Modi government's success, GST collection crossed 1 lakh crores
The Modi government has had great success on the Goods and Services Tax (GST) collection front. According to the latest data from the finance ministry, the total collection from GST in January was 1.02 lakh crore rupees. Here, in January 2018, there was a GST collection of Rs 89,825 crore. The third such month in the current fiscal is when the GST collection is crossing Rs 1 lakh crore. Earlier, in the last year of April and October, the GST collection crossed the Rs 1 lakh crore mark.
According to the finance ministry, "In January 2019, the total GST collection has been Rs 1,02,503 crores. In this, the central GST of Rs 17,763 crore, State GST 24,826 crore, unified GST 51,225 crore, and Cess 8,690 crore rupees. "According to the ministry, from December to 31 January 2019, total 73.3 returns were filed under GSTR-3B.
How much collections
In the first month of the current financial year, the GST collection stood at Rs 1.03 lakh crore. In the same month, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August and Rs 94,442 crore in September. If we talk about October, then GST collection was Rs 1,00,710 crore. In November, the collection was Rs 97,637 crore and in December it was Rs 94,725 crore.
What did the finance minister say while presenting the budget
In the interim budget presented on February 1, Career Finance Minister Piyush Goyal said on GST: "The heavy tax burden on various items in the GST pre-arrangement has been made rational and loads on consumers, especially the poor and middle class, Has diminished. He said that our government wants that the burden of GST will be reduced to those who buy the house. Keeping this in mind, we have asked the GST Council to constitute a Minister's Group so as to take note of this and present his recommendations as soon as possible.
Modi government's 5 years, passes or fails in suspecting financial loss
Prior to the general elections, the biggest challenge before the central government engaged in the preparation of the interim budget is to prepare a report card for the exercise of handling financial losses during the last five years. The central government has failed to achieve the target of fiscal deficit last year, and during the current year 2018-19, it is also increasing to fail to achieve the target of 3.3 percent fiscal deficit target.
Failure in the current year is certain because the Central Government has not been able to meet the direct tax collections and the GST earning center's expectations. After these two failures, the government only avoids the shortcut to avoid red marks in the report card. According to the former finance minister and Congress leader P. Chidambaram, the central government can now bring the green signal to the financial statistics of the loss either with the support of the GST compensation reserve or the interim dividend of Rs 23 thousand crores from the Reserve Bank.
According to Anshuman Tiwari, Editor of INDIA TODAY, so that the fiscal deficit can be increased by 3.3 percent of the GDP during the financial year 2019-20, in the central budget, in the interim budget, where the revenue can be exposed, it can work to hide its expenditure. is. Tewari said that the Central Government has worked on the previous three occasions to show about 600 BPS (Basis Point) revenue and 400 BPS less expenditure. Now it can be 3.5 percent.
5 budgets of Modi government, 5 years later, where is the country today
Significantly, in May 2014, the Modi government, which was formed under the leadership of Bharatiya Janata Party, received huge relief on the official exchequer as a fall in crude oil prices. With this relief, the central government has made it easier to control financial losses. At the same time, the government also got an opportunity to strengthen its economic programs through this big savings.
But at the beginning of the term, the Modi Government, who succeeded in assuming the deficit, was stuck on its own expenditure, so that he had to go ahead with the target of the deficit in the budget.
The Central Government passed the Fiscal Responsibility and Budget Management Act in 2003, which works to determine the target of fiscal deficit for it. Although the governments fail to maintain the balance of expenditure and deficit, they have been altering the deficit target under this Act.
What are the expectations of farmers in the last year with the Modi Government?
The existing Central Government also constituted a Review Committee under the chairmanship of NK Singh in 2016 to revise the existing Act, which would increase the target. However, this committee set a target of fiscal deficit by 3 percent of GDP till March 31, 2020, and set it to 2.8 percent for 2020-21 and 2.5 percent by 2023.
While explaining the target of fiscal deficit set by this committee, Finance Minister Arun Jaitley has set a target of 3.2% fiscal deficit in Budget 2017. The central government has also been criticized for this decision and according to the figures, in 2018, the government did not even come out on this target of fiscal deficit. The central government has cited many reasons for this, which is important in terms of revenue from GST and rising prices of crude oil once again. At the same time, in view of the general elections during the current year, the central government is also expected to spend populist spending.
Last year, in the budget speech of 2018-19, the Finance Minister claimed to restrain the fiscal deficit. Jaitley said that during his tenure, the deficit has been reduced from 4.4 percent in 2013-14 to 3.5 percent from 2017-18. For the next financial year 2018-19, the government has set a target of 3.3 percent fiscal deficit target.
US made big allegations of theft on Huawei, 23 cases filed
America has made big allegations against Huawei, China's legendary telecom company. The United States has alleged that Huawei has stolen the technology of American company T-Mobile. Apart from this, allegations like banking disturbances, obstruction of justice have been imposed on behalf of the United States. In this case, the United States has registered a total of 23 cases against the top executives.
It is noteworthy that the trade war has sparked between the US and China for a long time, in which such a dispute can once again increase the scope between the two countries. A total of 13 charges have been filed on Huawei from the United States.
The United States has alleged that the Chinese company is continuously violating Iran sanctions. However, no official answer has been given on these allegations by Huawei. However, the pressure on the company after these allegations from the US is of course. In the case registered on the company, it has been stated that Huawei has copied T-Mobile to some development software, Troubleshoot.
Let me tell you that the Chief of the Financial Officer Meng Wanzhou also hangs the sword in this case. Meng is the daughter of the company's founder Ren Zhengfai. Meng was arrested last month in Canada on charges of not abolishing the restrictions imposed on Iran, although he was granted bail. On Tuesday itself, his muscle will be in the Supreme Court.
It is being told that they are being monitored for 24 hours. The issue of Huawei's debate is that the relations between China, the US and Canada are on the boom at this time. According to local media reports, Meng was arrested in Canada only after the US said.
With this budget - people will forget the pain of GST-Demonetisation? This is the government's preparation
The Modi government will present an interim budget on February 1, nearly two months before the Lok Sabha elections 2019. In this budget, the entire focus of the government will be on the common man. Anyway, in the last 5 years, the Modi government has come up with some great plans, which has improved the status of the common man. The government will try to capitalize on those schemes in the Lok Sabha elections.
But the Modi government is still on the back fight over the ban on black money. Because the government had hoped that the ban on black money would be widely exposed on the ban on the ban. But after the ban on the way back to 99% of bank notes back to the bank. After that, the attack on the opposition government has become faster.
The Opposition alleged that the Modi government had announced a ban on unintentional, it did not even know the black money, but the economic condition of the common man worsened. The Opposition argues that the reason for the ban was caused by people of all classes. About 100 people died in the change of note.
Actually, the Opposition has started to encompass the government on November 12, 2016, for the ban on the filing of nomination. Although the government claims that the ban on black money, Naxalism and terrorism has been restrained due to the ban on bondage. But the issue of the ban can be raised in 2019. Now the government wants that if a class has had trouble due to the ban on banknotes, then they should be happy through the interim budget.
Apart from this, the Opposition is also an attacker against GST, especially the Congress says that due to GST, the business of small businesses has become quadrupled. The closure of the business has made it difficult for people to move home. While taking the GST issue seriously, the government has made several changes in GST rates in the last few months. But the opposition is still busy redeeming the GST.
In such a situation, the Modi government can please those sections through the interim budget, which is a bit annoyed due to the ban on bondage and then GST. The government is considering to increase the limit of income tax exemption, especially to please the middle class. At the same time, the government can announce the loan and insurance facility to the farmers at a lower interest rate. Apart from this, the government can come out with a proposal to cut the rate of the home loan.
At the same time, GST has little resentment in the small businessmen. Although the government may ignore big industrialists in the budget, they can get more concession in GST for removing the resentment of small businessmen. Now everyone is waiting for February one when the Modi government will open the table in Parliament.
7.32 lakh new jobs in November, 73.50 lakh people got jobs in 15 months
New Delhi During the month of November (2018) in the organized sector of the country 7.32 lakh people got new jobs. This is the highest level of the last 15 months. In November last year, only 4.93 lakh people got new jobs. This information has come out through EPFO's payroll data.
A total of 73.50 lakh new names have been registered during the last 15 months (September 2017 to November 2018) in the Provident Fund of the Employees Provident Fund Organization (EPFO). This indicates that during the last 15 months, there has been employed for so many people in the organized sector of the country.
However, EPFO has revised the employment figures from October 2018 to 6.66 lakh. Earlier this figure was stated as 8.27 lakhs. The organization has revised the total data recorded in the EPF during September 2017 to October 2018, from the earlier 79.16 lakhs to 66.18 lakh.
According to this data, in March last year, 55,831 new names were registered in EPFO's provident fund scheme. During the year 2018, the highest number of 2.18 lakh jobs were given to the employees of 18 to 21 years. After this, 2.03 lakh jobs have been received between 22 to 25 years of age. However, EPFO has also said that these figures are provisional and the work of updating them continues continuously.