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Sanju Verma Profile picture
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30 Jun, 4 tweets, 4 min read
GST is Destination based tax,levied at place of Consumption&not place of Origin

Sugar,Edible Oils,Tea,Coffee(not instant),taxed at 5%&milk 0%

Average fall in tax rate is 43%+, across array of items,in last 4yrs,thx to #OneNationOneTax executed by @narendramodi govt

My thread👇
#GST is value added tax&less inflationary;GST rate is multiplied by total pre-tax cost

In case of zero-rated supplies,retail sale is not taxed&firms claim credits for GST paid on inputs

GST was first implemented in 1954& it took a @narendramodi to have it implemented in India💪
Since Oct 2020,till May 2021,GST Collections have been in excess of Rs 1 lakh Cr,for 8 months in a row, endorsing uptick in economic activity

One Nation One Tax has reduced number of submissions from over 495,to barely 12,ensuring Ease in Tax filing
#4yearsofGST #OneNationOneTax Image
.@narendramodi govt truly cares &waiver of late fees is another example,to ease stress for Tax Filers,during #COVID19 stricken times

Benefit of late fees waiver available to all those filing #GSTR3B returns with turnover either upto Rs5Cr,or even in excess of Rs5Cr
#4yearsofGST Image

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More from @Sanju_Verma_

Sanju Verma Profile picture
3 Jul
As part of #Rafale deal,#Dassault investing around €100 million in JV with #RelianceDefence (RD),as part of Offset obligations,which is less than 3% of total #Offset obligations

RD,not getting US$20 billion or even US$4 billion as liar Rahul Gandhi claimed,but less than $120mn
Reliance Defence,was formed after purchase of #PipavavDefence,which was in business of building warships &other vessels for Indian navy for years

So Reliance Defence,not a new company,as alleged by #Congress troll #RahulGandhi&his foolhardy acolytes
#Rafale deal,completely clean
During earlier round of bidding for #MMRCA,under @INCIndia led #UPA govt,#Dassault tied up with Reliance Aerospace,which was newly formed company,without any experience in defence or aircraft business

So it is not @narendramodi govt but #Congress that has lot to explain

#Rafale
Read 8 tweets
Sanju Verma Profile picture
30 Jun
Rural Broadband project, #BharatNet,rolled out by @narendramodi govt,to be implemented via PPP model,will ensure,every inhabited village in 16 States will have Optical Fibre Connectivity,with overall cost at 19041 Cr

3.61 lakh villages will get broadband,OTT&Multi media Services Image
On economic front,good news is,for FY21,India saw Current Account Surplus (CAS) of 0.9% of GDP,versus Current Account Deficit (CAD) of 0.9% in FY20

Under inept #Congress,#CAD rose to 6.8% in 2013 but it has been less than 2% in last 7yrs,under @narendramodi govt,which bodes well
Just look at the kind of transformative work being done by @narendramodi &his team

PM Matsya Sampada Yojana to boost #Pisciculture,with a Rs 20000 Cr corpus &subsidy in the range of 40%-60%,is a huge boost to agri&allied services sector

#Modinomics #PMModi #ModiHaiTohMumkinHai Image
Read 9 tweets
Sanju Verma Profile picture
23 Jun
Of Rs 18170 Cr worth of assets attached,Rs 9371Cr will be transferred to PSBs

This is a huge achievement,thx to Fugitive Economic Offenders Act,brought in by @narendramodi that gives banks power to monetise assets of fugitives,who fled India

#VijayMallya #NiravModi #MehulChoksi
.@INCIndia used to evergreen bad loans which means,once a loan came up for repayment,terms of repayment were changed repeatedly, due to which repayment kept getting postponed

This happened with full blessings of @PChidambaram_IN&Co

#ZombieLoans by Congress wrecked India's banks
Zombies are firms with interest coverage ratio of less than one;it is ratio of a firm’s profit after tax to its total interest expense;Such firms cannot meet interest obligations from their income

Share of #ZombieLoans rose from 5% in 2007 to 27% in 2014,under corrupt #Congress
Read 4 tweets
Sanju Verma Profile picture
16 Jun
So #FOMC decides to keep rates unchanged at 0%-0.25%

Interest on excess reserves raised by 5bps from 0.10% to 0.15%

Inflation forecast raised by 100bps from 2.4% to 3.4%,though #Fed says long term goal is 2%

No #RateHike before 2023,says Powell;In March,he said,not before 2024
So called overnight #Repo operations where banks exchange high-end collateral for reserves,have been seeing record demand lately,as institutions look for any yield above the negative rates they are seeing in some markets

No plans to stop $120bn of monthly Bond purchases by #Fed
In separate matter,#FOMC announced,it would extend dollar-swap lines with global central banks through end of the yr

Currency program is the last #Covid-era initiative,Fed took to keep global markets flowing

Basically,Fed decides to stay with liquidity glut&easy money policy
Read 5 tweets
Sanju Verma Profile picture
14 Jun
Opposition is screaming about Inflation,but India under @narendramodi has curbed #Inflation,versus global peers

#VegetableInflation in India is minus 1.92% in May&Food inflation 5.01%

Globally,#FoodInflation up 39.7%, Cereal up 36.6%,Wheat price up 28% &Maize 89.3%

My thread👇
Globally #Inflation is rising because of co-ordinated fiscal stimulus,that has led to asset prices,zooming;For instance,annualized inflation in USA is 9.7%;2yrs back,US was in throes of #Disinflation

$6 trillion stimulus by #Biden has led to too much money chasing too few goods
For those wanting to know why the difference in #WPI&CPI,figures well,weights of items in CPI are based on average household expenditure,taken from consumer expenditure surveys

Weightage of Primary articles in #CPI is 55%+,with Food group alone having weight of 39.06%
#Inflation
Read 5 tweets
Sanju Verma Profile picture
14 Jun
#RetailInflation in May 2021 is 6.3%,Vs 4.23% in April

Core Inflation is 6.6%,Vs 5.4%
Food Inflation is 5.01% Vs 1.96%

Despite uptick,@narendramodi
govt has done very well to rein in #Inflation

Global Food Index in May is up 39.7% YoY,due to drought in many parts of the globe
#GlobalFoodIndex is measured by
#FAO Food Price Index,#FFPI,which is a measure of monthly changes in international prices of a basket of #food commodities;It consists of average of five commodity group price indices,weighted by average export shares of each group over 2014-2016
Why have #Food prices surged globally?

Argentina saw a big drought

Ukraine&Russia also suffered from drought&inclement weather

Indonesia&Malaysia,biggest producers of #PalmOil,have curbed exports,as govts in these countries have made blending of Palm Oil,with fuel,mandatory
Read 10 tweets

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