The ICC Champions Trophy 2017 so far

Even after the minor setback against Sri Lanka, India is dominating Group B with its splendid performance on the field. The hopes of ever cricket fan are soaring even higher after the win against South Africa on Sunday i.e. 11th June 2017. Let’s take a look at the game so far.

Cricket - Most popular sport in India

Performance of team India

Team India’s perform in world tournaments especially in the recent decade has been well balanced. The notable wins being the World Cup victory of 2011 and ICC Champions Trophy of 2013. They plan their strategies and steadfast towards the championship wins. This tournament seems no different. Under the captainship of Virat Kohli the boys in blue are on their ‘A’ game since day one.

Ben Stokes proves his mettle

Ben Stokes proves his mettle

Ben Stokes salvaged England’s sagging performance in the chase against Australia and secured a position for his team in the tournament after successfully knocking out team Australia for good. The IPL star lived up to his high price tag, scoring a century- not out- ahead of captain Eoin Morgan’s 87.  The host captain and Stokes changed the course of the game owing to their partnership of 159.

Also Read: The titan that was Pakistan Cricket team

The titan that is Bangladesh

The titan that is Bangladesh

The once underdogs of cricket have displayed a champions’ run in the current ICC trophy knocking off another contending giant from the Trophy- New Zealand. Mahmudullah and Shakib Al Hasan lead an iconic 224 run partnership that paved the way to victory for team Bangladesh. As Australia failed to beat England on Saturday 10th June 2017 (thanks to the uprising lead by Stokes) Bangladesh now moves to the Semi-finals against India.

Top run makers

Along with staggering partnerships, the championship has seen some of the greatest batting talents. Among the top scorers is- India’s Shikhar Dhawan with 271 runs, out of which 125 were made while playing against Sri-Lanka. Followed by Kane Williamson with 244 runs and a high score of 100. Shadowing him is Tamim Iqbal at 223, Joe Root at 212 and Rohit Sharma at 181.

Also Read: Cricket – Most popular sport in India

The bowling line up

The bowlers too have displayed some phenomenal flair when it came down to taking those crucial wickets. Ironically it is Australia’s Josh Hazlewood who has the most deliveries to wicket ratio- chalking up to 9 wickets in a total 28 overs. England’s Liam Plunkett comes in at number 2 only to miss the number 1 position by 3 balls and one wicket. His total overs come to 27.3 with 8 wickets. Following him is Adil Rashid, Adam Milne and Imran Tahir.

It has been an exhilarating cricket experience this far and looking at the current brawl of the cricket mammoths the entertainment quotient of the semis and finals cannot be expected to be any different.

 

Salman ki Motor wali cycle

After his acting and charm if Salman is known for anything it is his Philanthropical efforts. Through his ‘Being Human Foundation’ the Bollywood star has led many efforts towards education and healthcare for the underprivileged.

Salman is now looking forward to better the environment through one of his own divertissements- Cycling. The actor is known to be a fitness freak with a special love for Cycling. He fondly uses his cycle to get to nearby shooting studios and also between work for a quick calorie burst. In an attempt to bring this healthy initiative to others, his foundation on the occasion of environment day launched an electric bicycle. The launch was flanked by notable members of the entire Khan family including brother Sohil and Arbaz and Nephew Ahil.

Also Read: We believe in the power of Bhai ki ‘Tubelight’

The event was marked by Bhai’s signature style entry on the e-bicycle from his home to the press conference venue- Mehboob studios where the bike was unveiled.

Speaking about the e-bicycles Atul Gupta CEO, Being Human, said that these cycles are a step towards sustained development as it allows commuters to maneuver on the city roads at a maximum speed of 25 kilometers per hour. Though it is styled like a normal bicycle it is powered by a small electric motor that is the reason behind this unconventional speed. The motor can be accessed from a panel on the hand bar. It has a range of 30 kilometers which makes it a perfect ride inside city spaces. The bikes are reported to have been undergone tests for about 18 months before the launch.  Further, these cycles do not require any registration or licence to operate in traffic and are approved by the Automotive Research Association of India (ARAI).

These bicycles will be available in 2 variations- the basic model i.e. the BH27 is priced at Rs. 40,000 with basic specs. The BH12 on the other hand is set at Rs. 57,000 with top specs. The customers would have a choice of four colours for both the bikes viz. yellow, black, white and red. Also, the makers have hinted on new variations to be launched soon.

Also Read: The titan that was Pakistan Cricket team

One of the major USPs of the bicycle is that it is easy to maintain owing to the lesser number of moving parts as against their conventional counterparts.

The sleek looking e-bicycles are now available on booking in Mumbai. They are soon to be made available across all states.

The titan that was Pakistan Cricket team

The team that was one of the most formidable opposing side to the top brass of world cricket and especially India, has now been reduced to a struggling contender. The present perilous state of the team is evident from their recent loss to India in the ICC Champions Trophy 2017.

Former Cricketer Imran Khan took to Twitter immediately after the match on Sunday 4th June 2017 expressing his deep regret to see the new line up being thrashed by their Indian counterparts. He strongly advocated the need of strong reforms on the basis of merit, failing which the talent gap between India and Pakistan will only increase.

This is not the first defeat of Pakistan at the hands of India. In recent years, they have lost 13 matches out of 15 in World Tournaments (including World Cup, ICC and T20). Pakistan has not been able to recover from their losing streak since. Former crickets believe that the root cause of the problem lies in the selection process.

Another reason for the downfall of this cricket giant is the rising drug abuse issue within the team since 2006. Players like Shoaib Akhtar (2006), Mohammad Asif (2006), Abdul Rehman (2012), Kashif Siddiq (2014) and Raza Hasan (2015) have been found positive for doping and have thus served a suspension from playing. The reasons and circumstances might tell a different or a compassionate story even, behind such actions, but the spirit and talent pool of the team has definitely received a severe set-back.

A simple look at last Sunday’s match only upsurges the growing concern in the current tournament that Pakistan’s ranking is at the eight position (even below Bangladesh) as per one-day international gradings. India is ranked number 3 on the same grading chart. The defeat at the hands of India has definitely added to the pressure of their past underperformances.

To top it off, the Pakistan’s team coach has himself acknowledged the fact that the players had suffered ‘stage fear’ while facing the well-composed team India. That might be true to some extent as the players failed to step it up with the core game itself. They were dropping simple catches and failed to cut the chase run rate by taking advantage of their bowling variations.

The players would definite try to redeem themselves in the upcoming matches but against teams like South Africa, Australia and India their prospects of survival in the tournament look bleak at best.

Disadvantages of GST: The downside in implementing GST

The Goods and Service Tax (GST) is all set to change the Indirect Tax scene in the country. Incorporating the vivid and complex tax brackets under one umbrella may seem like a brilliant strategy from the point of view of revenue inflow but in a diverse country like India formulating and enforcing a new law has never been a cake walk. Let us look at some drawbacks that traders might face owing to the proposed implementation of GST come July.

Midyear implementation:

The roll out of GST in the middle of the accounting year is bound to cause a compliance chaos. There is still no clarity as to what repercussions the transition from one tax structure to the other will hold.

Change in Accounting Software:

Businesses now-a-days, large or small, use tax enabled software mainly for accounting and filing returns. Incorporating an entirely different tax structure into the system will bring out many technical exigencies and the same will call for a revamp of the entire Accounting system.

Also Read: What is GST? All you need to know about Goods and Service Tax

Higher tax burden for SMEs manufacturers:

Small manufacturing firms are going to feel the sting of GST as the overall exemption limit under the tax is 20 Lakhs, while the earlier exemption limit under excise was 1.50 crore.

No input credit under composition scheme:

Though the composition scheme provides for lower tax rates to small scale businesses who have annual turnover of more than 20 lakhs but less than 50 lakhs they would not be allowed to avail any input credit on the tax paid.

Service providers and online suppliers not eligible for composition scheme:

Service providers and online suppliers would not be considered for registration under the composition scheme. It is only meant for the suppliers of goods. Consequently, small scale service providers will share the tax burden at par with their large-scale competitors.

Also Read: Advantages of GST – The bright side

Multiple registrations:

Traders are required to register separately under GST in all states they are operating in. This means an increase in compliance complications.

Pathos of E-sellers:

Business especially small ones that have web based operations will have to register in every state. Increasing their compliance procedures exponentially. Moreover, they would not be eligible for the composition scheme. Also, they would have to collect TCS (Tax Collected at Source) under GST which will further- payment, credit and compliance complications.

Apart from the above the major issue that the application of GST would bring into being is the inflation of products. There is tax on virtually all goods. Essential items like health services and medication will get more expensive due to the higher GST cap. Economists are also predicting a hike in food items like vegetables and cereals.

 

Advantages of GST – The bright side

Goods and Service Tax (GST) has been advocated as the tax that will forever simplify the overly intricate indirect taxation system (viz. excise, VAT and Service tax) prevalent in India. It is said to curb 17 indirect taxes and bring the revenue from such taxes under the solo GST gamp. Though a month from its proposed application let us view the proposed advantages of GST:

Higher exemption thresholds:

In most states, the exemption for paying VAT is 5 Lakhs (annual turnover), whereas the exemption limit for Service tax is 10 Lakhs. The same for GST on the other hands is 20 Lakhs. Which would mean that there would be no indirect tax liability on traders with an annual turnover of less than 20 Lakhs.

Also Read: What is GST? All you need to know about Goods and Service Tax

No tax on tax:

According to the current system there is no provision for setting off VAT on your purchases against the Service tax on input services. But under GST owing to its single tax mechanism you can easily avail an input credit on your purchases for tax already paid.

Composition Scheme:

GST will further introduce a Composition Scheme which will be especially beneficial for small traders and business. Under this scheme the GST rate would be lower than the applicable rates for suppliers. Under the scheme, traders whose turnover is more than 20 Lakhs but less than 50 Lakhs would have to pay GST at the rate of 1% for manufacturers, 2.5% for restaurant owners and 0.5% for other suppliers.

Online:

The entire process for GST i.e. from registration to payment to filing of returns can be done online. The procedures are fully web based and therefore they are free of any bureaucratic churns and leg work to Government offices.

Curb on compliances:

The filing of returns for each tax segment under the existing indirect tax mechanism is a tedious endeavour that will be limited by the unified GST policy. The number of returns to be filed will be lesser and simpler as compared to the current system.

Also Read: Disadvantages of GST: The downside in implementing GST

Road map for e-commerce business:

There are a lot of compliance restrictions on the interstate transaction of goods, especially under the current VAT system. GST has set out a clear and uniform road map for hassle free interstate transactions.

Consolidation of logistics sector:

To avoid various state entry taxes and Central Sales Tax many logistic companies have warehouses in each state. This will not be the case once GST is rolled out. Warehouse consolidation would be made possible.

GST will help regulate the largely unorganised sectors such as textile and construction. For instance, the provision of providing input credit only on acceptance of the amount by the suppliers will in itself bring about accountability and organisation of these sectors.

What is GST? All you need to know about Goods and Service Tax

After much ado and economical and parliamentary debates the Goods and Service Tax (GST) is being positioned for a roll out from 1st July 2017.

The tax mechanism in India, especially the Indirect tax system, is cumbersome and complex. The moto of GST is to integrate the prevailing intricate indirect tax structure into a single and simple scheme.

The current tax structure includes Central taxes [comprising of Central Excise Duty, along with other duties, service tax, surcharge and cess] and State taxes [including VAT, Sales tax, Central sales tax, purchase tax etc.]. The introduction of GST and the consequent amendment to the Constitution will allow both the Central and State Government to levy a singular tax component- GST.

Also Read: Advantages of GST – The bright side

Some notable feature of GST are as follows:

  • Rate slabs for GST are 5%, 12%, 18% and 28% the lowest rate being for essential items and the highest rates being reserved for luxury supplies.
  • With regards to Intra state transactions of goods and services Central GST (CGST) and State GST (SGST) would be levied by the Central and State respectively at the prescribed rate.
  • Whereas on Interstate transactions of goods and services Integrated GST (IGST) would be levied by the Central Government at the prescribed rates.
  • The tax would be levied on supply of goods and services rather than the manufacturing of goods or the provision of sale of goods or services.
  • The leaving of GST would be subject to the crossing over of the exemption threshold, currently which is set at Rs. 20 Lakhs- annual turnover. The earlier proposed limit was Rs. 10 Lakhs.
  • GST will be paid on the value of the transaction i.e. the price actually paid or to be paid for the supply of the particular goods or service.
  • Input Tax Credit (ITC) will be available in respect of taxes paid on the supply of goods and services on most B2B transactions where the said good/services are intended to be used further for creating taxable supplies.
  • The ITC would be subject to- Possession of the actual invoice, receipt of goods and services, tax paid to the government, filing and furnishing of returns.

Also Read: Disadvantages of GST: The downside in implementing GST

Every person who is liable to registration under the previous law will have to register under GST. Also, those persons who have crossed the exemption threshold would be liable for registration. Registration for GST would be a simple online process.

For payment of the tax, all major payment platforms can be used.