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Showing posts with label India. Show all posts
Showing posts with label India. Show all posts

Saturday, December 02, 2017

Demonetization : 'Radical Step' which would never compensate for the 'Poor People of India'

December 02, 2017 0


There are two main categories of pain demonetization has caused: 
(a) the relatively minor one of people having to stand in queues for hours day after day, leading to lakhs of man days and productivity lost;
(b) the near starvation that lakhs of daily wage workers, workers in small industries, labor intensive industries of all kinds from the tea gardens of Assam in the east to the diamond cutting industry of Surat in the west, are having to suffer for no fault of theirs. 

The second pain is absolutely inexcusable. No matter what golden age is finally achieved through demonetization, it can never compensate for what poor people are suffering and indeed have already suffered. The damage is already done and nothing that happens in future can make up for it.


Prime Minister Narendra Modi is hiding under his table because of the failure of Demonetization. He cannot show his face to the Indian Public because of the catastophe.


In that sense, demonetization is on par with some of the most anti-poor steps ever taken in independent India, such as Sanjay Gandhi’s forced sterilization drive during the Emergency; the slum demolition programs undertaken by different states without providing alternative accommodation to the slum dwellers; the displacement of thousands of people to build big dams from Bhakra Nagal to Rihand in the 1950s and 60s to Narmada in the 1990s, etc. All these were undertaken with the best of intentions and even had some good results, but in fact they were immeasurably cruel. It can easily be argued that without Josef Stalin’s ruthless steps such as the collectivization of Soviet agriculture (in which lakhs died), the USSR and present day Russia would never have become the world power they have. So do we want to follow in those footsteps?
This is the damage even if demonetization succeeds in its objectives. If it does not, if very little black and counterfeit is unearthed, while the GDP drops steeply, job losses rise, etc, there is nothing left to say. There is a cliche often cited by those justifying extreme, ‘radical’ steps like demonetization: ‘You can’t make an omelette without breaking eggs’. 



Wednesday, November 22, 2017

Know the impacts of GST on the startups in India

November 22, 2017 0

Impact of GST on startups :

Higher threshold for registeration

As per the current VAT structure, any business with a turnover of more than Rs 5 Lakh has to get VAT registration and pay VAT dependent on the state structure. Under GST , this threshold is 20 lakhs thus exempting many small businesses including startups. It has a composition scheme.

Startups can enjoy tax credit on their purchases

A lot of startups are into service industry i.e. they pay service tax. Under GST regime they can set off the VAT paid on the purchases with the service tax on their sales which they cannot under current regime.

Online simpler procedure under GST

The entire GST process starting from registration to filing returns and payments of GST is online. Startups do not have to run around to tax offices to get various registration under Excise, VAT, Service Tax.

Simpler taxation

Startups often work on tight budget and cannot devote resources to look after the various tax compliances under Excise, VAT, CST, Service Tax etc. GST will subsume all of this thus reducing the time spent for tax compliances.

Rahul Gandhi’s visit to US : Reflecting a sense of maturity

November 22, 2017 0
Rahul made a good impression on his audience by taking a break from the usual rhetoric of his party when disagreeing with the Centre. Instead, the Congress vice-president accepted some (if not all) of the flaws in the organisation of his own party. Rahul even praised some of the BJP-led central government’s schemes, possibly reflecting a sense of maturity.
Rahul also admitted that Congress was complacent and arrogant going into the polls, when talking about the 2014 Lok Sabha elections. “In around 2012, arrogance crept into the Congress and we stopped having conversations with people that led to the party’s loss in the last polls,” Rahul said.
On dynastic politics, a subject for which he has been ridiculed by BJP leaders, he said, “this is a problem that is present in all political parties in India. Akhilesh Yadav is a dynast. (MK) Stalin is a dynast… Even Abhishek Bachchan is a dynast. Don’t go after me because the entire country is running like that. That’s what happens in India.

Asserting that the original Congress movement was an NRI (non-resident Indian) movement, Gandhi urged the diaspora in the United States to come forward with their ideas for another movement of transforming the country.
“Mahatma Gandhi was an NRI. Jawaharlal Nehru came back from England. Ambedkar, Patel, Maulana Azad, everyone of them went to the outside world, saw the outside world, returned to India and used some of the ideas that they had got and transformed India,” Gandhi said.
“And wherever I went, you made me feel proud to be an Indian,” Gandhi said as he praised the Indian community’s contribution to the country’s progress.
“So, I would like to start by telling you, that you are actually the backbone of our country,” he said.
He said his Congress Party represented a philosophy that is thousands and thousands of years old.