THE HINDU Editorial With Vocab : Next steps on GST

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THE HINDU Editorial With Vocab

Next steps on GST

The spirit of give and take must continue to operationalise the new indirect tax regime

The Lok Sabha has duly given its assent to necessary Central legislation to operationalise the Goods and Services Tax, nearly 17 years after the government began discussions on the prospects for a unified indirect tax regime across the country. It is eyeing a July 1 rollout for the GST, which will replace the multiple Central and State-level taxes and levies that make doing business in India a compliance nightmare today. The long and winding road for this reform, punctuated by political about-turns, has had a fairly straight trajectory in recent months, following the constitutional amendments last August. The GST Council has managed to thrash out a consensus on several issues relating to the administration and the legislative provisions for the new tax system within six months. The fact that apparently intractable positions held by the States as well as the Centre on the sharing of administrative powers, for instance, have been reconciled without the Council resorting to a majority vote inspires confidence. So does the alacrity with which the Centre has moved to secure Parliament’s nod for four enabling pieces of legislation within a fortnight of the Council’s approval. State Assemblies should do the same to pass the State GST law by holding special sessions if need be.

For Indian businesses that have been seeking the reform, it is now time to come to terms with the fine print and embrace the tax system. The GST Council, meeting again on Friday to clear four pending sets of regulations, must sign off on which of the five GST rates will apply to different products and services. Clarity on the applicable rates will help industry alter their accounting systems, supply chains and pricing strategies. But some provisions in the GST laws have the industry in a tizzy. While the highest GST rate has been pegged at 28%, the integrated GST law has set a ceiling of 40%. Though an enabling provision, it gives the government too much leeway to alter the rate structure in coming years without seeking Parliament’s nod. Compare this to the cess ceiling of 15% on luxury cars, for instance, which are likely to see a 12% cess to start with. On several other fronts, the final laws haven’t changed much from their draft versions, despite industry red-flagging several provisions. These include the anti-profiteering clauses to curb ‘unjust enrichment’ of firms, the requirement for branch offices to register separately in each State, and treating all transactions between related parties (including head office and branch offices) as taxable. For the services sector, in particular, compliance requirements could go up multi-fold. It is still not too late for the GST Council to offer some exemptions or resist operationalising some of these provisions through the subordinate rules and regulations in order to address genuine industry grievances.

Magical Vocabulary from The Hindu Article

  1. Compliance (noun) अनुपालनthe action or fact of complying with a wish or command.

             Synonyms- : acquiescence, agreement, assent, consent, acceptance, docility.

  1. Punctuated (verb) बीच में रोकनाoccur at intervals throughout (a continuing event or a place).

             Synonyms- :  break up, interrupt, intersperse, pepper

  1. Consensus (noun) आम सहमतिgeneral agreement.

             Synonyms- :   agreement, harmony, concurrence, accord, unity, unanimity

  1. Apparently (adverb) जाहिरा तौर परas far as one knows or can see.

             Synonyms- :   plain, patently, plainly, obviously, evidently, manifestly

  1. Intractable (Adjective ) दुथसाध्यhard to control or deal with.

             Synonyms- :   unmanageable, uncontrollable, difficult, awkward, troublesome

  1. Reconciled (verb) सुलभ/ स्वीकार करनाrestore friendly relations between.

             Synonyms- :   reunite, settle one’s differences, make compatible, settle, accept, conciliate,

  1. Alacrity (noun) तत्परता brisk and cheerful readiness.

             Synonyms- :    eagerness, willingness, readiness, enthusiasm, ardor, avidity

  1. Embrace (noun) शामिल करना an act of accepting or supporting something willingly or enthusiastically.

             Synonyms- :    include, take in, comprise, contain, incorporate, encompass, cover,

  1. Clarity (noun) स्पष्टता the quality of being clear, in particular.

             Synonyms- :    clearness, pellucidity, lucidness, lucidity, limpidity

  1. Integrated (verb) एकीकृतcombine (one thing) with another so that they become a whole.

             Synonyms- :    combine, amalgamate, merge, unite, fuse, blend, mingle, coalesce,

  1. Enrichment – संवर्धन
  2. Exemptions (noun) छूटthe process of freeing or state of being free from an obligation or liability imposed on others.

             Synonyms- :    immunity, exception, dispensation, indemnity, exclusion

  1. Subordinate (verb) अधीनस्थtreat or regard as of lesser importance than something else.

             Synonyms- :               subdue

  1. Grievances (noun) शिकायतेंa real or imagined wrong or other cause for complaint or protest, especially unfair treatment.

             Synonyms- :    complaint, criticism, objection, grumble, grouse,

Courtesy :- The Hindu 


       

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