So in addition to GST, the Govt has now introduced a Tax Collection at Source (TCS), where the seller has to collect and remit, 0.1% of the turnover of all merchants, who purchase more than Rs 50 Lakhs from the seller.
This is, on top of GST.
This govt is not leaving anything
Now how does a seller decide if a merchant is going to do a business of 50 Lakhs this year? Not mentioned.
How to account for discounts and other settlements, which can affect his sales? We don't know.
But we want tax. And that too immediately.
Will he get credit for it? Not mentioned
What about their sellers? If that merchant is doing a business of more than 10 Cr per annum, they also have to debit 0.1% for all their big customers
And why immediately, Because in the circular, it mentions the word, immediately
Govt needs money. 95% of India is out of the taxation bracket. But we will impose more taxes on the 5% that actually bothers paying.
And we will use 70% of the money generated on salaries, perks, facilities and propping up loss making PSUs.
But complain we don't have money.
At this point in time, Captain Russell's taxation scheme for the Champaner villagers, looks more benovelent and reasonable than what Govt of India's for our businesses.
If only we could organize a cricket match against the govt for tax waivers...
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Rounding up my Australia & Sport series, here's the most Australian sporting success story, in the history of sport
That too from sport hardly any of us know
Short track Speed Skating
Here's the stunning story of Australia's first winter Olympic Gold Medalist, Steven Bradbury
This is not a Disney movie story, or like that of Shashank Singh, where a guy gets picked randomly out of nowhere and then achieves Success.
This is a story of persistence, bloody mindedness and some luck, which all came together in one magical moment to create magic.
Steven Bradbury was a career speed skater and a successful one at that. He was a part of the Australian Speed Skating relay team in the 1994 Winter Olympics
Realizing the other teams were much faster, they decided on a strategy to not fall, finish the race & hope for the best.
Indian elections are uncertain, but I think the results for the 2024 polls are more or less done
I think, we will witness a govt with the highest majority since 1984
And this means an amazing opportunity
I know this post means nothing, but here's my Wishlist for the next govt
This govt should focus on the boring things. Because boring things, build civilizations
We need to start by streamlining babudom. And a timebound approval system.
In this digital age, taking two weeks for a GST certificate or 67 permissions to build a hotel is ridiculous.
Second standardize the investment experience. From Ladakh to Lepakshi, there should be absolutely no difference in the process of setting up a factory or opening a shop.
You can't have a country where local politics can derail international projects.
If you noticed, a week ago my handle was changed to "Wormhole" and the profile Pic had changed to some arbit picture
And then random bitcoin posts were made.
In case some of you thought I had gone over to the other side, dont worry
Here's one small story of my sorry stupidity
I was just getting of my amazing fight with the VW fanbros, when I got a DM from a verified account. The account said they were from Barrons.
The same GRE/GMAT Barrons.
Now the message said they were exploring some kind of collab with me, regarding some kind of podcast.
First I didn't believe it
But trusting the blue tick, I visited the profile. Now The profile was legit with links of Barrons. So I thought, maybe, you know, it was actually true.
On Jan 22nd when the Prana Pratishtha ceremony was conducted in Ayodhya, the dreams and aspirations of thousands of people was finally realized
It took the efforts of people across the world, to bring this vision to reality, Including as far away as Denmark
Confused? Read on
The year was 1937 and India was under the British rule and Europe was dark with the clouds of war. In those dangerous times, a Danish Engineering company called FL Smidth decided that they wanted to do business in India and sent one young Engineer as their representative.
His name was Henning Holck Larsen.
He arrived in Bombay and tried to sell Danish Dairy equipment to Indians who wanted to get rid of the white man.
3 years to prior, his schoolmate also working for the same Danish company arrived in Coimbatore to set up a Cement plant.
If I ask you which is the most important company in the world today, chances are you will name Apple, Google, Samsung, Nvidia etc.
What if I tell you, there is one company, that too a Dutch one, which is more critical than the ones above.
Surprised?
Read on
Most of the technology today that you use, be it cars, watches, phones or aeroplanes, all run on microchips. Chips with so much computing power that it will make Superman blush.
These nanotubes of wonder are the ones that make the life as we know today, possible.
And as you know, it is extremely difficult to create these miracles.
One of the most important steps that goes into its creation is a process called Photolithography. Simply translated, it means the use of light to write on stone.