GST an epic blunder, TMC not to attend roll-out event: Mamata

Agencies
June 28, 2017

Kolkata, Jun 28: West Bengal Chief Minister Mamata Banerjee today said her party TMC will not attend the GST roll-out programme on June 30 midnight as she flayed the "unnecessary hurry" to roll it out.

The TMC supremo termed the GST roll-out as another "epic blunder" by the Centre.mamata

"Our Parliamentary Party has decided not to attend the 30th June, 2017 midnight programme at Parliament House to celebrate GST, as a mark of protest," she said.

"We are deeply concerned about GST implementation. After #demonetisation, this unnecessary disastrous hurry is another epic blunder of the Centre", she said on Facebook.

"We have been for GST from the beginning but are very worried now with the way the Central Government is going ahead with the implementation", she said.

"Our repeated suggestions to take some more time to properly implement GST have fallen on deaf ears. The entire business community, especially the small and medium ones, are scared and confused.

"Only 60 hours are left before this ill-planned launch and no one knows for sure what's happening!", she said.

"Essential commodities such as medicines are not available in many places and prices of various commodities are rising for lack of clarity and mismanagement", she said.

Banerjee said, "We have always been fighting for maintaining the federal structure of the country, even if Bengal at times was the lone voice and conscience of the GST Council".

She said, "There are almost 20 different taxes in the present tax regime and we felt that one single tax and integration of all markets across the country will provide big relief to all".

Having a dig at the BJP, she said, "The current ruling party at the Centre had initially strongly opposed GST for over 7 years and suddenly did a somersault on coming to office as a champion of GST".

Banejee said that the economy is not yet ready to face the GST from July 1. The 3-day strike declared by the textile industries in the country was the evidence of "our deep concerns on the lack of preparedness".

"Small business entities are not yet ready with basic requirements like invoice, accounting system, IT system, etc. Another piece of evidence of unpreparedness comes from the fact that the 'Return Form' had to be simplified for the first 6 months as all systems are not in place.

"It is shocking that the e-Waybill System is not yet designed and states are being asked to run their own systems as a stopgap arrangement", she said.

"We feel, at least six months will further be necessary to notify all rules and procedures and give enough time to the stakeholders, particularly the small and medium enterprises to successfully implement the GST.

"Otherwise, a chaotic situation may arise in our vast economy for which the Government of India will be primarily responsible", she said.

The West Bengal chief minister expressed hope that the voices of the people and businesses will be heard by the Centre.

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News Network
February 28,2020

Feb 28: Market benchmark Sensex plummeted over 1,100 points, wiping off over Rs 5 lakh crore investor wealth, in opening session on Friday amid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth.

The 30-share index sank 1,100.27 points, or 2.77 per cent, to 38,645.39, while the NSE Nifty cracked 329.50 points, or 2.83 per cent, to 11,303.80.

All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.

In the previous session, the Sensex settled 143.30 points, or 0.36 per cent, lower at 39,745.66, and the Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30.

According to analysts, till last week the market was of the view that coronavirus was going to have minimum impact on global economy as situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.

Further, incessant selling by foreign investors is also spooking domestic market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed.

Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 4 per cent in their morning sessions.

On Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 per cent.

The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago.

World oil prices too tumbled by more than 4 per cent overnight as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.

Brent crude oil futures fell another 2.47 per cent to USD 50.45 per barrel early in the day.

The rupee depreciated 28 paise to 71.89 against the US dollar in morning session.

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Agencies
June 22,2020

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

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News Network
January 18,2020

Shirdi, Jan 18: The administrative body of Sai Baba's Samadhi calls for the indefinite closure of the Shirdi temple after Maharashtra Chief Minister Uddhav Thackeray reportedly said Pathri in Parbhani is Sai Baba's birthplace.

"We have announced to close Shirdi against rumours from January 19," said B Wakchaure of Saibaba Sansthan Trust.

"A meeting of villagers will be convened Saturday evening to discuss the issue. Devotees will not face any difficulty if they come to Shirdi," Mr Wakchaure added.

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