Here is a sample of questions put to Banaras Hindu University’s political science postgraduate students in their examination: What was the nature of the Goods and Services Tax in Kautilya’s Arthashastra? the students were asked in their first semester exam on Monday.
As part of their ‘Social and Political Thought of Ancient and Medieval India’ examination paper, students were asked to choose between writing “an essay on the nature of GST in Kautilya’s Arthashastra” and “Manu is the first Indian thinker of globalisation. Discuss.” Each of the questions carried 15 marks. The students said though the topics were not part of their course, they could not raise the matter with the teachers, fearing they will be targeted for the rest of the year. Click to read more
Kautilya’s Arthashastra, an ancient Indian text on statecraft, economic policy and military strategy, is considered an important text in the study of political science in the country. However, what possible answer could someone have if asked about nature of “GST” in Arthashastra? Confused? Well it doesn’t end here.
Manusmriti, another ancient text on the social structure of the country, would not have have a link to globalisation, right? Click to read more
Students at Banaras Hindu University (BHU) were left bemused after issues like ‘Kautilya on GST’ and ‘Manu on globalisation’ made an appearance in the question paper for a course titled “Social and Political Thought in Ancient and Medieval India”, said media reports. The course was a part of the Political Science paper for MA (Master of Arts) students.
When contacted by The Indian Express, Professor Kaushal Kishore Mishra (who set the question paper), said that he had “interpreted the two thinkers and taught their philosophies through new and current examples like GST and globalisation… Kautilya’s Arthashastra is the first Indian book which hints at the current concept of GST… Kautilya is one such thinker who propounded national economic integration — ekikaran.” Click to read more
Unsold inventory of imported chocolates, confectionery and cosmetics, which attracted 28% Integrated Goods & Services Tax (GST) during inbound shipments but are now retailing with an 18% levy, can claim refunds on the excess tax paid.
“We have told importers that if they have imported goods at 28% and are selling them at 18%, they can claim a refund,” a senior official at the Central Board of Excise and Customs (CBEC) said. “They will, however, have to submit proof. We understand they have issues related to stickers.” Click to read more
Goods & Services Tax Act is currently at its worst. The government enacted it with much fanfare. Within few months, Union Revenue Secretary, Hasmukh Adia said that the law needs a complete overhaul. So embarrassed was the Government at this statement that Press Trust of India, a Govt. controlled news agency changed the words ‘need complete overhauling’ by “need some rejigging”. Click to read more
The government may be looking to use data obtained from Goods and Services Tax (GST) filings to track those who are escaping income-tax, two people close to the development said.
The government is setting up a mechanism wherein data obtained through GST reporting could be correlated with the income-tax filings.
While the project is still in the initial stage, the government wants to create a database whereby income of companies and their promoters could be matched with that of the tax returns filed, said a person in the know. Click to read more
As the Goods and Services Tax (GST) overcomes the transitional implementation challenges, it is time to look ahead to further improving it. The impact of the highest rates has been reduced by substantially paring down commodities in the 28 per cent bracket. The simplification of procedures for small enterprises, especially those that sell to large enterprises, is under way. Bringing land and real estate into the GST is on the agenda for discussion. High priority must now also be accorded to the inclusion of electricity in GST. Why, how, and when? Click to read more
Though demonetisation and GST have been the buzzwords of 2017, however, a recent survey revealed that the two have affected startups adversely.
Social media platform LocalCircles recently conducted a survey amongst 33K startups and entrepreneurs on from different parts of India to find out how the Startup India Mission was going for them and the different roadblocks they were facing in making their startups successful. Click to read more