigerators.This puts India in a precarious position. India is the largest importer of Russian weaponry in the world. Even after the ongoing war ends, it is unlikely that the West will remove these high-tech sanctions. With these constraints to negotiate, Russia could proceed in two ways, neither of which augurs well for India.As seen in most weapons in Ukraine, Russia could use chips from western manufacturers by indirectly sourcing them. It is tough to track chips once they leave the foundry, as there may be multiple unregulated second-hand markets for them. There are also third-party firms sourcing chips and then directly selling them to Russia. While Russia has been a reliable defence partner of India, it would prefer to replenish its declining stocks of chips before considering India's requirements. From the Indian perspective, even if Russia does continue the supplies, India has to think twice before using chips obtained from these dark markets.The other option for Russia's defence industry is to approach China and obtain the chips from them. While this may work for Russia and be advantageous for China to have Russia in their debt, India has to be wary of these Chinese chips entering into the defence equipment being sent to India. Do we want Chinese chips in our missiles and submarines?Whatever the option Russia opts for, India must prepare for a sharp drop in Russia's ability to deliver on defence purchase orders. Their technology is dated, and the chips would come from the black market or China. There will also be delays and cost overruns, with supply chains disrupted, financial systems in tatters and Russian manufacturers closing shop. India will now also face issues with its exports to other countries, a case being the partnership with Russia to work on assault rifle export.Given the reality of Russia's defence sector, India must diversify its weaponry in the short term and focus on local manufacturing over the long term. Regardless of Russia's intentions, its capability to meet India's defence needs has taken a big hit. India must utilise partnerships with the US, Japan, Australia, France, and Israel to secure defence equipment and chip supplies. India Policy Watch #1: India's Semiconductor Policies v2.0Insights on burning policy issues in India— Pranay KotasthaneEarlier this week, the Union Cabinet approved modifications to three of the four schemes introduced in December 2021 for developing a domestic semiconductor ecosystem. Several news websites have claimed that with the government “sweetening the deal”, investments in this sector will be more forthcoming. I agree, but not without some fundamental reservations. Here's why.Semiconductor FabsTo attract chip manufacturing companies, the original programme promised up to 50% upfront financial support for leading-edge nodes (28 nanometres and below). The promised fiscal support for trailing-edge nodes employing older technologies dropped commensurately, going down to 30% for a fab that produces chips at the 45-65 nanometre nodes. (The node size is a rough measure for the size of a building block in a chip. The smaller that number, the more building blocks that can be packed in the same area resulting in higher performance).Under the new scheme, the government promises upfront fiscal support of 50% for all node sizes. The change reflects two realities. First, trailing-edge fabs are crucial for India. The demand for older node sizes will not disappear anytime soon. Future applications such as 5G radios and electric vehicles will continue to require manufacturing at these nodes. Most current defence applications also require trailing-edge chips. Second, many countries are wooing the leading-edge node foundries with much larger incentive packages. Companies such as TSMC are being courted by all major powers, and it's unlikely they will pick India for the most-advanced nodes. India's chances are better for securing older technologies. Display FabsMost display panel manufacturers are located in East Asia — companies from China, Taiwan, South Korea, and Japan dominate this industry. The scheme was designed with the explicit aim of import substitution. The original scheme promised up to 50% upfront financial support subject to a cap of ₹12,000 crores. As part of the changes, this upper cap has been struck off. To me, this scheme didn't make sense even when it was announced. I have four reasons for the scepticism. Even during the high peak of supply chain disruptions during COVID-19, there was no shortage of display panels, indicating that there are no constraints to increasing production, as is the case for chips. (The only shortage related to displays was for the driver chip, not the panels by themselves). Apart from China and Taiwan, South Korea and Japan have leadership in specific segments of displays. So we aren't dependent on one vulnerable source, as in the case of chips. Import dependence on China won't go away. Even if these fabs manufacture displays in India, the input materials will have to be imported from elsewhere. So the bottlenecks will shift but don't disappear. The industry is moving to newer technologies apart from LCDs and AMOLEDs. Samsung is focusing on Quantum-dot displays instead of LCDs. The scheme might be able to get old-tech here, but for newer technologies, imports might continue.Thus, to spend ₹12000 crores for a product in the pursuit of a failed notion of import substitution doesn't justify the opportunity costs. Moreover, removing the upper cap after Vedanta-Foxconn got into this game raises concerns about rent-seeking — the tendency of businesses to distort policies to serve their own interests.Assembly, Test, Packaging Units, and Specialised Low-volume FabsFor assembly, test and packaging firms, & compound fabs, the promised financial support has increased substantially, from 30% to 50%. More importantly, the original scheme allowed disbursal once a facility had begun production. Under the modified scheme, the financial support will be upfront. Prepaid, not postpaid. These changes again warrant scrutiny. Is it another case of rent-seeking? At the margin, I am okay with the changes in this segment. India has a potential advantage because of the need for a large, mid-level trained workforce for this segment of the supply chain, in comparison to conventional semiconductor fabs. Semiconductor DesignSurprisingly, there were no modifications in the one area where India does have a comparative advantage - semiconductor design and design services. The capital requirement for this segment is at least two orders of magnitude lower than the first three segments. And yet, the response to the scheme for encouraging design firms seems less than lukewarm. We propose two changes in the policy for that segment in an article for Hindustan Times earlier this month:To receive deployment-linked incentives under the current scheme, a design firm has to be registered in India with a 50% local stake. That clause could be watered down. Companies should qualify as long as the workforce is majorly Indian and the development happens here.Reducing tariff and non-tariff barriers are also crucial for India's semiconductor design companies to increase operations in India.On both these counts, the status quo prevails. To summarise, the modifications reflect the government's seriousness in attracting investment in this sector. Through these changes, the government is acknowledging that India must start its chip manufacturing journey at the lower end and climb its way up. Getting good at this game takes a couple of decades. At the same time, a thin line separates responsive government policies from regulatory capture by businesses. All industrial policies run this risk, and we need to be vigilant. India Policy Watch #2: Six Essential Questions in Indian Public FinanceInsights on burning policy issues in India— Pranay Kotasthane Longtime readers might recall what I say about public finance: it is an underrated discipline that offers insights across all public policy domains. Many good public finance textbooks exist, but there are few books which explain the subject in the Indian context. Luckily, we now have a book which does that — M Govinda Rao's Studies in Indian Public Finance (SIPF).To make it easier for all readers, I have a book essay that distills the insights from the book as answers to six questions of contemporary relevance. They are:What do we know about the quantity and quality of India's public expenditure?Should India reintroduce wealth and inheritance taxes?Is an imperfect Goods and Services Tax better than no GST?What is the single-largest expenditure item in the union government budget?What ails Indian Fiscal Federalism? andHow many centrally sponsored schemes should the union government run?To know how the book answers these questions, read my Indian Public Policy Review essay here. And if you are serious about learning public policy, the book is unmissable. HomeWorkReading and listening recommendations on public policy matters[Podcast] Who should pay for the UPI? We have a fun Puliyabaazi on this topic.[Post] Big Think's Progress Issue is a must-read, especially Hannah Ritchie's essay An End to Doomerism.[Blog] Morgan Housel on Three Big Things: The Most Important Forces Shaping the World[Paper] Down with Legalese. In this paper, authors confirm that “Poor writing, not specialised concepts, drives processing difficulty in legal language” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com
Maruti Suzuki Chairman RC Bhargava believes that if a company wants to succeed, it must keep an ear to the ground and know what the consumer wants. 88-year-old Bhargava -- who at the helm of Maruti Suzuki helped make cars affordable for millions of middle class Indians -- has now appealed to the government to incentivise alternative technology for small cars. And, he is dead set against blindly replicating the western model. But, why focus on small cars? After all, the market share of cars priced below 5 lakh rupees has shrunk from 25.8 per cent in FY19 to just 10.3 per cent in FY22. While the market for cars under 7.5 lakh rupees has shrunk from 60 per cent to 43 per cent over the same period. On the other hand, sales of pricier SUVs have been in the fast lane for some time now. Undeterred, Bhargava says that sales of small cars priced below 7.5 lakh rupees will continue to grow for a long time to come. His rationale for the projection is that over 200 million two-wheeler customers are waiting to upgrade to cars. Also, Bhargava says that a substantial increase in the price of such small cars has forced thousands of would-be buyers to shelve their plans in recent times. But, if India wants to meet its ambitious clean-mobility goals and 2070 emissions targets, the first car these 200 million customers buy can't be powered by internal-combustion engines. Bhargava has the answer. There are two markets in India. There is what he calls the 'Bharat' market for affordable small cars and another one for bigger cars with 20-25 lakh rupees price tags. The challenge then is to meet the needs of the former because the current cost of electric cars would be double that of ICE cars. An EV with a 12 lakh rupees tag would not be affordable for most middle-class buyers. Bhargava's solution is alternative technologies. At present, the price of a hybrid car is around 4 lakh rupees more than an ICE-only car. But, Bhargava says that a reduction in the Goods and Services Tax, as in the case of electric cars, would bring down their price to affordable levels. While the cost of hybrids is higher than ICE cars, it is still lower compared to EVs. Also, Hybrids may be best suited for Indian conditions as they don't require charging infrastructure. But, EVs attract a GST of 5 per cent, while hybrids attract a much higher 43 per cent GST. India recorded sales of 115,032 hybrids in FY22, which is just 4.2 per cent of the 2.7 million passenger vehicles sold. Still, promoting hybrids might be the right solution for pushing EV adoption in India. Nomura Research Institute sees the share of hybrids in total PV sales doubling in FY25. In three or four years, they may become affordable, backed by Japanese carmakers. But, earlier attempts to popularise hybrids in India had failed in the absence of policy support and incentives. So, is GST rate parity between hybrids and EVs needed? E[xpert byte] Maruti Suzuki is not the only carmaker pitching for hybrids. Honda Cars India also says that lowering taxes on hybrids can speed up EV adoption in India. So, is this more of a strategy for Maruti to catch up with its peers in EV technology? Maruti Suzuki and Toyota have put their weight behind hybrid technology and even received a favourable market response. Unlike in the case of Mahindra & Mahindra and Tata, fully electric cars from Maruti and Toyota will not hit the market before 2025. [Expert byte] Hybrids appear to be a good stepping stone in India's transition from ICE cars to EVs, especially till external charging infrastructure catches up. The ball is now in the government's court.
Maruti Suzuki Chairman RC Bhargava believes that if a company wants to succeed, it must keep an ear to the ground and know what the consumer wants. 88-year-old Bhargava -- who at the helm of Maruti Suzuki helped make cars affordable for millions of middle class Indians -- has now appealed to the government to incentivise alternative technology for small cars. And, he is dead set against blindly replicating the western model. But, why focus on small cars? After all, the market share of cars priced below 5 lakh rupees has shrunk from 25.8 per cent in FY19 to just 10.3 per cent in FY22. While the market for cars under 7.5 lakh rupees has shrunk from 60 per cent to 43 per cent over the same period. On the other hand, sales of pricier SUVs have been in the fast lane for some time now. Undeterred, Bhargava says that sales of small cars priced below 7.5 lakh rupees will continue to grow for a long time to come. His rationale for the projection is that over 200 million two-wheeler customers are waiting to upgrade to cars. Also, Bhargava says that a substantial increase in the price of such small cars has forced thousands of would-be buyers to shelve their plans in recent times. But, if India wants to meet its ambitious clean-mobility goals and 2070 emissions targets, the first car these 200 million customers buy can't be powered by internal-combustion engines. Bhargava has the answer. There are two markets in India. There is what he calls the 'Bharat' market for affordable small cars and another one for bigger cars with 20-25 lakh rupees price tags. The challenge then is to meet the needs of the former because the current cost of electric cars would be double that of ICE cars. An EV with a 12 lakh rupees tag would not be affordable for most middle-class buyers. Bhargava's solution is alternative technologies. At present, the price of a hybrid car is around 4 lakh rupees more than an ICE-only car. But, Bhargava says that a reduction in the Goods and Services Tax, as in the case of electric cars, would bring down their price to affordable levels. While the cost of hybrids is higher than ICE cars, it is still lower compared to EVs. Also, Hybrids may be best suited for Indian conditions as they don't require charging infrastructure. But, EVs attract a GST of 5 per cent, while hybrids attract a much higher 43 per cent GST. India recorded sales of 115,032 hybrids in FY22, which is just 4.2 per cent of the 2.7 million passenger vehicles sold. Still, promoting hybrids might be the right solution for pushing EV adoption in India. Nomura Research Institute sees the share of hybrids in total PV sales doubling in FY25. In three or four years, they may become affordable, backed by Japanese carmakers. But, earlier attempts to popularise hybrids in India had failed in the absence of policy support and incentives. So, is GST rate parity between hybrids and EVs needed? E[xpert byte] Maruti Suzuki is not the only carmaker pitching for hybrids. Honda Cars India also says that lowering taxes on hybrids can speed up EV adoption in India. So, is this more of a strategy for Maruti to catch up with its peers in EV technology? Maruti Suzuki and Toyota have put their weight behind hybrid technology and even received a favourable market response. Unlike in the case of Mahindra & Mahindra and Tata, fully electric cars from Maruti and Toyota will not hit the market before 2025. [Expert byte] Hybrids appear to be a good stepping stone in India's transition from ICE cars to EVs, especially till external charging infrastructure catches up. The ball is now in the government's court.
Maruti Suzuki Chairman RC Bhargava believes that if a company wants to succeed, it must keep an ear to the ground and know what the consumer wants. 88-year-old Bhargava -- who at the helm of Maruti Suzuki helped make cars affordable for millions of middle class Indians -- has now appealed to the government to incentivise alternative technology for small cars. And, he is dead set against blindly replicating the western model. But, why focus on small cars? After all, the market share of cars priced below 5 lakh rupees has shrunk from 25.8 per cent in FY19 to just 10.3 per cent in FY22. While the market for cars under 7.5 lakh rupees has shrunk from 60 per cent to 43 per cent over the same period. On the other hand, sales of pricier SUVs have been in the fast lane for some time now. Undeterred, Bhargava says that sales of small cars priced below 7.5 lakh rupees will continue to grow for a long time to come. His rationale for the projection is that over 200 million two-wheeler customers are waiting to upgrade to cars. Also, Bhargava says that a substantial increase in the price of such small cars has forced thousands of would-be buyers to shelve their plans in recent times. But, if India wants to meet its ambitious clean-mobility goals and 2070 emissions targets, the first car these 200 million customers buy can't be powered by internal-combustion engines. Bhargava has the answer. There are two markets in India. There is what he calls the 'Bharat' market for affordable small cars and another one for bigger cars with 20-25 lakh rupees price tags. The challenge then is to meet the needs of the former because the current cost of electric cars would be double that of ICE cars. An EV with a 12 lakh rupees tag would not be affordable for most middle-class buyers. Bhargava's solution is alternative technologies. At present, the price of a hybrid car is around 4 lakh rupees more than an ICE-only car. But, Bhargava says that a reduction in the Goods and Services Tax, as in the case of electric cars, would bring down their price to affordable levels. While the cost of hybrids is higher than ICE cars, it is still lower compared to EVs. Also, Hybrids may be best suited for Indian conditions as they don't require charging infrastructure. But, EVs attract a GST of 5 per cent, while hybrids attract a much higher 43 per cent GST. India recorded sales of 115,032 hybrids in FY22, which is just 4.2 per cent of the 2.7 million passenger vehicles sold. Still, promoting hybrids might be the right solution for pushing EV adoption in India. Nomura Research Institute sees the share of hybrids in total PV sales doubling in FY25. In three or four years, they may become affordable, backed by Japanese carmakers. But, earlier attempts to popularise hybrids in India had failed in the absence of policy support and incentives. So, is GST rate parity between hybrids and EVs needed? E[xpert byte] Maruti Suzuki is not the only carmaker pitching for hybrids. Honda Cars India also says that lowering taxes on hybrids can speed up EV adoption in India. So, is this more of a strategy for Maruti to catch up with its peers in EV technology? Maruti Suzuki and Toyota have put their weight behind hybrid technology and even received a favourable market response. Unlike in the case of Mahindra & Mahindra and Tata, fully electric cars from Maruti and Toyota will not hit the market before 2025. [Expert byte] Hybrids appear to be a good stepping stone in India's transition from ICE cars to EVs, especially till external charging infrastructure catches up. The ball is now in the government's court.
Download our FREE Guide on “How To Add $100M+ To Your Managed Assets This Year” from https://financialadvisorsworkshop.com/ Jordan Flowers (https://www.wfsta.com/) is a financial advisor for Wealth Financial Services and Tax Advisory in Chicago, Illinois. Jordan works with his clients to create tax-efficient strategies that will help them avoid market downturns and capitalize on financial market gains. Financial Planning, Retirement Planning, Income Planning, Tax Free Income, Social Security Planning, College Planning, and Estate Planning are some of the services he offers. Jordan enjoys providing families with the financial security they need to live their best lives! LinkedIn: https://www.linkedin.com/in/jordanmflowers Website: https://www.wfsta.com Facebook: https://www.facebook.com/wfsta Website: https://www.buffalogrovetax To see short videos of all our best Financial Advisor Business Growth tips from each episode follow us on: Instagram: https://www.instagram.com/FinancialAdvisorsWorkshop TikTok: https://www.tiktok.com/@faworkshop YouTube: https://www.youtube.com/channel/UCFRh9BxjF0cT7PdkEhsg6lw Facebook: https://www.facebook.com/FinancialAdvisorsWorkshop Twitter: https://twitter.com/FAsWorkshop iTunes:https://podcasts.apple.com/us/podcast/financial-advisors-workshop-with-brian-kasal/id1614768408 Spotify: https://open.spotify.com/show/4OB78889GRx2FHjvWtsyeE Website: https://www.financialadvisorsworkshop.com/ Interested in working at FourStar: https://fourstarwealth.com/Advisors DISCLAIMER: This content is provided by FourStar Wealth Advisors for the general public and general information purposes only. This content is not considered to be an offer to buy or sell any securities or investments. Investing involves the risk of loss and an investor should be prepared to bear potential losses. Investment should only be made after thorough review with your investment advisor considering all factors including personal goals, needs and risk tolerance. FourStar is an SEC registered investment advisor that maintains a principal business in the state of Illinois. The firm may only transact business in states in which it has filed or qualifies for a corresponding exemption from such requirements. For information about FourStar's registration status and business operations please consult the firm's form ADV disclosure documents, the most recent versions of which are available on the SEC investment advisory public disclosure website at www.adviserinfo.sec.gov
In a ruling that will have major implications on the GST framework and Centre-State financial relations, the Supreme Court of India on Thursday said the recommendations of the council are not binding on the Centre and State governments. The observation followed a judgement over the applicability of Goods and Services Tax under the Reverse Charge Mechanism on transportation of imported goods through the sea route. The apex court dismissed an appeal by the Centre against an earlier Gujarat High Court judgement that said that Integrated GST on ocean freight is unconstitutional. The Supreme Court held that GST Council's recommendations will only have a persuasive value, adding that the Parliament and state legislatures possess equal powers to legislate on GST. Abhishek A Rastogi, a partner at Khaitan & Co, who argued on behalf of importers, said there will be a pragmatic approach to the provisions which are subject to judicial review by way of challenge to the constitutionality of such provisions based on GST Council recommendations. The decisions in the GST Council are taken by a majority of not less than three-fourths of the weighted votes cast. The Centre has one-third weightage of the total votes cast and all the states taken together have two-thirds of the weightage. In the last five years of GST, the Council has taken all decisions on the basis of consensus, with the exception of the levy on lotteries, in which voting took place in December 2019. Abhishek A Rastogi, Partner, Khaitan & Co says GST Council's recommendations are unconstitutional can't be implemented. Process of voting in the GST Council remains intact. States having different GST rates will defeat the objective of GST and the states will have to debate if they want to deviate from the harmonised system. The Finance Minister of Tamil Nadu Palanivel Thiaga Rajan welcomed the court's observation, saying it clarifies issues that he had raised last year. He had said the GST system and the Council function with an all-encompassing mandate not envisioned in the Constitution of India. He said the vesting of enormous de-facto power in bodies not directly connected with the GST Council, such as the Tax Research Unit of the Central Board of Indirect Taxes and Customs, GST Secretariat and the GST Network, is fraught with questions of constitutional legitimacy. What would the Supreme Court's remarks mean for Centre-State relations going forward? Speaking to Business Standard, Jatin Arora, Partner, Phoenix Legal, says this will lead to interpretational issues with regard to states' powers. Tamil Nadu govt says most of the powers related to levy of taxes rest with the Centre. It says agenda set by the Centre is followed typically in GST Council. The SC ruling gives more teeth to states to raise their concerns. Arora says it will be worrisome if states legislate on GST matters outside of the GST Council. Centre will have to be more accommodative of states' issues. Another legal expert says that yesterday's ruling does not change the way in which the GST Council functions. According to Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co, there is no change in provisions related to GST Council. The GST Council can deliberate on differences of opinion between states and centre and it is empowered to decide on those differences. Meanwhile, Revenue Secretary Tarun Bajaj said the ruling is unlikely to materially impact the one-nation-one-tax regime as it is only a reiteration of the existing law that gives States the right to accept or reject the council's recommendations -- a power that The official further said that states never went back and framed legislations that were not in line with the panel's recommendations even when they differed on tax rates on a particular good or service in the Council. To sum up, the SC ruling affirms that GST Council is merely a recommendatory body and its suggestions must pass the
I'm so excited to discuss my absolute favourite bookkeeping topic - GST. It's absolutely essential that you grasp the ins and outs of GST to ensure you pay the right amount to the Australian Tax Office. But, from experience, I've found many businesses don't understand it fully and end up making mistakes, so I'm on a mission to help educate everyone.GST, Goods and Services Tax, is a 10% consumption tax on goods and services that has been in operation since its introduction back in 2000. Businesses that are registered for GST need to charge it to their customers and remit it to the ATO. I'll run you through all of the basics for GST, when you need to register for GST, how to register, claiming GST on expenses, submitting tax invoices, how to pay GST, myths, and goods and services that don't attract GST. I'll finish off with my top 3 tips for GST. These are the most important things to remember when collecting and calculating GST. Check out my resources below to find out more or contact me and I'd love to discuss it with you. LINKS: GST Cheat Sheet: https://learn.straightupbookkeeping.com.au/gstcheatsheet Where to Find Bec:Check out my course Bookkeeping it Real here! Website:https://straightupbookkeeping.com.au/ Instagram: @straightup_bookkeepingFacebook: @straightupbookkeepingLinkedIn: @straight-up-bookkeeping
In its Annual Financial Statement -- also called Union Budget -- the Central government provides details of how much money it expects to garner from various sources and how it intends to spend the funds India earns about 80% of its total revenue through taxes. While taxation is the primary source of income for the government, it also earns a recurring income, which is called non-tax revenue. This comes from dividends and profits of public sector enterprises, interest, fines, regulatory charges and user charges for publicly provided goods and services. Tax revenue comes from two categories -- Direct taxes and indirect taxes. Let us first understand direct taxes. As the name suggests, it is levied directly on taxpayers. Direct taxes include income tax and corporation tax. Income tax is imposed on individuals and businesses other than companies. It is paid on the income earned during a particular financial year. Corporation tax is the money paid by companies on the profits made by them in a given financial year. Direct tax also included inheritance tax and wealth tax, which were abolished in India in 1985 and 2015 respectively. On the other hand, indirect taxes are levied by the government on goods and services, and not on the income, profit or revenue of an individual. India introduced Goods and Services Tax on July 1, 2017. It replaced several indirect taxes such as the excise duty, VAT, services tax, etc. It is not paid directly by a person to the government but collected by an intermediary such as manufacturer, trader or service provider and passed on to the government. The consumer bears the final economic burden of the tax. Indirect tax includes GST, central excise duty and customs. Central excise duty is an indirect tax levied on goods made in the country. In Financial Year 2021, India's direct tax collection stood at Rs 9.45 lakh crore while the indirect tax collection was at Rs 10.71 lakh crore. Direct taxes in India are overseen by the Central Board of Direct Taxes (CBDT) and indirect taxes by the Central Board of Indirect Tax and Customs. Direct taxes are considered more equitable. In most developed countries, the share of direct taxes in the total taxes collection is far more than the indirect taxes. According to the latest data, the OECD average for direct tax collection in 2018 was 67.3% of the total tax collection. While for India, it was 38.3% for Financial Year 2019. Direct taxes are imposed on those individuals who can afford it. It is linked to the tax payer's income level. Higher the income, the higher is the income tax liability. While high indirect taxes are considered regressive. They are paid by everyone at the same rate, irrespective of their income or financial status. A poor man pays the same amount of tax on soap as the rich man. The shares of direct taxes and indirect taxes also indicate how the government has managed its public finance. In 1991, for instance, the share of direct taxes in GDP was about 2% and that of indirect taxes in GDP was over 8%. In 2007-08, just before the global financial crisis, the shares had changed to 6% of GDP each for direct and indirect taxes. In 2020-21, direct taxes had a share of 4.7% of GDP, while indirect taxes' share in GDP was about 5.4%. Low direct tax and low corporate tax suggest that the tax burden is shifting towards the poor. Watch video
The U.S. is prepared to take retaliatory action if Canada moves forward with the Digital Services Tax. Netflix cut its prices in India, its largest non-US market, by 60% in a bid to attract more users. Reddit filed to go public yesterday. Celebrating something? Let us know for a shoutout here: https://thepeak.typeform.com/to/GuHjLDoa The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.
The Goods and Services Tax which is commonly referred to GST was passed in the parliament on the 29th of March 2017. GST is a tax which is levied on most goods and services. It is an indirect tax which is collected at the point of consumption, and not at the point of origin. It replaced other taxes in the country such as Value Added Tax, excise duty, service tax, Central Sales Tax among others. To understand the Goods and Services Tax process in detail and to know how the GST system works, Kunika Balhotra, Research and Communications Officer for Suno India spoke to Apeksha Solanki, a Chartered Accountant. She also spoke to CP Chandrasekhar, Professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi who explained why the states were in conflict with the government over this tax. Professor Chandrasekhar has published widely in academic journals and is the co-author of Crisis as Conquest: Learning from East Asia, The Market that Failed: Neo-Liberal Economic Reforms in India and Promoting ICT for Human Development: India.See sunoindia.in/privacy-policy for privacy information.
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Where Will Cryptocurrency Fit In?Cryptocurrency is an intangible asset. Hence, it qualifies to be called a commodity.Cryptocurrency can be bought by paying money. Hence, it can be considered as goods.But there is a contradiction here. One cryptocurrency can be bought using another cryptocurrency. Hence, it doesn't qualify to be called a good. You cannot buy goods using other goods. This is not defined in the current regime of fiat currency.Cryptocurrency is not regulated in India. Hence no one knows if it comes under:Income Tax Act, 1961- The cryptocurrency profits can be considered an income as the miner's work day in and out to earn cryptocurrencies; just like an employee in any office.Goods and Services Tax, 2017- One has to pay to buy cryptocurrencies. Hence, cryptocurrencies can be considered a good or a service, as expenditure is involved.Capital gains tax- Cryptocurrency can be considered a capital asset, just like stocks, mutual funds, and real estate. Earning profits out of any such movable or immovable assets attracts capital gain tax in India. Cryptocurrency is considered: A fixed or inventory asset in the USAA legal currency in SingaporeA commodity in JapanA private currency in the UKYou can have a look at my paid course on Trading in the Stock Markets using technical analysis by clicking hereOR you can take my FREE course on "Candlesticks on a trading chart : How to find entry and exit levels" by clicking hereHave a look at my Youtube channel on Technical Analysis by clicking hereEmail: freewithfinance@gmail.comWhatsapp only: 7058248602Support the show (https://www.youtube.com/channel/UCpo00Gr2UYgA-EQzrQRGaiQ?view_as=subscriber)
In today's episode, we discuss the different taxes specifically which ones a small business owner can be required to pay within a business year. Hello. My name is Edith, and I am seeking your advice on a very sensitive issue. I started a consultancy service early this year to install CCTV cameras in cars, homes and offices. The business has been picking up well, and I've made a revenue of about one million in this first quarter. I have 4 employees who help me do the installation whenever I get a job. I usually pay them 3000 per job. In addition to consultancy, I also sell various equipment and cameras on my website which gives me about 25% of my revenue. My challenge today is that I am so confused about what taxes I am supposed to pay. I've been told by some people about VAT, withholding tax for consultants, PAYE, instalment tax, digital tax and minimum tax. Could you please help me out as I don't want to be arrested because of taxes? Research by Joy Mutimba-Vetil (joy@swalanyeti.org) --- Send in a voice message: https://anchor.fm/swalanyeti/message
In this episode, Andrew and the Trade Guys comment on the new Deputy Director General appointments at the WTO. Plus, they discuss Biden's address to a joint session of Congress and what the future holds for Buy American policies. And, the Trade Guys discuss developments at USTR on the Trips waiver for Covid vaccines and react to the ongoing digital services tax hearings at USTR.
Commercial Awareness with Watson’s Daily business and financial news
In this episode, Alisa (along with Georgie!) and I talk about what's going on re Europe and the vaccine as well as the potential thinking behind Sunak's delay on implementing a digital services tax...
In our Spotlight on Financial Services Tax series, PwC Middle east Financial Services Tax Partner and Leader, Peter Maybrey and Middle East Information Reporting Leader, Bilal Abba, look at the key issues Middle East based businesses need to be aware of and how they apply to the financial services sector. The series will be composed of 10 minute videos touching on various topics such as DAC6, digital banking, economic substance requirements, FATCA and CRS, among other key issues.In the seventh episode of the series, we discuss the role of technology in tax processes for the industry.
This week on GeoPod, Tenjin Consulting's Alexander and Georgina Downer talk to former Australian Prime Minister the Hon John Howard AC. John Howard is Australia's second longest serving Prime Minister. Last week marked 25 years since the election of the Howard Government on 2 March 1996. The Howard Government oversaw significant changes in Australia - from responsible fiscal management, the introduction of the Goods and Services Tax, the move to a more modern workplace relations system, and the negotiation of a National Firearms Agreement in response to the Port Arthur massacre. On foreign policy and defence, the Howard Government managed a strong US alliance which met the challenges following September 11 and the Bali bombings, while Australia's defence and security personnel brought peace and independence to East Timor and delivered greater stability within our region. In this episode of GeoPod, we talk to Mr Howard about his observations of the type of people who choose a career in politics - a career he still feels is a noble profession. Labor has less MPs coming from the shop floor of trade unions, while the Liberal Party has more staffers. This isn't always a bad thing, but a mixture is important. We also talk to Mr Howard about his views on the media and its influence on government, the impact of social media (sadly, he's not on Twitter!) and cancel culture on society. Finally, we discuss Mr Howard's views on the new Biden Administration and the Australian Government's handling of its bilateral relationship with China.
Last month, a United States Trade Representative investigation report found India's Digital Services Tax to be discriminatory. It said the tax is “inconsistent with prevailing principles of international taxation”, and burdens or restricts U.S. commerce. India has denied these charges. The bone of contention is a 2% tax that India has charged since April 2020 on revenues from digital services, applicable only to non-resident companies. Here we discuss this issue. Guests: Nikhil Kapoor, a Research Fellow at the Vidhi Centre for Legal Policy; Suranjali Tandon, an Assistant Professor, National Institute of Public Finance and Policy Host: Sriram Srinivasan Read the Parley article here. You can now find The Hindu's podcasts on Spotify, Apple Podcasts and Stitcher. Search for Parley by The Hindu. Write to us with comments and feedback at socmed4@thehindu.co.in
In this episode of Tax Yak, George Housakos yaks with Nick Kallinikios, Consulting Director at ShineWing Australia and GST Director at Cornwalls, about Australia’s Goods and Services Tax. Nick is an accredited GST specialist, having commenced his tax career at the ATO in 1983, before joining the in-house tax team at a big four bank … Tax Yak – Episode 50: GST tricks, traps and time bombs Read More »
In this episode of Tax Yak, George Housakos yaks with Nick Kallinikios, Consulting Director at ShineWing Australia and GST Director at Cornwalls, about Australia’s Goods and Services Tax. Nick is an accredited GST specialist, having commenced his tax career at the ATO in 1983, before joining the in-house tax team at a big four bank […]
The Goods and Services Tax which is commonly referred to GST was passed in the parliament on the 29th of March 2017. GST is a tax which is levied on most goods and services. It is an indirect tax which is collected at the point of consumption, and not at the point of origin. It replaced other taxes in the country such as Value Added Tax, excise duty, service tax, Central Sales Tax among others. To understand the Goods and Services Tax process in detail and to know how the GST system works, Kunika Balhotra, Research and Communications Officer for Suno India spoke to Apeksha Solanki, a Chartered Accountant. She also spoke to CP Chandrasekhar, Professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi who explained why the states were in conflict with the government over this tax. Professor Chandrasekhar has published widely in academic journals and is the co-author of Crisis as Conquest: Learning from East Asia, The Market that Failed: Neo-Liberal Economic Reforms in India and Promoting ICT for Human Development: India. See sunoindia.in/privacy-policy for privacy information.
The Indian economy is in the doldrums. The Reserve Bank of India (RBI), International Monetary Fund and the World Bank have all projected that the economy will shrink between 9-10 % in the current fiscal year. As the former RBI governor Raghuram Rajan said, demonetisation and the implementation of Good and Services Tax has already negatively affected the Indian economy. If all this sounds very heavy to you, you are not alone. We are starting a mini series in the Suno India show called Indian Economy Explained, hosted by Kunika Balhotra, Research and Communications Officer for Suno India. This series, which will be spread across several months, we speak to reputed economists and people working in the financial sector. The series will delve into various aspects of the fledgling Indian economy and why it matters. In this first episode, we spoke to Dr Biswajit Nag, Professor and Head of Economics Division at the Indian Institute of Foreign Trade to understand why GDP figures and its sharp fall in recent times matters to every Indian. See sunoindia.in/privacy-policy for privacy information.
https://thecommunists.org/2020/11/09/news/amazon-plays-cat-mouse-with-digital-tax/ Music: 'Derezzed' by Daft Punk
On this episode of Tap Into Tax, we will explore Tax Policy and the Financial Services sector and insights from the second round of PwC’s Road to Election 2020 Executive Pulse Survey. Our US Financial Services Tax Leader, Krishnan Chandrasekhar, will share his views on important tax policy issues from the perspective of the C-suite in the industry. The discussion will also focus on how tax leaders can navigate through the uncertainty in key areas critical to the tax function, including cash, capital and liquidity, automation, and risk management.Featuring:Julie Allen, National Tax Services Market leaderMargie Dhunjishah, Tax Reporting & Strategy leaderKrish Chandrasekhar, Financial Services Tax Leader, PwC US
In this episode, Adam and Simon discuss the Digital Services Tax, what it is and why you're being asked to pay it. We highlight why Google, Facebook and Amazon have decided to pass this cost onto small businesses, and what that means for their reputation. Will they realise this is a PR disaster waiting to happen and take the hit? Or is there another way? See what we think in this episode. For questions and suggestions please connect with us on LinkedIn: https://www.linkedin.com/in/simon-batchelar https://www.linkedin.com/in/adambastock
This episode of TMT Talk discusses the issues and challenges when it comes to digital services tax and its possible wider implications on global tech companies. Kate Alexander, Ariane Calloud, Dominika Korytek and Antonia Azpeitia tackle the timely global questions that surround the taxation of digital multinational companies. Listen in to our panel of experts as they give their perspectives on what is conjecture, what to consider and where we see the world going.
Chapters: 0:00 - Another 'Masterstroke' 1:44 - GST: The Grand Plan! 4:05 - Why One Nation One Tax is a good idea 5:19 - 3 years (and counting) of failed implementation 8:14 - What Went Wrong with the ambitious plan? 9:20 - Center to Borrow Money to give to States … Wait, What? Thumbnail Cartoon via Satish Acharya Twitter - @satishacharya Website - http://cartoonistsatish.com 3 years to what the NDA Government claimed was India's ‘Second Independence' After the disastrous Demonetisation experiment - GST or Goods and Services Tax was BJP's most ambitious project to boost economic growth. GST endeavoured to change the entire way trade was being done in the country and make it smoother. With revised laws and taxes, the government centralised the indirect tax system and gave more power to the Centre to control and monitor collections. But from massive growth claims - the GST Council now does not even have money to compensate the States for the shortfall in revenue collection. A hastily / unplanned / and poorly thought out GST has meant that people go through the same demonetisation pangs once more….in fact with the Govt. STILL refusing to correct its mistakes - GST has ended up being an even more convoluted system. In this episode of TheDeshbhakt, we'll talk about the 3-year long journey of the Goods and Services Tax and will find out what went wrong when the reform was itself much needed. Watch the full episode to find more! *** Subscribe to #TheDeshBhakt to unlock Discord / Exclusive Chats / Content *** PATREON MEMBERSHIP - https://www.patreon.com/thedeshbhakt (International Credit Card / Debit Card) JOIN MEMBERSHIP ON YOUTUBE - https://www.youtube.com/thedeshbhakt/JOIN INSTAMOJO - https://imjo.in/XU5arJ (Phone Pe / G Pay / PayTM / BHIM / CC / DC / Netbanking) PAYPAL - https://www.paypal.me/thedeshbhakt *********Follow us on ************ YouTube: - https://youtube.com/thedeshbhakt Twitter :- https://twitter.com/thedeshbhakt Instagram :- https://instagram.com/akashbanerjee.in Facebook :- https://www.facebook.com/akashbanerjee.in SoundCloud :- https://soundcloud.com/thedeshbhakt --- Send in a voice message: https://anchor.fm/thedeshbhakt/message Support this podcast: https://anchor.fm/thedeshbhakt/support
Meg Lees, Former Democrats leader, joins Michael on the 20th Anniversary of the GST which was introduced in Australia on 1 July 2000 by the then Liberal government. In 1999, Prime Minister John Howard proposed the idea of a Goods & Services Tax. It was opposed by the Labor Party, the Australian Greens and independent Senator Brian Harradine, which meant that it required Democrat support to pass. The Democrats campaigned with the slogan "No GST on food" with a majority of their senators agreeing to pass the bill if some amendments were made… mostly to exclude fresh food and essential items such as basic medicines. Natasha Stott Despoja stated that she was unhappy with the outcome, particularly the GST on books. Both Stott Despoja and Queensland Senator Andrew Bartlett ultimately crossed the floor to vote against the GST package. A significant number of Democrat members remained unhappy with the GST deal and began to agitate for a change in leadership. Under the Democrat constitution, a petition of 100 members can trigger a leadership ballot of all the members. On the initial ballot, Ms Lees was returned unchallenged though subsequently the Democrats faced a decline in the polls which, by April 2001, indicated that several senators would lose their seats at the elections due for later that year.
On this week’s Straight Talk with Laural Porter, Multnomah County District Attorney-elect Mike Schmidt discusses reform he would like to see in the criminal justice system and reacts to the death of George Floyd. Then, Laural shifts to the passage of a homeless services tax in the Portland metro area. She is joined by Angela Martin, the interim executive director of Here Together, the coalition that crafted the measure, and Katrina Holland, the executive director of JOIN, a nonprofit that supports efforts of individuals and families experiencing homelessness to transition into permanent housing.
Joining the show today is none other than human-rights activist, author, former lawyer, and Canadian politician. He is also a Senior Fellow to the Raoul Wallenberg Center for Human Rights. Mr David William Kilgour himself for an hour long interview, and look into the travesty going on in the world with human trafficking, and organ harvesting. David Kilgour graduated from the University of Manitoba in economics in 1962 and the University of Toronto law school in 1966. From crown attorney in northern Alberta to Canadian Cabinet minister, Kilgour ended his 27-year tenure in the House of Commons of Canada as an Independent MP. Upon retirement, he was one of the longest current serving members of parliament and one of the very few who had been elected under both the Progressive Conservative and Liberal banners. Kilgour was originally elected as a member of the Progressive Conservative Party in 1979. However, his first attempt at election, in the 1968 federal election in the riding of Vancouver Center as a Progressive Conservative was unsuccessful. He ran again as a Tory in the 1979 election in Edmonton, and was a member of parliament for about 27 years. In October 1990, he, along with Pat Nowlan of Nova Scotia and Alex Kindy of Calgary, were expelled from the Tory national caucus in protest over their vote against the Goods and Services Tax. He sat as an independent for several months before joining the Liberals. In 2006, allegations emerged that a large number of Falun Gong practitioners had been killed to supply China's organ transplant industry. With David Matas he released the Kilgour-Matas report, which stated "the source of 41,500 transplants for the six-year period 2000 to 2005 is unexplained" and "we believe that there have been and continue today to be large-scale organ seizures from unwilling Falun Gong practitioners". In 2009, they published an updated version of the report as a book. They traveled to about 50 countries to raise awareness of the situation. While being a lifelong practicing Christian, Kilgour has worked on issues such as inter-faith dialog, personal freedoms, and democratic government throughout his career. In Parliament, he was active in prayer groups while at venues and publications across the country he has spoken specifically on religious themes and politics. Commonly, his topics have been on global religious and political persecutions. Currently, he serves as a fellow of the Queen's University Center for the Study of Democracy; a director of the Washington-based Council for a Community of Democracies (CCD), and co-chair of the Canadian Friends of a Democratic Iran, and has recently hosted an Iran pro-democracy rally attended by approximately 90,000 in France in 2009. His personal religious beliefs landed him in the news in 2003 when he abstained from the same-sex marriage bill and was reprimanded by then Prime Minister Chrétien. In 2012, State Organs: Transplant Abuse in China, edited by David Matas and Dr. Torsten Trey, was published with essays from six medical professionals, Ethan Gutmann, David Matas and an essay co-written by Kilgour. Ethan Gutmann interviewed over 100 witnesses and estimated that 65,000 Falun Gong practitioners were killed for their organs from 2000 to 2008.
This podcast discusses a recent Florida Technical Assistance Advisement concerning the communications services tax treatment of internet-based streaming video.
Importance level : High
*Explicit* Some swears and a drug reference. What is the Aussie storyteller? A larrikin, a rabble-rouser, a muso, a politician? Join Absent DJ in a brief and by no means exhaustive excursion into spoken word in Australian music. Poems, field recordings, samples - political malaise & the great Aussie drawl. TRACKLIST ju ca - ... hiding our long shadows like wilted flowers [or words that fell like murmurs... unable to touch] "live excerpt” EYE - GST (the Goods & Services Tax - redistributing funds from the poor to the rich?) Mood Ring - MRV1 r hunter - Improvisation for poem by Stine Marie Jacobsen Red Wine and Sugar - That Book You're Reading EYE - Transnational Corporations Own 90% of Australia but pay
Contact: commawarepod@gmail.com Instagram: @commawarepod Links for the stories: Deloitte Legal Programme https://www.thelawyer.com/deloitte-legal-targets-startups-with-two-year-legal-tech-scheme/ European Commission Google investigation https://www.theguardian.com/technology/2019/dec/02/eu-investigates-google-data-collection-practices World's largest IPO-Saudi Aramco https://edition.cnn.com/2019/12/05/investing/saudi-aramco-ipo-price/index.html LVMH buys Tiffany https://www.lvmh.com/news-documents/press-releases/lvmh-reaches-agreement-with-tiffany-co/ Mitsubishi acquires Eneco https://iclg.com/ibr/articles/10509-mitsubishi-and-chubu-reach-agreement-for-eneco-acquisition Carbon footprint of emails https://www.theguardian.com/technology/shortcuts/2019/nov/26/pointless-emails-theyre-not-just-irritating-they-have-a-massive-carbon-footprint Daimler job cuts https://www.ft.com/content/e2e7ddaa-129a-11ea-a225-db2f231cfeae Uber loses license https://www.bbc.co.uk/news/business-50544283 https://www.ft.com/content/78827b06-0f6a-11ea-a225-db2f231cfeae https://www.telegraph.co.uk/business/2019/11/30/uber-shrugs-licence-threat-look-new-london-headquarters/ https://www.ft.com/content/22586af4-15ca-11ea-8d73-6303645ac406 https://www.lbc.co.uk/radio/presenters/james-obrien/sadiq-khan-shocking-reason-uber-licence/ Clifford Chance's modified scheme https://www.thelawyer.com/clifford-chance-lift-legal-internship/ https://www.cliffordchance.com/news/news/2019/12/clifford-chance-launches-its-pioneering-non-legal-internship-pro.html Digital Services Tax Retaliation https://www.ft.com/content/52e4922a-1556-11ea-9ee4-11f260415385
Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.with Alexi Boyd, broadcaster, advocate and small business owner.Date: 3 December 2019 Superannuation - firstly it’s not your money and secondly if you get it right; there’s no need for us to get involved. That’s the message the ATO is trying to get across to small business. If you pay the correct amount, to the right place, at the right time... there’s nothing to worry about. But if you miss the deadline or the you haven’t checked all the details then the headache isn’t worth it. Are you aware of the deadlines and what that means for super payments? Did you know you still need to meet those deadlines if you’re an employee? Did you know your payment is late if it bounces back? Super doesn’t have to be an administrative headache if you know what your obligations are. Plus there’s plenty of places to get help, advice and support small business it’s just a matter of knowing where to look The when, the how and the what of super obligations for small business is all explained in this interview with the Alexi Boyd from Small Biz Matters and John Ford, the Assistant Commissioner for Risk & Strategy - Employer Obligations at the Australian Tax Office. Welcome to the show John. Topics we’ll be covering: Can you give us an overview of super for employers? What is super and why does it exist The SG super is actually just about the relationship between employer & employee and there is no need for ATO to be involved until things unravel Why do we have super guarantee, retirement income and live a healthy lifestyle I see that you have developed an easy six step checklist to make sure employers have their SG sorted. Can you take me through the six steps? Check you’re paying super to all eligible workers Employee SG super, when you start paying super, how it‘s calculated & what constitutes super applicable ordinary time earnings. When ATO gets involved it becomes all Salary & wages Check you’re paying the right amount check your calculations & systems for 9.5% if you’re still using old spreadsheets Check you’re paying on time deadlines, time lag between authorising the payment & clearing house making payment & when the money actually hits the super fund Check you’re paying to the right place details are all correct, processing with inducting employees & making sure the super choice form completed (due diligence) Discussion - Is this the same as the letter from your super fund? Gathering the right info from employees Check you’re paying the right way – what is a clearing house? What does the ATO provide as an alternative? (ATO SBSCH) Check you’re keeping accurate records what constitutes accurate reporting? STP Most employers do the right thing, but there are always those few that do not. What is the ATO doing to level the playing field? Link to STP data and why it’s in place? Employer payment amount and times vs what the super fund. Chat about the data coming from Super funds – is it solid? What impact does 4-5 days late every quarter have on the long term retirement income. A number of changes aimed at protecting employees' superannuation entitlements have recently become law. Can you tell us more about this? Talk to recent changes. About John Ford: John Ford is an Assistant Commissioner, who has been has been with the ATO since 1998. He has held senior roles in a number of business lines including Superannuation, Private Groups and High Wealth Individuals, Goods and Services Tax, and Small Business. John is currently the leader of the ATO’s Risk and Strategy – Employer obligations portfolio. In this role he is responsible for the ATO’s approach to ensuring that employers are engaged with meeting their Superannuation Guarantee, Fringe Benefits Tax and Pay as You Go Withholding obligations. A key component that John is seeking from the work he leads is to be increasingly driven and transparent in what the ATO is seeing and how the ATO intends to respond to help employers to meet their obligations. To find out more go to their website: Resources Super guarantee employer obligations course - https://www.ato.gov.au/Business/Super-for-employers/Working-out-if-you-have-to-pay-super/Super-guarantee-employer-obligations-course/ Brochure - ‘Paying super is an important part of being an employer’ https://www.ato.gov.au/superquickcheck Video - https://www.ato.gov.au/Business/Super-for-employers/ Super guarantee client health check - https://www.ato.gov.au/business/super-for-employers/in-detail/super-guarantee-client-health-check/ Tools and Calculators To work out who you have to pay use the Super Guarantee Eligibility Tool Some contractors, even if they have their own ABN may be eligible for super. To check, use the Employee/Contractor Decision Tool To work out how much super you must contribute for your eligible workers use the Superannuation guarantee (SG) contributions calculator
Tax Notes Today reporters Ryan Finley and Jad Chamseddine review several European countries’ unilateral approaches to taxing the digital economy and the U.S. reaction. For additional coverage, read these articles in Tax Notes:France Confident of G-7 Digital Taxation Deal Despite U.S. ProbeFrench Senate Passes DST Despite U.S. Tariff ThreatsU.K. Proposes Draft DST Legislation Containing Double Tax ReliefLawmakers Warn of Effect of Digital Services Tax on Trade PactsTrump Orders Investigation of French Digital Services Tax***This episode is sponsored by University of California, Irvine Law School’s Graduate Tax Program. For more information, visit law.uci.edu/gradtax.
There are many great reasons for entrepreneurs like you to belong to the Small Business Association of Michigan. “I'd say the best benefit is being in the know and hearing what's on the horizon that we can help be aware of and be prepared for as a small business person.” Barb Lezotte is the owner of Lezotte Miller Public Relations in Lansing. She is a past member of the SBAM board of directors, and she really values the way that organization helps her make a difference on public policy issues. “I always look forward to the Legislative Council meetings because you get an insider's view of the workings at the state capitol, and what challenges are facing the business community and trying to push legislation that's going to make for a better business climate, and how we can be helpful.” “I remember when I was first on the board, we had to fight the battle of the Services Tax, which would have had a huge detrimental effect on small businesses, especially in my industry, service industry, and many others that fall into that category. And it would have been detrimental to the economy. And that battle may come back again.” Leverage the value of your involvement with the Small Business Association of Michigan. Learn more by calling today at 800-362-5461.
When most US-based sellers consider expanding their ecommerce business - they look to our neighbours in the north to figure out how to sell in Canada. Have you thought about taking your product to the Canadian ecommerce marketplace? What is holding you back? Great news! Kevin has a stellar guest who was kind enough to bring his knowledge and insights to bear on this critical topic! Michael Felming spent the better part of the last decade with a prominent firm that focuses exclusively on state taxes. While there, he became one of the country's leading authorities for state tax issues like nexus, drop shipping, eCommerce, and service providers. He assisted many other clients in many industries. He is a frequent speaker having been requested to speak at events all across the country and is often interviewed and quoted by major publications. Michael is passionate about understanding state tax and proactively helping companies, CPAs, and other tax professionals understand the nuances involved, to successfully avoid or limit audit assessments. Outline of This Episode [0:20] Kevin introduces his guest, Michael Fleming. [3:40] Michael explains how taxes work in Canada. [6:10] What you need to know about the Goods and Services Tax. [11:30] The difference between the US and Canada for tax filing. [15:00] What to expect with registering to sell in Canada. [26:30] How do the Province and local tax systems work? [35:00] What is the right thing to do? [36:30] Where do the tax treaties come into play between Canada and the US? [39:30] Kevin recaps the whole process and what you should expect. [44:00] How to connect with Michael. [46:20] Closing thoughts. How taxes work in Canada Have you wondered what the difference is between the United States and Canada when it comes to taxes? There are a few similarities and some important differences - thankfully we’ve got Michael here to help break it down for us. In Canada, there are two types of taxes - the Federal level tax (aka the Goods and Services Tax) and the local level taxes (these are taxes at the Province level). They also operate what is known as a Value added tax or a “VAT.” A VAT is a tax on the amount by which the value of an item has been increased at each stage of its production or distribution. Remember - this is just the tip of the iceberg. Tune into this episode of Maximizing Ecommerce to hear Michael expand on how taxes work in Canada. Do the right thing There is a growing segment in the ecommerce industry of folks who are trying to game the system. From shady business practices to straight up dodging tax bills - the ways you can tank your business are numerous! Here is Kevin’s advice - do the right thing. Yes, even when it is hard, and you have to take the long route rather than the shortcut - do the right thing. What will all of your success be worth if you don’t earn it honestly? The truth is, your ecommerce journey is going to be a challenging one, but it can also be rewarding if you bring the right mindset! Lions and Tigers and tax treaties, oh my! Did you know that one of the most important factors for sellers like you to sell in Canada are the tax treaties between the two countries? The topic of tax treaties generally comes up around the topic of income tax. Do you have to pay income tax in your home country and in a country you are selling in - like Canada? The good news is - no - you don’t have to pay an income tax in two countries. Tax treaties were created in large part to ensure that sellers don’t have to deal with double taxation. Of course - understanding how tax policies work and how they apply to your situation direction is going to differ slightly from one seller to the next. If you find yourself looking for a resource that will help you cut through all the complexity - Kevin and Michael have you covered! You can learn more about how to sell in Canada by visiting Kevin’s link to the “Canada Checklist” in the resources section and make sure to reach out to Michael for any questions you have. Three things you need to consider when registering to sell in Canada All of this tax talk can get your head spinning - unless you like geeking out on this type of thing! If you find yourself struggling to cut through all the jargon - good news - Michael provided three things you need to consider when registering to sell in Canada. Know your risk tolerance threshold. Don’t try to make it happen with a razor-thin profit margin - you’ll be miserable! Make sure you have cash reserves to handle any issue with the federal government. If you’d like a more detailed look at what it takes to sell in Canada - this is the episode for you. Have pen and paper ready - Michael has a lot to say! Resources & People Mentioned Canada Checklist Connect with Michael Fleming Sales Tax and More Michael on LinkedIn Michael J. Fleming (@MikeatSalesTax) | Twitter Connect With Kevin Sanderson www.YouTube.com/maximizingecommerce www.Facebook.com/maximizingecommerce www.Twitter.com/maxecom Subscribe to Maximizing Ecommerce onApple Podcasts, Google Podcasts, Spotify, Stitcher, PlayerFM
The idea of a tax on companies like Facebook, Google, and YouTube is being seen as one of fairness.The Government's waiting to see if the OECD comes up with a solution to taxing the digital economy this year, but in the mean time, it is also proposing a flat tax of three per cent on digital services, but that would only generate $30 to $80-million.DLA Piper tax lawyer David Johnston told Kate Hawkesby it's probably worth the paperwork."I mean, I think what the government is saying is there seems to be a big hole here and it doesn't feel fair some of these big international companies are making big profits in a country without paying any tax."He says some of those big international companies have been making large profits without even having anyone on the ground."They're looking at introducing this tax, at least putting through legislation in2020, so I think they feel like it's a topic they have general public support on and they can do it in an election year."Johnston says only time will tell whether the OECD comes up with a solution but says it's not particularly likely at all."You know they've, since about 2015 to come up wit a solution with how to tax these companies and they haven't come up with one yet, so we're just waiting to see really."
Prime Minister Narendra Modi is back in the saddle with an even bigger mandate. With the political challenge taken care of - at least in the short term - will the new governement embark on the path of factor market reforms? Will disinvestment be a major theme for the new government with PSUs being privatised? Are Income Tax rates going to be revised or will fiscal maths prevent that from happening? Will the much contested Goods and Services Tax see some tweaks now? Are rising crude prices a threat for the economy? Is the US-China trade war a major challenge for the new government? Host Ankur Bhardwaj puts these questions to A K Bhattacharya. Tune-in to this podcast to find the answers
The SALT Show Episode 53 (Update for Week of April 7, 2019) On this week's episode: • An overview of the proposed Digital Goods and Services Tax Fairness Act Links to share the podcast with colleagues: bakerbotts.com, iTunes, Stitcher, GooglePlay, Podbean, Spotify
As is often the way at this time of year, there are not too many exciting tax development, however, it also the time when certain matters have a habit of flying under the radar. In this weeks podcast we endeavour to make sure no such things occur. New Home Office Rate The hourly rate determined by the ATO for deducting home office expenses has been increased from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018. According to the updated Practice Statement PS LA 2001/6, individual taxpayers who claim deductions for work- or business-related home office running expenses may either claim a deduction for the actual expenses incurred or a deduction calculated at the rate of 52 cents per hour. Taxpayers who use the rate per hour method to claim a deduction for home office running expenses only need to keep a record to show how many hours they work from home. They can do this over the course of the year, or if their work from home hours are regular and constant, by keeping a record for a representative four-week period. Goods and Services Tax In a recent case of Qian v FC of T, it was determined that a taxpayer who was a courier, but using his own van, was deemed to be carrying on a business for GST purposes and was entitled to tax credits in relation to their inputs. Initially, the taxpayer had been denied these credits, and was originally deemed an employee, however, on objective review of the facts, primarily that the contractor was required to provide and upkeep the van, and could derive further income through efficiencies they introduced, they were deemed not to be an employee but rather conducting a business. This has a potential impact on the SGC requirement of the party that engaged the contractor, should they have been deemed an employee, and it is worth watching this space to see if this is an avenue the Commissioner pursues/ Due Dates (In January) 21st January - due date for any entity that reports on the monthly cycle for GST, WET, PAYGW. 28th January - is the due date for superannuation guarantee contributions for the October to December 2018 quarter. 29th January - Due date for reporting (via TBAR) any transfer account events that occurred between 1st October 2018 and 31st December 2018 (where any member has a an account balance greater than $1m) As always we hope you found this beneficial, and if you have any queries, comments or thoughts feel free to reach out me at podcast@wiseaccounting.com.au and I will reply personally. Thanks for listening, and until next week, see you later.
The Chancellor announced a new UK digital services tax in his latest Budget. How will this impact businesses and what other international reforms in this area will businesses need to navigate through? Stella Amiss, Tax Partner, discusses with Alenka Turnsek, Tax Partner and Dave Murray, Director of Tax Policy.
The biggest deal of the week: Monzo, the UK-based fintech company, is now a unicorn. The company has raised £85 million and now boasts more than a million users. The UK plans to introduce what it calls a “digital services” tax that will target tech giants - UK chancellor announces 2% ‘digital services tax’ on tech giants’ revenues starting in April 2020 - Hammond's digital tax faces opposition from big tech firms - US attacks UK plan for digital services tax on tech giants Interview: Christian Nagel, co-founder and managing partner at EarlyBird Lessons learned from the story of Click & Grow, and the rise of indoor smart gardens - Estonian-founded “smart garden” startup Click & Grow raises $11 million from an IKEA stores operator and other investors - Q&A with Mattias Lepp, founder and CEO of Click & Grow - I Tried the Click and Grow Herb Garden — Here's How It Went - I grew basil and lettuce using this indoor smart garden — and the process was truly effortless Events coming up soon: - Govtech Summit in Paris; November 12 - Techstars Startup Weeks around Europe; November - Global Entrepreneurship Week around the world; November - Investors Day & BETAPITCH Global 2018 in Berlin; November 15 Did we miss something? Let us know by filling out the event submission form. Our reading recommendations: - Matthew Hughes on TNW: “Influencer marketing is bullshit” - Diablo Immortal Reveal with Chat Reaction — Blizzcon 2018 Opening Ceremony We hope you enjoy the podcast! Please feel free to email us with any questions, suggestions, and opinions at andrii@tech.eu or tweet at @tech_eu, @nnovick, and @adegeler. For information regarding your data privacy, visit acast.com/privacy
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It’s been a month since we moved into the SST V2.0-era under Pakatan Harapan, and apparently the Domestic Trade and Consumer Affairs Ministry receives some 2,000 complaints a day related to the Sales & Services Tax. What are the major concerns for retailers and business owners and how do we live with SST moving forward? We discuss.
It’s been a month since we moved into the SST V2.0-era under Pakatan Harapan, and apparently the Domestic Trade and Consumer Affairs Ministry receives some 2,000 complaints a day related to the Sales & Services Tax. What are the major concerns for retailers and business owners and how do we live with SST moving forward? We discuss.
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Malaysia is set to effectively remove its Goods and Services Tax by June 2018 - how would this affect its economy, and how would it affect ordinary Malaysians and Singaporeans? Song Seng Wun, Economist at CIMB Private Bank, weighs in.
Managing Director for FSG’s Global Channel Practice, Ryan Brier, and Practice Leader for South Asia, Pratima Singh, analyze the impact of India’s Goods and Services Tax on multinationals’ channel strategies and discuss how executives can effectively capture the gains from a changing distribution landscape.
In Episode 3 of The Seen and the Unseen, we had discussed GST -- the Goods and Services Tax. Now that it's actually been implemented, Vivek Kaul joins Amit Varma to discuss its Seen and Unseen Effects. Check out www.seenunseen.in for more episodes You can listen to this show and other awesome shows on the IVM Podcast App on Android: https://goo.gl/tGYdU1 or iOS: https://goo.gl/sZSTU5 You can check out our website at http://www.ivmpodcasts.com/
We discuss the new taxation regime with the kickoff of the Goods and Services Tax
There are two kinds of diversity in India, one good, and one not so good. Our greatest strength is our diversity of people and cultures and languages. But one of our great weaknesses is our diversity of taxes, across states and regions. We have so many different kinds of taxes that the cost of compliance is the most daunting cost for many businesses, and corruption is out of control. Also, taxes create friction in trade, and the costs are borne by consumers and businesses alike. It’s a negative-sum game. The Goods and Services Tax (GST) was supposed to the panacea that would get us out of this mess. While India has been one country since 1947, it hasn’t been one market, and the GST was expected to get us to that promised land. It has been many years in the making, though, and has become more and more convoluted in the process of political and bureaucratic negotiation. Thus, while the Seen Effects of a perfect GST would normally be excellent, the potential Unseen Effects of the GST in its evolving form could be quite messy. In Episode 3 of The Seen and the Unseen, Devangshu Datta takes Amit Varma through the nuances of the GST and their possible implications. Follow The Seen and The Unseen: Website: www.seenunseen.in Facebook: https://www.facebook.com/theseenandtheunseen/ This is an IVM Production; for more such awesome podcasts, come find us: Website: Indusvox.com Facebook: https://www.facebook.com/ivmpodcasts Twitter: https://twitter.com/IVMPodcasts Instagram: https://www.instagram.com/ivmpodcasts/ Tags: #AmitVarma, #Bastiat #Public #policy #government #DevanshuDatta #economics #business #Goods #Service #Tax #GST #Bill #FreeMarket #Trade
This week Mint executive editor Anil Padmanabhan looks at his top headlines including the passage of Goods and Services Tax bill, stepping down of Sunil Munjal, joint managing director of Hero MotoCorp Ltd and Rio Olympics. #GST #ArunJaitley #NarendraModi #RioPlympics #AnilPadmanabhan #SunilMunjal
Goods and Services Tax. It's been around for a long time now, but there still exists much confusion around the subject. When is GST not applicable, how often am I required to lodge a Business Activity Statement, and the all important, "what if I make a mistake". In this podcast, Tyler will discuss all of this and more!
The post Goods And Services Tax [Podcast] appeared first on TNR Chartered Accountants Lismore Ballina Accounting, Tax Audit.
May Day is the day when the whole world protests, demonstrates and rallies against... well... anything they want. And in Malaysia, it was all against GST (Goods and Services Tax). But do demonstrations serve any purpose in Malaysia anymore? Who knows. Aizyl decided to attend the demo in Kuala Lumpur while Zan chose to go on vacation instead. But they discuss it nonetheless.
Understanding how the Goods and Services Tax (GST) works is important to all Canadians. In this podcast, find out exactly what the GST is and how it works, whether it is similar to PST in some provinces, as well as how to register for a GST number and how to get a GST tax return.Introduction to the Goods and Services Tax
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