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Don’t foresee immediate changes to GST rates: Adhia (Second Lead)
New Delhi, Nov 18 (IANS) Finance Secretary Hasmukh Adhia on Saturday said the recent reduction in GST rates on mass consumer goods items has resolved nearly 90 per cent of problems and discontentment related to the indirect tax regime.
According to Adhia, he does not foresees any immediate rate revisions after the latest changes which were incorporated after the last GST Council meet.
The GST Council last week had removed 178 items from the highest 28 per cent category and also reduced tax on all restaurants outside starred-hotels to 5 per cent.
Currently, only 50 products, including luxury and sin items, white goods, cement and paints, automobiles, aircraft and yacht parts have been retained in the top 28 per cent slab.
However, as and when required, rates on other items may be changed, Adhia said.
Adhia, who was speaking on DD News television channel, asked FMCG companies and retailers to sell products on the reduced rates as applicable from November 15.
He observed that anti-profiteering authority under the GST regime will ensure that the benefit of lower rates is passed on to consumers.
The anti-profiteering measures approved by the Union Cabinet on last Thursday are designed to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.
On the inclusion of other sectors like petroleum in the GST structure, Finance Secretary said that the GST Council will take a call on it after the revenue trends of the indirect tax regeime are clearly established.
Elaborating on the medium-to-long term benifits of GST, Finance Secretary said that it will enable ease of doing business resulting in more investments. This he said will push the GDP growth higher and also increase tax buoyancy.
A high tax buoyancy will allow the government to directly help the MSME, agriculture and other sectors and would result in more job creation, he said.
On the Insolvency and Bankruptcy Code (IBC) and bank recapitalisation, he said that the two measures are expected to strengthen bank balance sheets and improve their ability to lend.
He added that country’s key economic parameters like low inflation, reduction in fiscal deficit and increasing tax buoyancy show that economy is in robust shape and that Union government in recent times has taken long-term structural reforms to increase the tax-to-GDP ratio and to curb tax evasion through the use of technology.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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