Decks cleared for a diluted GST as Centre relents on key demands of states Centre has now agreed to make changes to the Constitution Amendment Bill for GST Vrishti Beniwal / New Delhi Jan 29, 2013, 19:39 IST

The proposed Goods & Services Tax ( GST) today got a major fillip as the Centre relented to some of the key demands of the states and paved way for implementation of the new indirect tax reform, though in a much diluted form. Though no deadline was given for the roll out, many state finance ministers said the next government at the Centre after the general elections should decide on the issue.

A day after clearing Rs 34,000 crore of Central Sales Tax compensation to the states, the Centre has now agreed to make changes to the Constitution Amendment Bill for GST. In a deviation from its earlier stand, it gave consent to a phased roll-out of GST ike the Value Added Tax (VAT). This means that only willing states could embrace the new indirect tax system from the beginning. When VAT was implemented from April one, 2005, many states like Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, Tamil Nadu, Uttarakhand and Uttar Pradesh opted out of it, but joined later.

This was a historic meeting as we moved forward on many issues. There is a broad consensus on GST design. States which dont want GST can opt out and a provision will be inserted in the Bill. We are trying to convince states that are not on board yet, Empowered Committee of State Finance Ministers Chairman Sushil Modi told reporters at the end of a two-day meeting here.

Some state finance ministers, Business Standard spoke to, said every state has its own problems and arriving at a consensus in those areas would be very difficult. Many states were of the opinion that a new government at the Centre should roll-out GST. They indicated since general elections are due next year, the Opposition would not let the UPA government take the credit for introducing this far-reaching tax reform.

The new government should take a call on GST after 2014 elections. The GST design BJP wants will be friendly to the states, said Madhya Pradesh finance minister Raghavji.

Petroleum products, which were kept out of GST in constitution amendment bill, would now be made part of GST. States will also get powers to raise additional resources in the time of a natural calamity. There will be a special scheme for North Eastern states and Jammu & Kashmir.

Sections proposing a Dispute Settlement Authority to decide disputes arising among states and take action against them will be removed from the Bill. The GST Council will evolve a mechanism to resolve the disputes. The quorum for holding meetings of the GST Council will be raised to half from one-third. The Centre will recommend the changes to Parliamentary Standing Committee on Finance which is vetting the Constitution Amendment Bill.

Three sub-committees, comprising officials from the Union government and the states, have been formed to iron-out the remaining differences between the two sides and submit their reports in three months. The first committee will look at the issue of Integrated GST for inter-state movement of goods and VAT on imports.

The second committee will decide how a revenue neutral rate on GST, which will be the rate which is not too high for the traders and not so low for states that they make losses. It will also consider Place of Supply Rules to address issues arising out of production and consumption of an item taking place in two different states.

Continue reading here:
Decks cleared for a diluted GST as Centre relents on key demands of states

LONDON (Reuters) - Anglo American took a $4 billion hit to its Minas Rio project on Tuesday, clearing the decks for new boss Mark Cutifani and indicating that the delayed Brazilian operation will eventually get off the ground.

Minas Rio, which is now costing Anglo more than three times its original estimates, has been seen as Anglo's most significant failure of recent years and is partly responsible for costing outgoing chief executive Cynthia Carroll her job.

The writedown to the valuation of the huge iron ore project and a jump in the bill for its development to $8.8 billion, alongside a planned overhaul for the company's troubled platinum business, are as near to a clean slate as new CEO Cutifani is going to get.

Shares in Anglo American gained 2.2 percent to 19.14 pounds ($30.06), topping Britain's blue-chip leader board in midday trading after the announcement of the impairment charge.

"The Minas Rio impairments give the incoming CEO a clean slate, creating a degree of positive sentiment," Bernstein analyst Paul Gait said.

"The greater detail and clarity on the progress of Minas Rio can only increase the confidence around the executability and delivery of the project."

Designed to help to diversify a company that was still dependent on South Africa for the bulk of its revenue, Minas Rio was bought by Anglo for $5.5 billion in two stages in 2007 and 2008.

BRUISING

But the project, which had been valued on Anglo's balance sheet at $9.6 billion before the writedown, has turned out to be a bruising top-of-the-market deal, hit in part by inflationary costs linked to Brazil's hosting of the soccer World Cup next year and the Olympics in 2016.

The company said it still aims to ship its first iron ore by the end of 2014 and gave further details on the project's progress, confirming that two grinding mills had been installed and 50 percent of a pipeline had been laid.

See more here:
Anglo American's $4 billion hit clears decks for new CEO

improved minecraft #2 need help below decks
need some help on what to do in the bottom of the boat leave any ideas in comments thanks guys

By: SlugzillerTutorials

The rest is here:
improved minecraft #2 need help below decks - Video

Spinderella on the decks @ Red Room, Sydney
DJ Spinderella of Salt N Pepa fame, took to the decks @ Red Room on January 26th, 2013.

By: Matthew Hocter

See the original post:
Spinderella on the decks @ Red Room, Sydney - Video

Gavlyn w/ Poetic Death DJ Mike Steez on the decks in Zurich
Gav controlling the mic and the stage in Zurich...

By: emceepro

View original post here:
Gavlyn w/ Poetic Death

Dog Decks Welcomes.......
dogdeck.bigcartel.com Don #39;t forget to check them out!!! Thnaks William

By: CreamyFingerz

See the rest here:
Dog Decks Welcomes....... - Video

my yugioh binder, last part, my holo decks
just temporary videos im new to youtube so i just use this to see what i have.

By: noel torres

Originally posted here:
my yugioh binder, last part, my holo decks - Video

Bang La Decks - Kuedon (Metal Cover)
I heard this song on the radio some days ago and decided to do a cover... so... yeah...

By: Nu; #943; kappa; omicron; sigmaf; Mu; alpha; kappa; rho; #942; sigmaf;

Read the original:
Bang La Decks - Kuedon (Metal Cover) - Video

dan and dave mystery decks
today i got the dan and dave mystery decks and the results werent bad but not best. unboxing

By: cardist888

See the article here:
dan and dave mystery decks - Video

Cam Janssen decks Matt Carkner {Dual-Feed}
Big hit in an opening night game between the New York Islanders and New Jersey Devils on Saturday, January 19th, 2013 at the Nassau Veterans Memorial Coliseum in Uniondale, New York.

By: NHLArchive

Go here to see the original:
Cam Janssen decks Matt Carkner {Dual-Feed} - Video