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India Today
7 days ago
- Business
- India Today
Betting the farm: Modi's green revolution
(NOTE: This article was originally published in the India Today issue dated Feb 12, 2018)Budget 2018 was a Modi moment. Without doubt. And as with everything he does, he made sure everyone knew it. Soon after the Union budget was tabled in Parliament, the prime minister, pen in one hand and notepad in the other, went on national television and for a good 25 minutes spoke on its highlights with admirable fluency. He was acutely aware that this is his government's last full-fledged budget before the general elections. So every word he spoke had an underlying message for the electorate: I am your prime sevak. I care for you, I care for our country, I am a problem-solver and I am thinking not of the next election but the next Modi has already demonstrated his capacity for big ideas. His newest catch phrases are a 'New India' by 2022, ensuring 'social and economic democracy' and enhancing 'Ease of Living'. He also has an appetite for big risks. Whether it was the surgical strikes against Pakistan, the demonetisation drive against black money or ramming through the Goods and Service Tax, Modi showed he wanted action, whatever the proved to be a political success but was an economic mess. GST was an economic necessity but a political quagmire. As the country's growth slid under the weight of these two back-to-back economic shocks, Modi began to lose his aura of invincibility. But the prime minister showed that he is ever willing to fight back, learn from his errors and make amends speedily. Budget 2018 reflected his ability to take big risks even while managing the inherent conflicts and contradictions between politics and the economy. The economic imperatives before the budget were clear. There was a need to find jobs for a young and burgeoning workforce. The widespread agrarian distress had to be addressed even while raising farm productivity and resilience. Key social sectors like health and education needed urgent reform to develop a skilled and healthy labour force. Economic growth had to be speeded up by stimulating private investment and boosting exports if Modi was to keep the promise of Achhe Din that he had ridden to power with. All this without indulging in what an advisor has termed the mindsets of 'crony socialism' or the 'stigmatised capitalism'.The political compulsions were even more forceful and urgent. Opinion polls, including one done by India Today recently, had shown that while Modi's personal popularity remained high, that of his government had steadily eroded mainly because of the economic slide. If the BJP has to retain its majority in the next election, he would have to win over vast sections of the population. Particularly disgruntled farmers and agricultural labour, who constitute a bulk of the work force and the electorate. He would also need to firmly establish a sympathetic image with every other section of the population that would make a difference at the ballot-youth, women, tribals, Dalits and small businessmen. All this while maintaining the Sangh Parivar's faith in his ability to usher in a Hindutva Modi, there are no half measures. In everything that he does, he strives to be daring, dauntless and dazzling, but this can be disturbing too. So Budget 2018 is daring because Modi went all-out to woo farmers by promising to pay them 1.5 times the Minimum Support Price (MSP). His team also set aside vast sums to bring in much-needed agrarian reform in terms of boosting infrastructure, especially for food processing and was dauntless because although it could result in a rise in prices for consumers, it was a risk the prime minister was willing to take. Also because he was willing to earn the displeasure of big business by not lowering corporate tax and introducing capital gains tax for long-term investments. Nor did he provide any new sops to the influential middle class. The budget was dazzling because it ushered in the world's largest health insurance plan called "Ayushman Bharat". Under this scheme, the government will offer to pay for annual medical costs of up to Rs 5 lakh for nearly 10 crore needy Indian it is disturbing because there is an inherent risk for Modi in assuming the mantle of a Populist Reformer. Among the known unknowns is the rising price of oil. In the first three years of his rule, the windfall of low crude oil prices allowed him to fund a host of infrastructure and welfare schemes while maintaining fiscal discipline. But if oil prices continue to shoot up, it could result not only in loss of revenue that could impact his largesse towards the poor and farmers but also see interest rates harden and inflation spiral out of is also banking on the huge investments in infrastructure his government has made, especially in the transport and housing sectors, to provide employment and stimulate private investment, thereby ensuring economic growth. Yet, there are major dampeners, such as the twin balance sheet challenge, with many corporates heavily in debt and banks overburdened with non-performing assets or bad loans. These are being addressed, but it may take a while before the situation is the added risk that implementation of the big schemes announced in this budget may prove to be tardy. That could cause widespread resentment and dent his re-election prospects. So the risks are high. But fortune, as they say, favours the brave. And in Budget 2018, Modi has showed plenty of that to India Today Magazine- Ends
Time of India
12-07-2025
- Business
- Time of India
Small traders get relief as Chhattisgarh government waives VAT dues of up to Rs 25k in old cases
Small traders can heave a sigh of relief as the Chhattisgarh government has decided to waive VAT dues of up to Rs 25,000 in cases pending for more than 10 years, officials said on Saturday. The move to write off old VAT dues is expected to benefit more than 40,000 traders and will help reduce litigation in more than 62,000 cases, significantly easing the compliance burden, they pointed out. Simultaneously, multiple amendments to GST (Goods and Service Tax) provisions will also be introduced under the broader agenda of improving the business climate in the state, they said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fiestas Julianas: Tradición musical centenaria (Descúbrelo) PRIMICIAS Undo During the cabinet meeting chaired by Chief Minister Vishnu Deo Sai on Friday, the drafts of Chhattisgarh Goods and Services Tax (Amendment) Bill 2025 and Chhattisgarh Settlement of Outstanding Tax, Interest and Penalty (Amendment) Bill 2025 were approved, an official release said. Both legislations will be tabled in the upcoming Monsoon Session of the assembly set to begin on July 14, it added. Live Events The approved GST amendment draft incorporates key changes aligned with the decisions taken in the 55th meeting of the GST Council, it said. "A major relief proposed pertains to penalty-only cases, where no tax demand is involved. In such cases, the mandatory pre-deposit for filing an appeal before the appellate authority has been reduced from 20 per cent to 10 per cent, providing much-needed relief to the business community," it said. "In an effort to bring uniformity, the provision related to 'Time of Supply' has been deleted with respect to taxability on vouchers, as there were conflicting views among various Advance Ruling Authorities on the matter. This amendment aims to bring clarity and consistency," as per the release. Additionally, a key amendment has been proposed to exclude SEZ warehousing transactions from the GST ambit, the release informed. These involve goods kept in Special Economic Zone (SEZ) warehouses, which may be traded multiple times without any physical movement, the release said, adding the change is aimed at boosting trade activities in SEZs.
Straits Times
08-07-2025
- Business
- Straits Times
Company director to be charged with tax, money laundering offences
Sign up now: Get ST's newsletters delivered to your inbox SINGAPORE - A 38-year-old Malaysian woman is slated to be charged in court on July 9 for her suspected involvement in tax and money laundering offences. In a joint statement on July 8 , the Inland Revenue Authority of Singapore (Iras) and police said that investigations into the woman began in September 2024 . She was suspected of being involved in setting up multiple Goods and Service Tax (GST) registered entities to claim fraudulent GST refunds from Iras. Investigations found that these entities had no substantial business activities and could not support the claims. The woman and the entities set up by her were suspected to have filed over $1.4 million of such fake claims between August 2017 and October 2024 . The Commercial Affairs Department (CAD) , working with Iras, then started investigating the woman as there were indications of money laundering offences committed. The investigation then revealed that the woman had allegedly transferred $213,000 between December 2019 and May 2024 to remove the money from Singapore's jurisdiction. The funds were her suspected benefits of criminal conduct, the authorities said. She is slated to face 97 charges in all, for tax and money laundering offences.
New Indian Express
02-07-2025
- Business
- New Indian Express
Practical problems of GST yet to be resolved, says Finance Minister Balagopal
THIRUVANANTHAPURAM: Finance Minister K N Balagopal, on Tuesday, said that some practical problems of Goods and Service Tax (GST), which were evident from the beginning, are yet to be resolved. 'I was one of the few people who expressed dissent over GST in the joint select committee due to these problems,' the minister said, after inaugurating the GST Day celebrations of CGST Thiruvananthapuram zone at the Tagore Theatre. 'Though said to be barrier-free, certain issues are persistent in the GST domain,' said the minister, highlighting the need to increase the state's IGST share. 'Even though the state's GST collection growth is 24% between May 2024 and May 2025, the revenue growth in the same time frame is only 9%,' said Balagopal. Clarifying that this doesn't imply a complete rejection of the GST system, the finance minister also appreciated the collaborative efforts of central GST and state GST, adding that measures are being taken to bring in a uniform pattern of taxation among various products under the same domain. Actor Mohanlal was awarded the top taxpayer in the performing arts category of the Thiruvananthapuram zone at the ceremony. 'Paying taxes properly and guarding the country as a soldier, both are part of serving the nation,' said Mohanlal. The function was also attended by chief commissioner (CGST & Customs) Shaik Khader Rahman and commissioner (GST & Central Excise) K Kalimuthu. Commendation certificates for CGST officers and tax compliance excellence recognition awards for institutions were distributed at the ceremony.
The Hindu
01-07-2025
- Business
- The Hindu
GST Day celebrated in the city
Sridharan Rangarajan, Managing Director of Carborandum Universal Limited (CUMI) said the country having a federal structure, the Goods and Service Tax (GST) regime has been able to achieve 'one nation, one tax' promise which even the U.S. has not been able to achieve as also the digitisation in the form of e-invoicing of tax receipts which has become a role model similar to China. Mr. Rangarajan was participating in the GST Day 2025 celebration organised by Central GST Tamilnadu and Puducherry zone in the city on Tuesday. However Mr. Rangarajan citing the country having overcome the implementation stage of the GST, a short list of tax rates with short list of exemptions like Australia would foster easier compliance and enhance ease of doing business. At present the country has four main tax slabs which adds to the complexity of the tax regime as also the need for bringing under GST both the oil and electricity sectors. He also wanted the Central government to go for strategic reform in GST to over one the operational challenges in the age of digital disruptions and new age business models along with operationalising the tribunals. Ram Niwas, Principal Chief Commissioner of CGST of Tamilnadu and Puducherry zone, said the GST Council has helped in bringing the Central and States together in rationalising the tax regime. While the GST has been successfully implemented one of the serious issues which the officials have come across during audits is the fake input tax credit (ITC) where more than ₹1 lakh crore fake ITC has been detected with hardly 5% recovery done from these fake ITCs. Mr. Niwas also highlighted the need for preventing revenue leakages. A.R.S. Kumar, Principal Chief Commissioner of CGST and Central Excise of Tamilnadu and Puducherry zone, also spoke on the occasion.
