Header Ads

THE HINDU Editorial Vocabulary - March 13, 2018 - Topic 2

Not by fear alone: on GST e-way billing
The GST (goods and services tax) Council chaired by Finance Minister Arun Jaitley has decided to stick to the prescriptions of the group of ministers on the rollout of the e-way bills system. So, starting April 1, all inter-State movement of goods above the value of Rs.50,000 will require the generation of an e-way bill to help track their movement. The original rollout plan for February 1 had to be aborted as the IT system couldn’t handle the lakhs of e-way bills being generated by consignors and transporters. 
As proposed by the ministerial group, the e-way bill system for tracking intra-State movement will be launched in a phased manner, with all States to be on board by June 1. From April 1 onwards, every week a few States will start the system for internal trade. While such an approach may give the government an opportunity to fix the chinks in the system, this is a compliance nightmare in the making for taxpayers with operations in multiple locations. The government is keen to use the system to foil tax evasion or non-filing of returns. The Central Board of Excise and Customs, together with the GST Network, has begun deploying data analytics on the vast repository of information collected from taxpayers since July. Action is likely to begin soon on taxpayers, based on variances and data gaps that have been found in returns.
While industry remains edgy about the capacity of the IT system to cope with e-way bills from April 1, new rules and forms for the generation of these transit challans have been issued. Tax experts have voiced concern about some of these rules, including one that empowers commissioners to notify those officers who can intercept any mode of conveyance to carry out physical verification of e-way bills while goods are in transit, akin to the old physical checkpost system. What is most disappointing for business, however, is the failure of the GST Council to finalise a simplified tax form for assessees. Infosys co-founder Nandan Nilekani has also made a pitch to help formulate a simpler return that involves just one monthly filing. Mr. Jaitley has said that there is scope for further simplification in the options available with the Council without rendering such a form ‘evasion-prone’. For now, taxpayers will have to stick to the current compliance system till June 2018. Similarly, the plan to pay GST under the reverse charge mechanism has been deferred till the end of June, to avoid ‘inconvenience’ to trade and industry. The e-wallet scheme proposed for exporters whose cash flows have been affected by delays in refunds on GST paid on domestic inputs has been deferred till October 1. For GST to become truly simple for taxpayers, certainty of timelines is as critical as the fear of the taxman.
Stick: a thin piece of wood that has fallen or been cut from a tree.
Example: Hayes picked up a fallen stick and twirled it idly between his fingers.
Synonyms: piece of wood, twig, small branch; cane, pole, post
Antonyms: fluctuate, hesitate, oscillate, swerve, undulate

Prescription: a recommendation that is authoritatively put forward.
Example: Effective prescriptions for sustaining rural communities
Synonyms: method, measure, recommendation, suggestion

Abort: bring to a premature end because of a problem or fault.
Example: The pilot aborted his landing
Synonyms: halt, stop, end, ax, call off, cut short, discontinue, terminate

Opportunity: a set of circumstances that makes it possible to do something.
Example: We may see increased opportunities for export
Synonyms: chance, lucky chance, favorable time/occasion/moment

Nightmare: a frightening or unpleasant dream.
Example: I had nightmares after watching the horror movie
Synonyms: bad dream, night terrors, incubus

Compliance: the action or fact of complying with a wish or command.
Example: They must secure each other's cooperation or compliance
Synonyms: contour, conformation, accord, residency
Antonyms: disobedience, noncompliance

Approach: a way of dealing with something.
Example: We need a whole new approach to the job
Synonyms: method, procedure, technique, modus operandi
Antonyms: avoid, cut, elude, ignore, overlook

Deploy: move troops into position for military action
Example: Forces were deployed at strategic locations
Synonyms: position, station, post, place, install, locate, situate

Repository: a place, building, or receptacle where things are or may be stored.
Example: A deep repository for nuclear waste
Synonyms: bank deposit, sediment, monument, down payment

Edgy: tense, nervous, or irritable.
Example: He became edgy and defensive
Synonyms: tense, nervous, on edge, anxious, apprehensive, uneasy
Antonyms: relaxed

Concern: a matter of interest or importance to someone.
Example: Oil reserves are the concern of the Energy Department
Synonyms: responsibility, business, affair, charge, duty, job, province
Antonyms: unconcern

Intercept: obstruct something so as to prevent them from continuing to a destination.
Example: Intelligence agencies intercepted a series of telephone calls
Synonyms: stop, head off, cut off, catch, seize, grab, snatch, obstruct
Antonyms: avoid, hold aloof, hold off, keep aloof, keep away

Render: provide or give a service, help, etc.
Example: Money serves as a reward for services rendered
Synonyms: give, provide, supply, furnish, contribute

Compliance: the action or fact of complying with a wish or command.
Example: They must secure each other's cooperation or compliance
Synonyms: contour, conformation, accord, residency
Antonyms: disobedience, noncompliance

Print Friendly and PDF

Theme images by Leontura. Powered by Blogger.