Decks cleared for FY15 GST rollout Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate Vrishti Beniwal & Dillip Satapathy / Bhubaneswar Jan 29, 2013, 00:59 IST

On Monday, the Centre and states agreed on a compensation formula for Central Sales Tax (CST), a major hurdle in implementing the Goods & Services Tax ( GST).

Earlier in the day, a sub-panel of central and state government officials recommended, for a cut in CST from four per cent to two per cent, states be given 100 per cent compensation for 2010-11, 75 per cent for 2011-12 and 50 per cent for 2012-13. The Centre would have to pay Rs 34,000 crore as CST arrears.

The empowered committee of state finance ministers has given its approval to the report, Sushil Modi, Bihar finance minister and chairman of the empowered committee, said after the meeting. He, however, remained doubtful over the GST rollout next financial year. GST implementation from the coming financial year seems difficult. It is unlikely to happen, as the government is yet to fulfil certain statutory prerequisites for that.

He added some states were earlier concerned the Centre wasnt giving full compensation for losses on account of a cut in CST. However, after the Centre expressed its inability to provide full compensation, citing fiscal constraints, the states finally agreed, albeit with some conditions. They demanded the compensation be paid immediately and the Centre provide a timeframe for it. They also threatened to return to the four per cent CST regime if 100 per cent compensation wasnt provided for 2013-14.

Unless the compensation is 100 per cent, it would be difficult for us to support GST, said a state FM. The Centre had said if GST wasnt introduced next year, it would compensate CST losses for that period as well, Modi said.

Andhra, Gujarat, Tamil Nadu, Odisha, West Bengal and Haryana would benefit the most from CST compensation. A provision for compensation to be paid in line with the August 2008 formula is likely to be made in Budget 2013-14.

Finance Minister P Chidambaram had recently said if states arrived at a consensus, he would give an outline for GST in the Budget.

States demanded whenever GST was implemented, compensation should be provided for five years. States fear in the first few years, they would make heavy losses. Though the Centre has assured compensation, states want a mechanism so that they dont have to go to the Union government with a begging bowl, Modi said.

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Decks cleared for FY15 GST rollout

My son Daniel Zander on the decks
Future favorite DJ mashing up Hello Chicago and Flare on the Traktor S4 🙂

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New Delhi, Feb 1, 2013,

The Supreme Court on Friday cleared the decks for holding urban local bodies elections in Karnataka on the basis of the 2001 census.

A bench of justices H L Gokhale and Madan B Lokur made strong observations against the State government over its failure to provide the fresh list of reserved seats to the State Election Commission (SEC), saying that it did not want the will of the people reflected in the local bodies polls before the Assembly elections.

The court gave two days to the State government to furnish the list of reserved seats and in case it failed, the SEC could proceed on the present reservation of seats.

The position which emerges is, whereas the State Election Commission is keen to hold elections as required under the Constitution and the law, the State government is not inclined to hold it. The grounds given is revision of census figure and required rotation of seats in reserved category, the bench noted.

In view of the situation, the SEC is within its rights and powers to proceed with the elections as required under the Constitution and law on the basis of existing rolls. As far as reservation list is concerned, the State government is to furnish the list by February 3. In the event of its failure, the SEC can proceed with present reservation of seats, the bench said.

The court dismissed the special leave petitions filed by Raju Chavan, a Bijapur resident, and the State government, challenging the Karnataka High Court order passed in December last, refusing to issue any direction to the SEC to conduct polls as per provisional 2011 census.

Senior advocate P P Rao, appearing for the Karnataka government, urged the court to give at least three months to provide the list containing the required rotation of seats in reserved category, but the court remained unmoved.

He also suggested that as the term for the Assembly was getting over sometime in May, there would not be any difficulty to provide the list by then and both the polls could be held simultaneously.

As far as census figure is concerned, it is not in hand. As far as reservation list is concerned, the High Court has given them (State government) two occasions and informed the SEC about the manner in which it is to be done. On December 20, the High Court finally gave two days time, but they did not take any step, making the SEC to move the HC with a contempt petition, the court observed.

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SC clears decks for ULB polls

Making her position public for the first time on the row over Vishwaroopam, a film made by Kamal Haasan, Tamil Nadu Chief Minister Jayalalithaa on Thursday said the decks could be cleared for the screening of the movie if leaders of Muslim organisations and the actor arrived at an amicable agreement and he agreed to delete objectionable portions.

No question of curbing freedom of speech

The government of Tamil Nadu will do everything possible to facilitate such an agreement. There is no question of curbing freedom of speech, the Chief Minister told reporters at an unscheduled press conference here.

Clarifying several points on the controversy, she said it was a total misconception that the State government did not have powers to ban a movie. Section 7 of the Tamil Nadu Cinemas (Regulation) Act, 1955, provided full powers to the State government to effect a ban. She pointed out that using the clause, the movie Dam 999 was banned and this was upheld by the Supreme Court.

No political vendetta

In the case of Vishwaroopam, the State government had applied only Section 144 of the Cr.PC because it wanted to give time for tempers to cool down and both sides could come together. The government could have straight away banned the movie, if it wanted to do so. But it did not. That itself should prove that this is not political vendetta. There is no reason for any vindictiveness. Mr. Haasan is not my rival in any way, she added.

On Wednesday, Mr. Haasan had agreed to delete some of the objectionable portions. The leaders of Muslim organisations are in a frame of mind to accept this, she said.

As her first and foremost priority was the maintenance of law and order, she justified the ban, citing intelligence reports which stated that the protest, planned by various Muslim organisations, could turn violent in some parts of the State.

She also referred to inadequate police strength for giving protection at 524 cinema halls where the movie was to be screened.

The Chief Minister criticised Dravida Munnetra Kazhagam president M. Karunanidhi for using every opportunity to politicise the issue. As far as her government was concerned, the controversy was not a political issue but a matter of law and order.

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Jayalalithaa: decks can be cleared for release of film if Kamal Haasan and Muslim leaders reach accord

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.

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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.

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Anglo American's $4 billion hit clears decks for new CEO

improved minecraft #2 need help below decks
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Spinderella on the decks @ Red Room, Sydney
DJ Spinderella of Salt N Pepa fame, took to the decks @ Red Room on January 26th, 2013.

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

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Dog Decks Welcomes.......
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