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Arun Jaitley on Plea Seeking Capping of Airfares Washington: Finance IMF

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Arun Jaitley on Plea Seeking Capping of Airfares Washington: Finance IMF GUJARAT’S OWN ENGLISH DAILY FOUNDED IN 1967 PRICE : 1/- RNI Reg. No. GUJ/11172/67. Postal Reg. No G-GNR-321 valid upto 31-12-2017 Posting at RMS Ahmedabad Founder Editor : Ramubhai Patel PHONE : 079-2640 2880 (Advertisement : 2640 2881 mail : [email protected])* Fax : 2640 2882 For epaper log on to \www.westerntimes.co.in VOL. 50 * NO. 319 *AHMEDABAD *MONDAY, 8/5/2017 Pages-8 Printed & Published by Nikunj R. Patel on behalf of Western Times Publications Pvt. Ltd. Printed at Western Times Survey No. 1315P, Opp. Ramapir Temple, Shilaj-Thol Road, Shilaj, Ahmedabad and Published at Western Times Publication Pvt. Ltd. 301, 3rd Floor, Gala Argos, B/h. Hari Krupa Tower, Nr. Ladies Hostel, Ellisbridge, Ahmedabad-380 006. (Gujarat). Editor : Nikunj R. Patel News Brief Govt. may fix GST rate at 28% for cars New Delhi: Keeping The Government has al- at 38.5 per cent at present and the remaining 14.5 per RBI to issue auto industry’s rapid ready approved goods and rate. Besides, it will attract a cent being state VAT ). growth in mind, the Govern- services rates which will fall little State compensation “These classes of vehicles new Rs 5, 10 ment is likely to fix an af- into one of the approved cess to take the total inci- would be put in the peak 28 fordable slab rate of 28 per four rate categories of 5, 12, dence closer to the current per cent tax bracket and coins soon cent for both small and me- 18 and 28 per cent, which is levels,” the official added. maximum 15 per cent cess,” Mumbai: The Re- dium sized cars under the closest rate to the present The GST law provides for the official said, adding that serve Bank of India will Goods and Services Tax incidence of taxation. levy of cess on top of the this would take the total in- soon put into circula- (GST) for the consumers. It, As for small cars, these peak tax rate on demerit cidence of taxation to 43 per tion new Rs 10 coins however, claimed that the vehicles currently attract a and luxury goods like pan cent. This means that for a that have been minted slab rate of small cars would 12.5 per cent central excise masala, tobacco and certain select few vehicles, the tax to commemorate remain close to the current duty with another 14.5-15 class of automobiles to cre- incidence would be margin- 125th year of National tax rate while mid-sized per cent VAT is levied by ate a corpus that will be ally lower than at present Archives of India. The ones would be available at States, taking the total tax used to compensate states and would thus result in Central Bank will also much cheaper rate than the rate of 27-27.5 per cent. for loss of revenue arising lower prices if the manufac- put into circulation current prices in the market. While mid-sized cars of up on account of the imple- turer passes on the benefit new Rs 5 coins to cel- As we have decided to to 1500 cc are levied with a mentation of the GST in first to the consumers. ebrate 150th anniver- make ‘One nation, One tax’, 24 per cent excise by the five years. Dubbed as the biggest sary of Allahabad High we need to look at the central Government and a The official, however, tax reform since Indepen- Court. On the design of growth of the products too. 14.5 per cent VAT by the said a cess of up to 15 per dence, the GST is to unify at new Rs 10 coin, the RBI If we take car segment for State Governments, taking cent is provided in the GST least 10 indirect taxes into said that on the reverse example, we should make the total tax rate at 38.5 per Compensation Law and the one to be collected at State of the coin, there will be them available at the cent. final incidence of taxation and central levels. Under the an image of National cheaper prices for the con- We have decided an af- would be arrived at adding existing structure, the cen- Archives Building in the sumers. So we have decided fordable slab rate at 28 per the same to the peak rate. tral Government levies a centre with inscription to keep it in the third slab cent for these categories of “The cess would be levied in production tax, called excise 125 years below the (28 per cent out of already- cars (both small and mid- a manner so as to keep the duty, and the State Govern- image. It will also bear decided four-slab structure sized), excluding luxury final incidence of taxation at ment charge a sales tax called logo of 125th anniver- in the historic tax reforms ones. As small cars are very close to current levels,” he VAT. Now, these two will unify The Minister of State for Home Affairs, Shri Hansraj Gangaram Ahir interact- sary celebration. The after the GST is rolled out close to the affordable slab, said. For SUV and bigger in the one uniform tax. ing with jawans, during his visit to CRPF camp, at Sukma, Chhattisgarh. year 1891 and 2016 in from July 1 as different mid-sized ones attract more cars of more than 1500 cc, English shall be written goods are fitted into differ- tax rates in the current the current rates of taxation on the upper and lower ent slab rates,” a senior Fi- structure. But we are trying is 41.5 per cent to 44.5 per periphery of the coin nance Ministry official told to bring it down to 28 per cent (comprising of 27-30 respectively. The Pioneer. cent slab from total tax rate per cent of central excise Delay in quota reforms to erode Govt rejects Abbott, HC seeks Government’s reply Medtronic IMF’s credibility: Arun Jaitley on plea seeking capping of airfares Washington: Finance IMF. The IMF needs to be suf- eral Review of Quotas) has developing nations. applications to New Delhi: The Delhi court that airfares was be- application seeking informa- Minister Arun Jaitley has ex- ficiently resourced to be been pushed back to no Free Trade: Commenting High Court has sought the yond the control of the avia- tion regarding airfares and pressed disappointment able to fully discharge this later than the 2019 annual on increasing protectionism withdraw stents governments reply on a plea tion regulator Directorate the ministry had replied that over the slow pace of IMF responsibility. It also needs meetings, Jaitlety added. and its adverse implications, New Delhi: The seeking capping of airfares General of Civil Aviation. these were not controlled by quota reforms and said any to function as a quota- Any further delay in the the finance minister called Government rejected across the country so that fly- The court had on July 20 the government. Citing the further delay would erode based institution, he said at 15th GRQ will erode Funds upon the IMF to lend strong applications by multi- ers are not fleeced by airlines. last year disposed the plea Jat agitation in Haryana last the legitimacy and credibil- the meeting of the Interna- legitimacy and credibility, and unambiguous voice in national firms Abbott A bench of Acting Chief with direction to the ministry year, the plea has said if there ity of the multi-lateral tional Monetary and Finan- and will be against the spirit support of free trade and and Medtronic to with- Justice Gita Mittal and Jus- to consider the issues raised would have been a cap, the organisation. cial Committee (IMFC). of the Articles of Agreement. raise awareness about the draw their advanced tice Anu Malhotra issued no- before it and pass an appro- airlines could not have The minister, who is here Given that there is a I do hope that the deadlines benefits of rule based open coronary stents from tice to the Civil Aviation Min- priate order in accordance charged huge amounts. The for spring meetings of the broad agreement on main- now set will be honoured multilateral trading frame- C India while asking istry and sought their re- with law within eight weeks. private airlines companies International Monetary taining the current overall and adhered to, he said. works. M them to maintain sup- sponse after it was informed The PIL filed through advo- have fleeced people even in Fund (IMF), also underlined lending capacity of the India has been pressing He added that the IMF Y K plies of the products. In that the government has cate Amit Sahni has urged the emergent situations and the the need for enhanced sur- Fund and that the IMFs ex- for IMF quota reforms as it should play proactive role Y M a notification, the Na- failed to comply with its ear- court to direct the authorities government has stood as a veillance by the IMF to ad- isting resource pool is ex- would give more say to de- by productive engagement K C tional Pharmaceutical lier direction asking them to to frame guidelines so as to mute spectator, the plea has dress the rising vulnerabili- cessively tilted towards bor- veloping nations in the ac- with Regional Financing Ar- Pricing Authority asked decide the issue. put a cap on airfares and pre- said, adding there was an ur- ties in the global monetary rowed resources, there is a tivities of the multi-lateral rangements by way of shar- the companies to con- The court fixed the mat- vent the private airlines from gent need to regulate the and financial systems.
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