Rahul Agarwal, the executive director of Wealth Discovery, talks about the progress made under GST one year on from the launch of the sales tax across India
What have been the main problems and challenges of GST?
Although, the GST negotiations dragged on for 10 years, it seems that the roll out was not well thought out. A lot of focus now needs to be given to education and awareness, especially to the small businesses. The GST regime has imposed additional costs on small business. Digital literacy and overall lack of knowledge of finance and accounting processes have forced these SMEs and smaller entrepreneurs to take services of professionals.
How else has GST affected small businesses?
Small-scale artisans have to come to terms with the MRP (maximum retail price), which is often hard for them to assign to their products, although, these enterprises are exempt from paying GST but when interacting with their clients they have to often show the proof of being GST exempt. This in turn impacts the way these entrepreneurs conduct their business.
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What are the main advantages?
The biggest advantage that the GST regime has ushered in is the formalisation of the informal sector into the mainstream economy. As more and more businesses go mainstream, the tax base would widen and the government would have more funds to carry out schemes for the benefit of the general public.
Has GST made some processes easier?
GST has been able to create a single national market and has facilitated the movement of goods across state boundaries. Border check posts have been dismantled and the long queues at the checkpoints have virtually disappeared. This has led to the reduction of transactional costs and has accelerated the business cycles.
What should the government do to improve the system?
The government needs to remove the procedural bottlenecks, make the registration process less cumbersome and spread overall awareness about the various aspects of the GST framework. On the policy front, the government should aim for bringing more products under the GST framework and look at the inclusion of controversial items such as alcohol, real estate, and petroleum products through consensus.
How will GST impact the economy going forwards?
GST will ultimately lead to the formalisation of the Indian economy with significant number of small and medium enterprises joining the mainstream. These would lead to the increase in the size of the economy and would help these individuals and organisations gain access to formal channels of credit, which they were otherwise deprived of, leading them to expand their businesses that would create employment opportunities for the ever expanding young workforce of India.
Company%20profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
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