Discover and read the best of Twitter Threads about #GST

Most recents (24)

Finance Minister Nirmala Sitharaman addresses the media on the statutory and regulatory compliance matters in light of the #CoronavirusOutbreak. #BQLive

Live blog:…
Close to finalising economic package; will announce details shortly, says FM Sitharaman.

Watch LIVE:
Last date for FY19 Income Tax returns extended to June 30: FM Nirmala Sitharaman.

Watch LIVE:
Read 15 tweets
1. Finance Min Nirmala Sitharaman’s claim that the Indian economy is witnessing “green shoots” of recovery is a “problem" & #EconomicSlowdown is here to stay, India's former chief statistician Pronab Sen told me in this interview.Key points in this #Thread
2. Last week, FM Sitharaman said Indian economy was "not in trouble" & there were "green shoots" of recovery citing good numbers from 7 economic indicators, including high FDI & #GST collections. Few days later, 2 key indicators showed poor numbers
3. Consumer Price Index (CPI) in Jan '20 was @ 5 year high of 7.59% & Index of Industrial Production (IIP) in Dec '19 fell to -0.3%, taking sting out of FM Sitharaman's claim of "green shoots". Thus, here, Sen cautions against using such exaggerations:
Read 15 tweets
Direct tax proposes a new optional #tax regime optional for taxpayers.
Under the new tax regime – tax rates are as follows
Up to 5 lakhs – 0%
5 lakhs to 7.5 Lakhs – 10%
7.5 Lakhs to 10 Lakhs – 15%
10 Lakhs – 12.5 Lakhs – 20%
12.5 Lakhs to 15 Lakhs – 25%
More than 15 Lakhs – 30%
DDT has been removed. #DDT will be taxed in the hands of individuals at their slab rate. With DDT scrapping, govt lets go of Rs 25,000 crore revenue.
Audit Turnover threshold has been increased from Rs. 1 crore to Rs. 5 crores. #Budget2020
Read 10 tweets
Day 18 of #ParliamentWinterSession

The #CitizenshipAmendmentBill listed for discussion, passage in #RajyaSabha today

But RS has had a stormy start of the day and is currently adjourned till 12pm due to protests by MPs- on states not being paid #GST compensation!

#RajyaSabha starts debate on #CitizenshipAmendmentBill2019

Sukhendu Shekhar Roy, TMC raises objection to discussion and wants it to be adjourned as intent of Bill is to provide protection to those fleeing from religious persecution, but same not mentioned in Bill at all.
But Chair states that he has perused the Bill and it is order and discussion starts

Amit Shah, Home Minister starts his speech on #CitizenshipAmendmentBill2019

It was expected that minorities in Pakistan and India will be protected, but same didnt happen

Read 112 tweets
“Unlike you people, we take a break at this time of the year,” said Samir Pal, one of the idol-makers who earn their livelihood from Kumartuli. “But this year, I wish I was still working because we hardly made any money during Durga Puja. #GST #BJP
We paid almost double for raw materials because of GST (Goods and Services Tax) but were unable to pass on the burden to customers because idols are exempt from GST-Samir Pal #BJP
He further rued: “Parties (customers) think nothing of spending lakhs of rupees on decorating pandals, but they grumble if we hike the price of idols even by a few thousand rupees. No wonder our children don’t want to take up our profession.”
Read 7 tweets
My experience as a small #entrepreneur with #GST
Let us agree on something nothing is perfect. And the current #GST is certainly not perfect but the pertinent question is if it worse than the indirect tax regime it replaced ?

To give context of how bad or good #GST is we have to look at what existed before.
There used to be the dreaded "General Sales Tax" (not GST), where the "dealer" had to renew their registration each year and all their business accounts had to shown to the department which incurred "curious" expenses, failing which let us say you aren't doing any "business"
Read 47 tweets
#HappyDiwali to all of you who are registered under #GST !

Cause, post Diwali u wouldn't be happy!

I visited my CA friend in the morning. He flagged off the massive inconvenience that may be caused to businesses & MSMEs cause of Notification No.49/2019 dated 9th October 2019.
Let me explain :

1. Returns determining tax liability are mandatorily required to be filed before 20th of November. Known as 3 B

2. Details of sales / purchase (R1) is to be filed by 10th November.
3. The new rule provides that you can take credit in 3B only to the extent of that which shows in 2 A ( which is nothing but a compilation of R1 of your suppliers) + 20%.

4. Did you understand anything ?

No ?

Now, listen carefully -
Read 7 tweets
JOB MYTH of #ModiSarkar2

INDIA LOST 45 MILLION JOBS between 2012 & 2018 !!! India’s first annual labour survey (PLFS 2018) provides an update on India’s employment data. It's available here.…

The Thread explains how I arrived at 45 Mn Job Losses.
Population in 2012: 1233 Million (Mn)
Labor Participation % 2012: 55.9%

So number of ppl either looking or have a job: 1233 * 55.9% = 689mn

Employement Rate 2012: 54.7%
People employed: 1233 * 54.7% =674.5mn
Unemployment Rate: 2%, 14.8mn
Population in 2018: 1336 Million (Mn)
Labor Participation % 2018: 49.8%

So number of ppl either looking or have a job: 1336 * 49.8% = 665mn

Employement Rate 2018: 46.8%
People employed: 1336 * 46.8% =625mn
Unemployment Rate/People: 6%, 40.8mn
Read 10 tweets
In every political system, that is the percentage of wealth ownership. It could be a few percenntage points here and there. But neither democracy, nor communism or any other form of govt has been able to find solution to it. Things begin to hurt when there's no growth in wealth
India's current problem is decelerarion in growth. That happened because govt stopped wealth creation for the bottom 60% through farm product price control and demonetization. GST ate into the margins of informal sector aggravating the situation.
If Bottom 60% makes wealth, the top 10% becomes wealthier because it owns the means of production and financial institutions. The other 30% earns more money through distribution and services. This is the natural structure of societies since industrial revolution).
Read 14 tweets
There is a #GlobalSlowdown in the #automobile industry, but let’s blame Modiji

GM has cut 4000 jobs in US & Canada

#Volkswagen cut 37000 jobs internationally

Btw, let’s blame Modiji for pager, floppy discs, VCRs, B/w TVs, Kodak films rolls,Polaroid cameras going out of use
World Car Sales Will Fall More Than 4 Million In 2019 - Forbes

Caused by -

U.S. sanctions policy

huge fall in China’s sales

harsher CO2 regulations

Shift to #ElectricVehicles…
#GlobalAutoInc announces over 37,000 jobs cut in first three months of 2019

Auto majors like #GM, #Ford & #Volkswagen took the lead in terms of jobs cut

Declining auto sales led by global trade war, #Brexit & #EVs

But we will blame @narendramodi…
Read 9 tweets
Since no Sarkari economist will tell you this, I must.

1. #Demonetization was a blunder. It was a shock that broke momentum in the economy.

2. #GST is a continuing blunder. Govt. is still in denial. Instead of rectifying things, it continues to compound problems.

But ..
.. all this well known. What is not known & acknowledged is that China has devised our MSMEs.

3. We have to appease China b/c our borders & politically vulnerable. Note politically. So we run a $60 b annual trade deficit with China that wipes out small industries & businesses.
The Govt. has no guts to take up the trade issue with China forcefully, lest China embarrass the Govt. with a Doklam kind of incident on the border. Having politicized security policies, Modi ji has made his Govt. very vulnerable to blackmail on the border.
Read 5 tweets
Before elections, use #NRC as a tool of propaganda, @AmitShah used it in election rallies.
When it turns out, the BJP's own support base is caught, suddenly they aren't termites anymore.
Like Demonetisation & GST, another botched up venture by the BJP.
@AmitShah Years ago, MMS proposed the Indo - Bangla Land Border Agreement, to exchange the adverse land holdings the two countries had in each others territories.
The rational was, better & more effective vigilance of the border, thus preventing illegal migration.
The BJP & Modi specifically opposed the Indo - Bangla LBA, vociferously & just for the heck of it.
@SSAhluwaliaMP & other BJP leaders held Tiranga hoisting programs on border outposts, not a inch of Indian territory will be ceded, they said.
Read 10 tweets
Thread on some #KeyTakeaways from #LokSabhaElections2019 results:
1. There was always a #Modi wave but the #LeLi Commentariat insisted it was an undercurrent against Modi and #BJP.
2. Losses in Rajasthan, MP and Chhattisgarh in 2018 were an aberration and not a trend. 1/n
3. Vote transfers do not happen between historically hostile parties. Anticipated vote transfer did not happen in #UP. SP-BSP #MahaGathBandhan was nonstarter.
4. Never mind the bunk peddled by pop political analysts. #India would prefers Government with single-party majority. 2/n
5. Mamata Banerjee underestimated Hindu backlash to her brazen Muslim appeasement and pandering to illegal Bangladeshi immigrants.
6. She overestimated the ability of party goons to strike fear among voters. It took 34 years for LF to unravel; TMC less than 10 years. 3/n
Read 11 tweets
If we, as a country, need to feel ashamed of having voted #NarendraModi to power, it should be for 2014

No way how 12 yrs/ Godhra shd have been erased from Indian collective memory in greed for greater GDP growth+higher paying jobs

EVM + #not Indians are voting Modi 2019
To punish us for our Godhra-genocide amnesia

▪️GDP plunged to the extent that absolute numbers were constantly conjured up + growth faked by tweaking base
▪️Instead of higher salary, jobs were lost following
#Demonetisation #GST
▪️Hate speech, lynching, riot-accuseds took over
Best proof of 2014-2019 pathetic corrupt performance of NarendraModi

▪️Gag #EC via a compromised CEC with family in corruption-litigation

▪️Sack #CBI chief to protect self from conviction

▪️Raghuram Rajan, Urjit Patel taken care of, insert ShaktikantaDas to claim #RBI reserves
Read 22 tweets
This thread will list down the 75 reasons why everyone should vote for @narendramodi and @BJP4India

Thanks to @muglikar_ and @IndiaPeCharcha for coming up with these brilliant 1 minute videos.

My effort here is to list all the 75 reasons in a single thread
#Reason1 - @BJP4India MPs work for you.

👉 #Attendance #DiscussBills
👉#PassLaw #75ReasonsToVoteForModi #PhirEkBaarModiSarkaar

#1MinuteTalk by @muglikar_ and @IndiaPeCharcha -

#Reason2 - Electricity for All

👉 100% Rural Electrification #DeendayalGramJyotiYojana
👉 Electrification of 100% households #Saubhagya

@PiyushGoyal @grameenvidyut

#75ReasonsToVoteForModi #PhirEkBaarModiSarkaar

#1MinuteTalk @muglikar_
Read 76 tweets
हाँ #MainBhiChowkidar हूँ।

जो 60 साल तक नामुमकिन था वो अब पीएम श्री @narendramodi जी के नेतृत्व में मुमकिन हैं। #ChowkidarPhirSe

1). जितने गैस कनेक्शन देने में कांग्रेस को 60 साल लग गए, उतना गैस कनेक्शन सिर्फ 5 साल में दे दिया क्युकी मोदी है तो मुमकिन हैं। #ModiHaiToMumkinHai
जिस जीएसटी #GST को कांग्रेस 20 साल तक लागू नहीं कर पाई, उसको सिर्फ 5 साल में अच्छी तरह से लागू करके टैक्स कलेक्शन 1 लाख करोड़ के पार पहुंचा दिया।

जो कांग्रेस सैनिकों को वन रैंक वन पेंशन #OROP नहीं दे पाई, उसको 5 साल में दे दिया गया क्युकी मोदी हैं तो मुमकिन हैं। #ChowkidarPhirSe
4).बांग्लादेश के साथ सीमा विवाद को जो कांग्रेस 60 साल में हल ना कर सकी, उसको 5 साल में सुलझा लिया गया।

5).जिन परियोजनाओं को कांग्रेस 60 साल में पूरा ना कर सकी, उनको 5 साल में पूरा करके राष्ट्र को समर्पित कर दिया गया क्युकी मोदी है तो मुमकिन है।
#ChowkidarPhirSe #MainBhiChowkidar
Read 14 tweets
🇮🇳Namo Namo🇮🇳
Here I am starting a long thread which will list down hundreds of reasons why we should all vote for @narendramodi and @BJP4India in the coming general elections!!!
#ModiOnceMore #ModiAgain #AbKiBaar400Paar
@ModiOnceMore @Youth_4Modi
All are fact based data. Appropriate links are provided to validate every achievement. #Modi4NewIndia #MainBhiChaukidar
(1/n) Fragile five to Fastest growing economy - India listed in Fragile five in 2014 - Fastest Growing Economy in Jan 2019
#ModiOnceMore #ModiAgain #AbKiBaar400Paar
@TeamNamoBrigade @namo_bharath
Read 24 tweets
Performance of @narendramodi ji 🙏

👉No of un-electrified villages - Zero

👉Length of #RuralRoads -1,93,524 km

👉 Beneficiaries under #PMJDY - 34,03,00,000

👉#LEDs distributed under Ujala -

👉#LPG connection under Ujala -

👉Amount of #GST collected till Dec18
-1,61,16,92,00,00,000 ₹

👉Subscribers Under Atal #pension -1,24,00,000

👉Gram Panchayat Connect #opticalfibre -1,23,489

👉#DBT -₹59,88,13,30,00,000

👉Children Vaccinated under Misson #Indradhanush -3,37,000(2/6)

👉Loans sanctioned under #MudraYojana -15,59,30,035

👉Houses completed under #PMAY -

👉No of #Farmers registered on e-NAM -1,40,00,000

👉Total no of free treatment under #AyushmanBharat-9,93,103

👉Open defecation Free #villages- 5,48,452(3/6)

Read 7 tweets
In just about two hours, Prime Minister @narendramodi’s government will present its last budget before elections due later this year. Experts say they’re expecting big announcements as it will be the last chance to woo voters, announce policy intent ahead of polls.
Ahead of #Budget2019, markets have opened higher.
Interim Finance Minister @PiyushGoyal begins presenting the last #Budget of the @narendramodi government.

It's expected to be a populist budget- with several policies likely to be announced with an eye on the 2019 polls.

Experts make last pitch for fiscal prudence.
Read 40 tweets
#GST thread. Stay with me: This govt wont share real GST data. Instead we fall for its stupid press releases every month. They mean near zilch. This is what the central govt has really collected by August. Net of refunds and settlement - the only way GST nos should be read.
It is erroneous to merely compare total Rs 1 lakh per month target for states+centre with press releases which do not account for how IGST was settled each month. So, these cant tell what the Centre really got. This table shows how erratic IGST settlement has been.
Then you got to look at states and their revenue separately. Here is a chart of how state revenues are doing. After a year some are doing quite badly. Why? Ask.
Read 7 tweets
Has anyone used the GST online filing system? It is nothing but an online word processor. I don’t know why ₹ 1500 crore was spent on this. Thread (1/n)
All you do is fill the forms online. There’s no intelligence built into it. Data from one form filed earlier has to be manually entered into other forms. (2/n)
And of course, like all good secure sites, copy paste is blocked. So one needs to write down the number from one form and then enter it manually into other forms #GST (3/n)
Read 8 tweets
Don’t worry about #Malaysia ’s #GST repeal, higher #Oil and sales tax will help. #ge14. The BN lost control of government. Dr. #MahathirMohamad stated that he will repeal the goods and services tax (GST) and replace it with the sales and services tax (SST). Why? @chedetofficial
#Najib passed the #GST to offset declining revenue as dependence on #oil backfired when oil prices collapsed. It's a tax on the final consumer & generates more tax revenue than the SST. In 2017, GST was 25% of the total tax revenue and 3.3% of GDP - key reason people are negative
But what's key is the rise of oil, which raises oil tax. So #GST becomes less key! Look at the relationship b/n oil and oil tax. Very strong! We assume oil rises to 73 (basically now) & 10% increase of subsidy, & SST revenue (less than GST). Let's look at what happens to fiscal
Read 8 tweets
The #GST Should Never have Been Applied To ANYTHING, it only exists bc over 30 years of #Privatization of Public Assets that produced Revenue, the Revenue has Disappeared,on top of TaxCuts for Corporations & the removal of tariffs which had the
double wammy of sending manufacturing,textile industry,car manufacturing either offshore,broke or closed
#GST need to be removed From Everything
Corporations DONT Pay GST only Consumers pay GST
Introduce a #SugarTax on ALL Processed Food/Drink 20% per teaspoon(5g)of price,source of revenue &Healthier Population,long term Lower Health Budget
Raise Corporations Tax,Any #ProfitShifting
Read 12 tweets
Troll April Fool UMNO/BN kepada rakyat Malaysia: #GST #GST #GST #GST #GST

Bebenang April Fool yang tak lawak langsung.
1. Pecahan kutipan #GST sejak ia diperkenalkan pada April Fool tahun 2015:

2015 (Apr-Dis): RM27.2 bil
2016 (Jan-Dis): RM41.2 bil
2017 (Jan-Dis): Lebih RM42 bil
2018 (Jan-Dis): Dijangka lebih RM43.8 bil

Jumlah: LEBIH RM154.2 BILION!
2. TAPI.....

Hutang 1MDB belum dibayar: -RM42 bil
Hutang negara makin meningkat: RM362 bil (2009) -> RM630 bil (2015) -> RM873.8 bil (2018)
Projek mega menambah hutang: ECRL pinjam RM60 bil dari Exim Bank China

Mana perginya duit #GST???
Read 8 tweets

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