GST rates cut with eye on elections: Chidambaram
New Delhi, July 22 : Former Union Finance Minister P. Chidambaram on Sunday said that the decision to slash GST rates on 100 mass-use items was taken keeping upcoming assembly elections in mind.
"When elections are around the corner, government cuts rates. I suppose that makes a good case for frequent elections in different state!" he said on Twitter.
Terming the decision "belated wisdom", he questioned why it was not taken earlier.
"GST Council cuts rates on 100 items, approves quarterly returns. Belated wisdom. Why did Government not follow our advice in July 2017?" he said.
Assembly elections are due in Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram later this year.
The GST Council on Saturday reduced tax rates on a slew of items including refrigerators, washing machines and small televisions from 28 per cent to 18 per cent, and cleared widely demanded exemption on sanitary pads.
The Congress leader also called the present GST regime "unreformed" and filled with "lacunae", and pitched for immediate implementation of three-rates structure."
"The present GST is still 'unreformed'. Government must notify three rates immediately and signal its intention to move to a single rate in the medium term. That will be true GST.
"There are many other lacunae in the GST law. I doubt if the government has the will or the skill to remove these lacunae."
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US sanctions 15 Indian entities among 275 for supporting Russia's military-industrial base
Washington (PTI): The US has imposed sanctions on 275 individuals and entities, including 15 from India, for allegedly supporting Russia’s military-industrial base.
Companies from China, Switzerland, Thailand, and Turkiye have also been slapped with sanctions for supplying Russia with advanced technology and equipment that it desperately needs to support its war machine, the Department of Treasury said in a statement on Thursday.
In addition to disrupting global evasion networks, this action also targets domestic Russian importers and producers of key inputs and other material for Russia’s military-industrial base, the statement said.
“The United States and our allies will continue to take decisive action across the globe to stop the flow of critical tools and technologies that Russia needs to wage its illegal and immoral war against Ukraine,” Deputy Secretary of the Treasury Wally Adeyemo said.
“As evidenced by today’s action, we are unyielding in our resolve to diminish and degrade Russia’s ability to equip its war machine and stop those seeking to aid their efforts through circumvention or evasion of our sanctions and export controls,” Adeyemo said.
The State Department has also targeted sanctions evasion and circumvention in multiple third countries, including several China-based companies exporting dual-use goods that fill critical gaps in Russia’s military-industrial base and entities and individuals in Belarus related to the Lukashenka regime’s support for Russia’s defence industry, the statement said.
The US also targeted several senior Russian Ministry of Defence officials and defence companies and those supporting Russia’s future energy production and exports.
As per the list released by the Department of Treasury, the India-based companies are Abhar Technologies and Services Private Limited; Denvas Services Private Limited; Emsystech; Galaxy Bearings Ltd; Orbit Fintrade LLP; Innovio Ventures; KDG Engineering Private Limited; and Khushbu Honing Private Limited.
The Indian companies also include Lokesh Machines Limited; Pointer Electronics; RRG Engineering Technologies Private Limited; Sharpline Automation Private Limited; Shaurya Aeronautics Private Limited; Shreegee Impex Private Limited; and Shreya Life Sciences Private Limited.
On Wednesday, the US had imposed sanctions on nearly 400 entities and individuals for enabling Russia’s illegal war against Ukraine.
"The Department of State is targeting sanctions circumvention by parties in multiple third countries, several senior Russian Ministry of Defence officials and defence companies, and those that support the development of Russia’s future energy production and exports," Secretary of State Antony Blinken had said in a statement on Wednesday.
The US, he said, is imposing sanctions on several Chinese companies exporting dual-use goods that fill critical gaps in Russia’s military-industrial base as well as entities and individuals connected to the Lukashenka regime’s support for Russia’s defence industry.
