Akhilesh slams Centre over reports of GST hike on several items
Lucknow (PTI): Samajwadi Party president Akhilesh Yadav on Thursday attacked the BJP government at the Centre on reports that the GST on several items might be hiked, saying the BJP plans to "increase corruption" instead of increasing revenue.
In a post on X, the former Uttar Pradesh chief minister said, "BJP was saying 'one country, one tax' but this statement of theirs also turned out to be a 'jumlaai jhoot' (rhetoric) because now they are bringing new slabs of tax."
"When there is 'one tax, many slabs' then the slogan of 'one tax' has proved to be a lie in the true sense. Actually, there is a big game behind increasing the tax rates. This is the BJP's plan to increase corruption instead of increasing revenue to do 'vasuli' (extort money) from shopkeepers and businessmen through the officials by exerting more pressure on them," he charged.
His remarks come after reports that the GoM on GST rate rationalisation has suggested tax rate on sin goods like aerated beverages, cigarettes, tobacco and related products will be hiked to 35 per cent, from the current 28 per cent.
However, the Central Board of Indirect Taxes on Tuesday said the GoM on GST rate rationalisation is yet to submit its recommendations to the GST Council, which is the final decision making body in fixation of tax rates.
Yadav said the rule of the world is that the higher the tax rate, the more tax is evaded.
"When the more tax is evaded, the more the corrupt ruling party earns," he said.
In the BJP government, backdoor ways are first prepared to evade tax and collect it, after that any new tax planning comes out from the front door, he charged.
In the end, the burden of paying every tax falls on the public, that is why it is the public which is crushed in the mill of tax, it is the public which is hit, he said
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
