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Daily Pour

 

 

    

Date :19/01/2018    Issue No. :1451/17-18

Compiled By :   Shyamal Aroskar, Asst. Dir.-WR 

                            B.Ramchandran, Chennai 

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IIF News

 

GLIMPSES OF 66TH IFC AND IFEX !

 
 
IFEX Inauguration
 
 66th IFC Inauguration
 
 
CEO Meet
 
8th Brics Foundry Forum
 
 
IIF Awards Night
 
Carnival Night
 
Valedictory Session
 
Wait for some more pic on Monday.....

With Regards,

  

 

Shyamal Aroskar

Asst.Director IIF-WR

09323596953

 

 

 

 
Thought of the Day

 

 

 

News Letter Supported By

 

  

                   
 
 
               
 
         
 
          
 
 
                   
 
 
    
 
 
                
 
 
   

 

Today's Top Raw Materials Headlines

 

*** India may hike import duty on Aluminium scrap


*** India : GST slashed on 29 items, 54 services

*** Italian pig iron import prices continue to rise  

*** Russian low carbon ferrochrome prices remain stable

*** European high carbon ferrochrome prices go up

*** European high carbon ferromanganese prices show uptrend

*** European silicomanganese prices continue seeing increase

*** Iranian export billet prices soften on revived buying activity

*** Chinese cerium metal price goes down

*** Chinese 304 grade stainless HRC market dim

*** Chinese manganese ore prices rise this week

 

Raw Material News

 

Pune region tops in direct tax kitty growth


In the current financial year till mid-January, Pune region has recorded the highest percentage growth in net direct tax collections among the 18 zones in the country. Pune region comprises the whole of Maharashtra except for Mumbai and 11 districts of Vidarbha, which are different zones for tax assessment purposes. The lead, however, may or may not hold for the remainder of the financial year and one will have to wait till March 31, 2017 to know the exact position.

The 24% growth in net tax collections (after adjusting for refunds) in the region against a national average of 18%, is also a result of lower refunds given out till now. If one accounts for a similar refund share last year, the growth would have been more or less in line with the national average

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India to become USD 5 tn economy in next 8-9 years: Suresh Prabhu

New Delhi, Jan 17 : India is expected to become a USD 5 trillion economy in the next eight-nine years with the manufacturing sector alone contributing 20 per cent towards that, Union Commerce Minister Suresh Prabhu said on Wednesday


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Auto industry must adapt to evolving technology, environment regulations

A new report 'Driving disruption' analysing 16 of the world's largest publicly-listed automotive companies with a total market capitalization of $790 billion reveals that the industry must adapt rapidly to address technological disruption and environmental regulation or risk falling behind. The companies analysed in the report from CDP represent more than three-quarters of the global passenger vehicle market with road transport accounting for 17 per cent of global carbon dioxide emissions.


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Industry News

 

GST slashed on 29 items, 54 services


The Goods and Services Tax Council on Thursday decided to slash the GST rate on 54 services and 29 items, including old and used motor vehicles, public transport buses run on bio-fuels, sugar-boiled confectionery and packaged water, but could not finalise measures for simplification of the GSTN returns.

The much-talked about demand for bringing petroleum products within the ambit of GST did not come up for discussion on Thursday. The issues will be taken up at the next meeting, Finance Minister Arun Jaitley told media persons after the GST Council meeting here.

'Vibhuti' (sacred ash), parts and accessories for manufacture of hearing aids and de-oiled rice bran have been exempted from GST while all types of old and used motor vehicles other than medium and large cars and SUVs will now attract 12 per cent instead of 28 per cent GST. Old medium and large cars and SUVs will attract 18 per cent instead of 28 per cent.

The rate on sugar-boiled confectionery, drinking water packed in 20 litre bottles, fertiliser-grade phosphoric acid, bio-diesel and drip irrigation system have been reduced from 18 to 12 per cent.

Tamarind kernel powder, mehendi paste in cones and domestic LPG supplied by private distributors will attract a reduced duty of five per cent instead of 18 per cent.

The exemptions from GST will, among other things, now apply to supply of services for providing information under RTI Act, legal services provided to government, local authority, governmental authority and government entity, transportation of goods from India to outside by air and sea, services relating to admission or conduct of examinations provided to all educational institutions, entrance fees for entrance examination and for transportation of students up to higher secondary schools.

GST has been reduced from 18 to 12 per cent on construction of Metro and monorail projects, while on tailoring services it has been brought down from 18 per cent to five per cent. Admission to theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet will now be taxed at 18 per cent instead of 28 per cent and on common effluent treatment plans services from 18 per cent to 12 per cent.

Jaitley said the decisions on changing the tax rates were taken on the recommendations of the fitment committee and the changes will come into force from January 25.

Talking about simplifying GST return filing, Jaitley said the Group of Ministers under the Council, officials of GST Network and Nandan Nilekani, Infosys Chairman, held a meeting on the issue. Infosys is the service provider of GSTN.

GSTR 3B return filing will continue and all buyers and sellers will continue to load their invoices.

Initially there will be 3B return and the supplier invoice would be adequate. The Council felt that once the GoM, IT Committee and Nandan Nilekani discuss the matter and formalise it, then it will be circulated among the ministers and approval will be taken during the next GST Council meeting.

The next GST Council meeting will be held via video conferencing soon.

The Council also reaffirmed that from January 15 e-way Bill system has started operating on a trial basis. "From February 1 inter-state e-way bill will be necessary. Fifteen states have said that from February 1, intra-state, they will also start e-way bill."

The Finance Minister said the Council also reviewed GST collections. "So far we have been relying on unilateral declaration of traders itself. It is necessary to bring in some anti-evasion measures."

He also said that the Composition Scheme was seriously discussed. "Collection was a matter of concern. Seventeen lakh dealers who have registered themselves at 1 per cent have only deposited Rs 307 crore in the first quarter. The scheme has not been enthusiastically responded. Most of the people have registered themselves below Rs 20 lakh. There seemed to be cases of under-declaration."

He said that of the money collected under Integrated GST, a sum of Rs 35,000 would be provisionally divided between Centre and the states.

Bihar Finance Minister and deputy Chief Minister Sushil Kumar Modi said the remaining Rs one lakh crore would be settled on a future date.

On direct collections, Jaitley said the government was way ahead of the direct with taxes growing at 18.7 per cent.

Asked about the Congress demand for inclusion of petroleum products in the GST, the Finance Minister said it did not come up on Thursday. It will be discussed in the next meeting, he added.

Punjab Finance Minister Manpreet Singh Badal said that when the GST was brought in, there was a lot of hype that it will contribute to growth in GDP and tax collections but after eight months the GDP and revenue collections had actually come down



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The most thrilling idea before every Budget: No income tax

Ever since the NDA government came in power, there has been a buzz about abolition of personal income tax. Right from BJP MP Subramanyan Swamy to Anil Bokil of Arthkranti, many have proposed this radical move. Some, like economist Surjit Bhalla, have proposed a flat tax.

Since Prime Minister Narendra Modi's demonetised high-currency notes—an idea propagated by Arthkranti—many believe he could implement another Arthkranti idea too, that is abolition of income tax.

There is little chance that Finance Minister Arun Jaitley would go for such a radical move in the Budget. The government has already constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. It will give its report after five months.

There are several arguments in favour of abolition of income tax. India has not been able to expand the tax base. The personal income tax collection as a proportion of the GDP has been around 2 per cent in the last few years, which is abysmally low for a large country like India. Mostly it's the middle-class salary earners who pay income tax honestly.


While the poor don't pay taxes, the rich find innovative ways to avoid paying tax. “India has been largely a tax non-compliant society,” Jaitley had said in his Budget speech last year. If the government takes the bold step to end personal income tax system, it would affect only 2 per cent of population and would be less risky and more politically remunerative in comparison to changes like note ban and GST which affected every citizen.

Another argument is that the abolition of income tax will not merely lead to revenue loss. It will also put cash in the hands of people which will increase demand and boost the economy. It can also lead to more savings.

A benefit of abolition of income tax is that the government can use its gigantic tax bureaucracy to focus more on other taxes such as GST and tracing black money. Another benefit could be creation of more jobs as it can bring down wages and encourage companies to hire more employees.

Banking sector can also gain from this move. With no black money, people will keep most of their money in banks instead of finding ways to hide it. This will boost bank deposits and lending.
As suggested by Anil Bokil's Arthakranti, the government can then even introduce a nominal banking transaction tax.

Abolition of income tax is a low-hanging fruit for the government. It can also be a big populist move before several state elections this year and the Lok Sabha elections next year.
 
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Life Style & Management

 

Eating high-salt diet may lead to dementia


Love to eat crispy roasted nuts and potato wafers that are high in salt? Beware, besides harming your heart, it may also harm your brain and lead to dementia, researchers have warned.

In mice, the high-salt diet reduced the resting cerebral blood flow by 28 per cent in the cortex and 25 per cent in the hippocampus -- brain regions involved in learning and memory.

This impairement in the blood flow to the brain was caused by a decrease in the production of nitric oxide -- a gas generated by endothelial cells --, the findings showed.

"We discovered that mice fed a high-salt diet developed dementia even when blood pressure did not rise," said Costantino Iadecola, Professor at the Weill Cornell Medicine in New York.

"This was surprising since, in humans, the deleterious effects of salt on cognition were attributed to hypertension," Iadecola added.

In the study, published in Nature Neuroscience, the mice were given food containing four per cent or eight per cent salt, representing an 8-to 16-fold increase -- comparable to the high end of human salt consumption.

Rodents that only ate the high-salt diet developed dementia, and performed significantly worse on an object recognition test, a maze test and nest.

Further, as a result of the high salt intake, the mice's white blood cells produced more interleukin 17 (IL-17) -- a protein known to regulates immune and inflammatory responses, and reduce nitric oxide in endothelial cells.

However, when the researchers treated the mice with a drug called ROCK inhibitor Y27632, it reduced the levels of IL-17 and reduced the production of nitric oxide.

The drug also improved the behavioural and cognitive functions in mice, Iadecola said.

"The IL-17-ROCK pathway is an exciting target for future research in the causes of cognitive impairment. It appears to counteract the cerebrovascular and cognitive effects of a high-salt diet," explained Giuseppe Faraco, Assistant Professor at the varisty.

The results illuminate a potential future target for countering harmful effects to the brain caused by excess salt consumption

 

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Jokes All the Way

 

 

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