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Monday, June 1, 2015

Indian kitchen is inflicted with ACCHE DIN!MON Key Baaten NOT to help the masses facing cash crunch! Service tax goes up to 14%, effective today Oil crash advantage would not help much as 14 percent service tax to break the back bone of domestic economy!

Indian kitchen is inflicted with ACCHE DIN!MON Key Baaten NOT to help the masses facing cash crunch!

Service tax goes up to 14%, effective today

Oil crash advantage would not help much as 14 percent service tax to break the back bone of domestic economy!

Excalibur Stevens Biswas


'Acche din aa chuke hain,' says PM Narendra Modi

'Acche din aa chuke hain,' says PM Narendra Modi

Mon Key Baaten! Criticising the anti-minority comments made by Sangh 

Parivaar leaders, Prime Minister Narendra Modi on 

Monday said he would not tolerate any discrimination or violence 

against any community.


Indian kitchen is inflicted with ACCHE DIN!


Oil crash advantage would not help much as 14 percent service tax to break the back bone of domestic economy!


MON Key Baaten NOT to help the masses facing cash crunch!


Free market economy protagonists talks much about inequality justifying the trickling trickling growth as they are aware of the fact that this bloody inhuman Anti Nature Economy for the ruling hegemony means to create and promote Money Making Guillotines and the exclusion and ethnic cleansing have nothing to do with equality or justice.


Governance is all about free flow of capital and unabated money making. Thus,the government in the greatest Emerging market has to be business friendly!


Thus,the Nintey Nine percent masses have to suffer most and have to be declassified as HAVE NOTS as all resources have to be capyured by the HAVES!


The solution is ready made!Corporate responsibility with Tax Holiday and Tax Overload against the masses as it happens to be the curious case of GST And DTC.GST killing the federal constitutional structure of nation is meant NON Stop Business for Money making and immediate IMPACT of fourteen percent Service Tax is loaded against those Have Nots who have to pay the tax for the Haves to make money.


Thus,Finance Minister Arun Jaitley had proposed in his budget to raise service tax from 12.36 percent to 14 percent. The proposal would take effect from June 1, Monday. The tax would be levied on all services including, expect a small negative list, causing a costlier lifestyle.


People have started receiving messages from their service operators, conveying the increase in service tax rate which will have a resulting impact on the bills.

0.5 per cent hike will be brought in railways under effect from today in the AC and First Class fare and freight costs. At present, 3.7 per cent service tax is levied on the aforementioned services. From today onwards, this will go up to 4.2 per cent, as told a ministry official.

Jaitley had said in Budget speech, "To facilitate a smooth transition to levy of tax on services by both the Centre and the States, it is proposed to increase the present rate of service tax plus education cesses from 12.36 per cent to a consolidated rate of 14 per cent."


Social Sector schemes means government expenditure to sustain cash liquidity as without purchasing power of this bloody Have Nots the myth of the greatest Emerging market might not be sustained at all.


Thus,Jet fuel price was hiked by a steep 7.5 per cent on Monday and rates of non-subsidised cooking gas (LPG) by Rs 10.50 per cylinder in step with global firming of rates.

The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was raised by Rs 3,744.08 per kilolitre (kl), or 7.54 per cent, to Rs 53,353.92, oil companies announced on Monday.

On May 1, ATF price was hiked by a marginal Rs 272 per kl or 0.5 per cent to Rs 49,609.84.


Following global trends, the price of non-subsidised or market-priced domestic cooking gas (LPG) was hiked to Rs 626.50 per 14.2-kg cylinder in Delhi from Rs 616 till yesterday. The price hike comes on the back of a Rs 5 per 14.2-kg cut in rates effected from May 1. Non-domestic LPG, which consumers buy after exhausting their quota of 12 bottles of 14.2-kg each at subsidised rates, will cost Rs 626.50 as against Rs 616 per 14.2-kg cylinder.


 Households are entitled to 12 cylinders of 14.2-kg each or 34 bottles of 5-kg each at subsidised rates of Rs 417 or Rs 155, respectively in Delhi. Any requirement beyond this has to be bought at the market price.


 While the market priced or non-subsidised 14.2-kg cylinder will cost Rs 626.50 from today, the 5-kg pack will cost Rs 318.50. Following similar trends, rates of market-priced 19 kg LPG cylinder has been hiked to Rs 1,151 per bottle from Rs 1,134. Rates vary from state-to-state depending on the incidence of local sales tax or VAT. 


Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will reduce the financial burden on cash-strapped carriers. No immediate comment was available from airlines on the impact of the price hike on passenger fares. 


State-owned fuel retailers, Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise jet fuel and non-subsidised LPG prices on the first of every month based on average imported cost and rupee-dollar exchange rate. The same on petrol and diesel is done on a fortnightly basis.


Service tax raised to 14%, mobile bills to inflate


Increased service tax will have an impact on mobile phone 


subscribers as well as railway passengers, and important 


sectors such as banking, airlines and construction.


The government has raised service tax from 12.36 percent to 14 percent with effect from June 1. The move will impact mobile phone subscribers and sectors such as railways, airlines, banking, insurance, advertising, architecture, construction, credit cards, event management and tour operators.

Mobile operators have already been informing their subscribers about the hike. Railway passengers will also be impacted by the increased service tax. Fair for First Class and AC classes in passenger trains has gone up by by 0.5 per cent from June 1. "Currently, 3.7 per cent service tax is levied on train fares for AC Class, First Class and freight. This will go up to 4.2 per cent from June which means the rise is only 0.5 per cent," Economic Times quotes an official as saying.

According to reports, the service tax hike will ensure its smooth transition into a consolidated General Service Tax (GST), which is expected to be rolled out by April 2016. "To facilitate a smooth transition to levy of tax on services by both the Centre and the States, it is proposed to increase the present rate of service tax plus education cesses from 12.36 per cent to a consolidated rate of 14 per cent," Finance minister Arun Jaitley had said in his budget speech.
This year's budget has a lot of focus on the technology. Railway Budget 2015-16 envisages "SMS Alert" service in advance about the updated arrival/departure time of trains at starting or destination stations, integrated customer portal, Wi-Fi, On- line information on latest berth availability on running trains, an integrated mobile application including station navigation system, etc. Read Railway Budget 2015-16: Technology to play a crucial role

- See more at: http://www.digit.in/general/service-tax-raised-to-14-mobile-bills-to-inflate-26185.html#sthash.EWT6bgb7.dpuf

Government spending: Numbers don't lie

The Modi government's priorities are revealed by what it spends on
The best way to judge what any government really believes in is not to listen to what it says, but to consider instead what it does. And there is no better way of finding out what is close to the Narendra Modi government's heart than to check what it spends its money on. The provisional estimates of the Union government's expenditure for 2014-15 are now out, giving us an idea about what the government spent on, compared to what it had promised in its budget. These numbers don't lie.
Remember Modi's famous 5 Ts? To build brand India, he had said, he would focus on five Ts—talent, tradition, tourism, trade and technology. At least as far as tourism is concerned, the government isn't putting its money where its mouth is. It spent only 46% of the budgeted plan expenditure on tourism during the fiscal year.
Recall all the talk about the focus on renewable energy? That turns out to have been mostly hot air, as seen from the mere 53% of the budgeted amount spent during 2014-15 by the ministry of new and renewable energy. Similarly, the Prime Minister has made no secret of his fondness for yoga. But spending by the department of Ayush (ayurveda, yoga and naturopathy, unani, siddha and homoeopathy) has been a mere 43% of the budgeted plan expenditure. Indeed, the ministry of health and family welfare has spent only 76% of the amount it was allowed as plan expenditure under the 2014-15 budget.
Does the government's heart bleed for the poor and is housing for the masses a priority? The government has often expressed its concern for these matters. But facts on the ground don't seem to support what it says—spending by the ministry of housing and urban poverty alleviation was a mere 45% of the budgeted amount. Much has been said about the need to raise agricultural productivity and crop yields. But precious little has been done in the Modi government's first year in office. The department of agricultural research and education has spent just two-thirds of what it was allowed under the budget.
Talking about smart cities is in vogue. But our present un-smart cities don't get much money. Spending by the ministry of urban development was 60% of the budget. You can't do much development with cuts of that magnitude.
photo
The government has repeatedly said that water will become a pressing issue for the country. Yet the ministry of water resources' plan spending was a mere 37% of its budget. And for all the tom-tomming about the government's Clean India campaign, spending by the ministry of drinking water and sanitation was 79% of the budgeted plan expenditure in the last fiscal year.
But what did the government spend on? In one word, infrastructure. The ministry of road transport and highways spent 95% of its budget, and the railways used up 96%. The government's focus on infrastructure is very clear—this is one sector where its spending record matches its talking record.
Modi is also very serious about the Make in India campaign, seen from the fact that the department of industrial policy and promotion spent 97% of the amount allotted to it in the 2014-15 budget. The Digital India initiative is another pet project, evident from the 89% spent by the department of electronics and information from its budgeted amount. But spending by the department of telecommunications was a mere 38% of its budget allocation.
Has the Modi government cut back on social spending across the board? Not really. The women and child development ministry spent a decent 87% of the budgeted plan expenditure. The ministry of rural development saw its plan spending cut to 83% of the budgeted amount. The human resource development ministry's spending was 80% of its budget. While these cuts have affected social programmes, they are not huge compared with some of the examples given above.
The details of plan expenditure as a percentage of the budgeted amount, along with those of many other ministries and departments, are given in the accompanying chart. They have been culled from the website of the Comptroller General of Accounts, which has recently put out the provisional estimates of the Union government's accounts for 2014-15.
The government had slashed spending in the last financial year in a desperate effort to rein in the fiscal deficit and the axe has fallen brutally on plan expenditure. Nevertheless, as the details show, the cutbacks have been far from uniform and the pattern of spending gives one a fair idea of where the government's priorities lie.
Manas Chakravarty looks at trends and issues in the financial markets. Your comments are welcome at capitalaccount@livemint.com
Business Standard - ‎20 minutes ago‎
Jet Airways has prematurely terminated the contracts of 50 of its expatriate pilots as part of cost-cutting measures as well as reducing dependency on the high-cost overseas flight crew.
NDTV - ‎39 minutes ago‎
Mumbai: The rupee ended 12 paise up at 63.70 against the American currency on fresh bouts of dollar selling by banks and exporters amid huge expectations of a rate cut by the Reserve Bank tomorrow.
Business Standard - ‎33 minutes ago‎
Output in the eight key infrastructure industries contracted in April for a second month in a row, by 0.4 per cent this time, posing a question mark over the recovery in manufacturing shown by the official Gross Domestic Product (GDP) data.
Moneycontrol.com - ‎2 hours ago‎
In order to provide a level-playing field to private players, the government withdrew excise and Customs duty exemptions enjoyed by the Ordinance Factory Board and defence PSUs.
Financial Times - ‎53 minutes ago‎
Uber plans to increase its investment in India by "significantly" expanding the number of cities in which it operates and pushing for better regulation of the online cab industry as the US-based taxi app tries to catch up with cut-price local rivals, the new ...
Business Standard - ‎2 hours ago‎
Shares of Maruti Suzuki India (MSI) today closed 2.5 per cent higher after the company reported 13.8 per cent rise in total sales in May.
Economic Times - ‎1 hour ago‎
MUMBAI: In a clear sign that the rural economy may be slowing down Mahindra & Mahindra, saw its tractor sales dropping by a fifth in May this year against the same month last financial year.
NDTV - ‎27 minutes ago‎
New Delhi: Hero MotoCorp Ltd, India's largest maker of motorcycles and scooters, on Monday said its sales for the month of May fell 5.4 per cent from a year earlier.
Economic Times - ‎1 hour ago‎
NEW DELHI: Two-wheeler manufacturer Honda Motorcycle & Scooter India (HMSI) today reported a 3.28 per cent increase in total sales at 3,67,226 units in May.
Firstpost - ‎1 hour ago‎
The finance ministry has given in to popular pressure and removed a few controversial requirements from the new income tax returns filing forms on Sunday.
Financial Express - ‎40 minutes ago‎
BSE Sensex marginally rose by 20.55 on Monday to 27,848.99 as consumer goods stocks gained on hopes that RBI would cut interest rates this week but a slump in Sun Pharma capped index's gains.
NDTV - ‎10 minutes ago‎
New Delhi: Payment solutions provider AGS Transact Technologies has received capital markets regulator Sebi's approval to raise up to Rs.
Business Today - ‎57 minutes ago‎
Indian firms raised a staggering over Rs 1 lakh crore from the markets in April, with debt segment emerging as the most preferred route to garner capital for their corporate needs.
Economic Times - ‎3 hours ago‎
NEW DELHI: Employees' annual performance reviews are increasingly becoming a thing of the past, as top firms are shifting away from the traditional method to a "regular feedback", says a survey.
Firstpost - ‎5 hours ago‎
New Delhi: Hyundai Motor India (HMIL) today reported a 1.5 percent increase in total sales at 52,515 units in May. Sales up. Reuters.
Daily News & Analysis - ‎29 minutes ago‎
The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling.
Business Standard - ‎51 minutes ago‎
The public sector Cochin Shipyard Ltd (CSL) today delivered the thirteenth of the series of 20 Fast Patrol Vessel "ICGS Anmol" to the Indian Coast Guard twenty days ahead of schedule.
Moneycontrol.com - ‎2 hours ago‎
Domestic sales also surged 41.23 percent to 34,615 units last month from 24,509 units in May 2014, the company's parent Eicher Motors said in a filing to the BSE.
Economic Times - ‎3 hours ago‎
SINGAPORE: India's retail market is expected to expand at $1.3 trillion by 2020 and the GDP is set to grow at 8 per cent over the next three years, making it the world's fastest-growing major developing market, a consultancy firm has forecast.

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