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GST Collection Shortfall Stands at Rs 2.35 Lakh Crore

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The Union Finance Secretary on Thursday said GST collection has been severely impacted this year, mainly on account of the coronavirus pandemic. As per GST Compensation Law, states need to be given compensation, he told the 41st meeting of the GST Council.

“The compensation gap which has arisen this year (expected to be Rs 2.35 lakh crore), is due to coronavirus as well. The shortfall in compensation due to the implementation of GST has been estimated to be Rs 97,000 crore,” added the officials.

GST

GST

“The central government has released more than Rs 1.65 lakh crore as GST compensation to states for FY 2019-20, including Rs 13,806 crore for March. The total amount of compensation released for 2019-20 is Rs 1.65 lakh crore, whereas cess amount collected was Rs 95,444 crore,” he said.

“During April-July 2020, the total GST compensation to be paid to states is Rs 1.5 lakh crore, this is so because there was hardly any GST Collection in April and May,” said the secretary.

The 41st meeting of the Goods and Services Tax (GST) Council headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states, held deliberations via video conferencing on ways to make up for the shortfall in states’ revenues, sources said.

While Congress and the states ruled by non-NDA parties pushed for the Centre meet its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections.

The Centre as well as BJP-JD(U)-ruled Bihar were of the opinion that the states should borrow to make up for the shortfall in the tax revenues that have been compounded by the COVID-19 crisis, sources said.

The options being deliberated at the GST Council meeting include market borrowing, raising cess rate, or increasing the number of items for levy of compensation cess.

Aman currently works as a blogger and also as a travel and lifestyle Vlogger. He is always interested in new challenges.

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Rajesh Bethireddy is the latest popular name in the fashion circle from telugu states

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Rajesh Bethireddy

 

Fashion and trends have always been common points of discussion, however last decade can can be dedicated to men’s fashion as they have been able to shift the focus majorly which was only their on women’s fashion and trends. And this shift can be attributed to men’s fashion models and influencers. Although there are many young men out there who are either professional model or influencer but rarely are both. Meet Rajesh Bethireddy, 26, who is a model and fashion influencer. Rajesh Bethireddy is extremely occupied carrying both the professions with equal dedication.

Hyderabad based Rajesh Bethireddy is a software engineer by profession but he is also a successful model and fashion influencer. So far, Rajesh Bethireddy has worked with some brands and looking to act in TVCs for men’s lifestyle and fitness brands.

Rajesh Bethireddy turned fashion influencer in no time; right after he began his Instagram journey. Today, he enjoys more than 14,000 followers on his Instagram page, who hang on to his posts that dole out fashion advice. Besides, he also uses his Instagram account for popular brand collaborations like kolon natural,blendjet etc

Within 6 months of diversifying thus, Rajesh Bethireddy is already a darling in the Telugu states fashion circle. He believes that a ‘well-planned entry and a smart work’ are the two stepping stones to establish yourself into a cut-throat competitive business like this.
As for remuneration, apart from the monetary and exciting returns, Rajesh Bethireddy understands that “every moment is exciting when you turn your passion into profession.”

Well we wish him all the best for his future endorsements.

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Famous Football Player Cristiano Ronaldo Tested Positive for COVID-19

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Cristiano Ronaldo

Famous football player Cristiano Ronaldo has been tested positive for COVID-19 coronavirus. He will miss Portugal’s Nations League sport against Sweden on Wednesday.

Due to Cristiano been found positive, the remaining players of the Portugal squad also underwent tests this Tuesday morning. But all of the negative and would be available for the upcoming match against Sweden.

We pray for his speedy recovery.

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Thousands of people protesting over Kyrgyzstan election result

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Kyrgyzstan Protest

Thousands of people are protesting in Kyrgyzstan over allegations of vote-buying and intimidation in Sunday’s parliamentary election. The capital Bishkek saw the largest protest while rallies were also held elsewhere in the ex-Soviet republic.

Only four parties out of 16 passed the 7% threshold for entry into parliament, three of which have close ties to President Sooronbai Jeenbekov. International monitors have said the claims of vote-buying are “credible”.

None of the established opposition parties got a seat in parliament. Now all of these parties have declared that they will not recognize the results of the election. Opposition candidates are calling on the Central Electoral Commission in Kyrgyzstan to cancel the results of the vote. One candidate, Ryskeldi Mombekov, told a crowd of more than 5,000 protesters: “The president promised to oversee honest elections. He didn’t keep his word.”

Mr. Mombekov’s party, Ata Meken, had been confident of entering parliament, but in the end, it was one of the eight parties that missed the threshold. Protesters are also calling on President Jeenbekov to resign. Thomas Boserup, head of the Organisation for Security and Cooperation in Europe’s election observation mission, said in a briefing that although the vote had been “generally well organized”, allegations of vote-buying were a “serious concern”.

The two leading parties, which got a quarter of the vote each, were Birimdik and Mekenim Kyrgyzstan. President Jeenbekov’s younger brother, Asylbek Jeenbekov, is in Birimdik.

Mekenim Kyrgyzstan, meanwhile, is seen as being closely connected to the powerful Matraimov family. The family’s figurehead, Rayimbek Matraimov, is believed to have helped finance Mr. Jeenbekov’s successful presidential campaign in 2017.

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