A five-year-old boy died after being hit allegedly by a car in the motorcade of Uttar Pradesh minister Om Prakash Rajbhar near Colonelganj in Gonda district, following which Chief Minister Yogi Adityanath has sought a report from the state police chief. Rajbhar maintained he was not travelling with the cavalcade at the time of the incident even as opposition parties attacked the state government over the incident which comes ahead of civic polls in UP. One of the cars in Cabinet minister Rajbhar’s cavalcade, while passing through the Colonelganj area yesterday, had allegedly knocked down Shiva Goswami, who died on way to hospital last night, the police said. Eyewitnesses and family members of the boy alleged that no one in the convoy stopped to help the child. His father Vishwanath alleged that the minister sped away in one of the cars that was decorated with garlands.
Congress leader P Chidambaram’s advocacy of greater autonomy for Jammu and Kashmir prompted a fierce attack on the party by Prime Minister Narendra Modi, who today accused it of “shamelessly” lending its voice to calls for “Kashmir’s azadi”. The National Conference, which ruled the restive state for several decades and is now the main opposition, meanwhile, passed a resolution, vowing to continue its struggle for restoration of autonomy to Jammu and Kashmir in its “original, pristine form”. It also asked both India and Pakistan to initiate a “sustained and comprehensive” dialogue to resolve the Kashmir imbroglio. “All of a sudden, those who were in power till yesterday have taken a U-turn. Shamelessly, they are making a statement and are lending their voice for Kashmir’s azadi,” Modi told BJP workers in Bengaluru. Chidambaram, a former Union home minister, had said in poll-bound Gujarat’s Rajkot yesterday that when people of Jammu and Kashmir ask for “azadi”, most of them mean they want greater autonomy.
In FY17 Maruti Suzuki saw sales of its entry-level cars Alto and WagonR decline in nine of the the 12 months. However, the company’s overall sales grew every month on the back of its newly launched premium hatchback Baleno and later a compact SUV Brezza. The latter two models had huge wait lists running over 16 weeks and came without any discounts or freebies while the likes of Alto and WagonR do not have a wait list and come with attractive discounts; but still when it came to sales Baleno and Brezza scored over the entry level vehicles. While consumer preferences have changed one of the major reason for demand of Alto and WagonR remaining stagnant but increasing for the likes of Baleno is also because a substantial chunk of first time car buyers are increasingly going for a premium offering of above Rs 6 lakh unlike the trend few years back when the movement up the chain happened step by step.
The government is unlikely to rush in to amend the Insolvency and Bankruptcy Code 2016 just yet to make home-buyers primary secured creditors, ahead of banks, where a stressed real estate company goes for insolvency resolution or liquidation, said an official source. But it will first weigh inputs of all the relevant stakeholders, including the urban development ministry that has sought primacy to homeskbuyers over secured creditors, about various aspects of the law to make an informed decision, he added. When contacted, corporate affairs secretary Injeti Srinivas told FE: “The IBC is a new and progressive law.
Taxpayers may look forward to more concessions as the Goods and Service Tax (GST) Council meets at Guwahati on November 10. While more cuts in tax rates, especially for items under the highest 28% rate, are on the cards, a group of state finance ministers (GoM) set up by the Council has recommended that all taxpayers be allowed the leeway of filing the detailed returns on a quarterly — instead of monthly — basis while they continue to make the tax payments every month. Also, if the recommendations of the GoM, which met here on Sunday, are accepted by the Council, all restaurants will pay taxes at 12%; currently, air conditioned restaurants pay GST at 18% while the levy is 12% on non-air-conditioned ones. However, the uniform 12% rate will come with removal of the input tax credit (ITC) facility.
Compared to the globally leading insurance markets, India remains far behind in terms of product innovation even though demographic changes are taking place very rapidly. The socio-economic profile of our population is undergoing rapid transformation. With an upward shift in income and aspiration levels of the youth who form one third of our population, there is a vast market opening up every year for a variety of products and services.
Lack of social security
Patanjali’s success in capturing the middle-class market at a phenomenally rapid rate is symptomatic of more factors than just the swadesi slogan. The financial services market is also getting impacted by the upsurge in income and aspiration of the youth who independently think and plan their future. The parents and the earning children are independent of each other in financial matters as smaller families have substantially reduced long-term financial commitments.
The GST Council has decided to make several changes in the GST law in respect of small businessmen and particularly the composition scheme. Small businesses were facing severe problems in complying with the existing GST provisions. Composition scheme is an alternative method of levy of tax on small taxpayers. Dealers opting for composition are required to pay tax at a fixed rate without input tax credit (ITC) and the basic objective of composition scheme is to reduce compliance cost for small businesses. As per the present rules, persons doing supplies only within the same state can opt for composition. Composition tax rate for traders is 1% and for manufactures 2%. In case of restaurants it is 5%. Some manufacturers are not eligible to opt for composition (like makers of ice-cream, pan masala, tobacco products).