In December 2018, the late Finance Minister, Arun Jaitley, announced that the 28% GST slab, which he called the “dying slab”, would be phased out, except for luxury items. India, he said, would eventually have just two slabs: 5% and a standard rate between 12% and 18% (apart from exempt items). Tragically, he passed away less than a year before fulfilling his assurances. Simplicity is not easy to achieve. Great sages, artists and designers have preached simplicity. It was the mantra of Henry David Thoreau, who influenced Mahatma Gandhi. Also Read Explained | Will India’s Goods and Services Tax rates be restructured this year? The introduction of a uniform GST was a watershed moment in India since the country’s earlier regime of taxes and cesses, both at the Centre and the States, was a big barrier to free trade and economic growth and was a cesspool of corruption. Complex and confusing However, GST is still a complicated tax regime with different slabs. It is … [Read more...] about Towards a single low tax regime
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The FTSE 100 closed in the red after traders digested another 40-year-high for UK inflation levels. A consumer price index (CPI) inflation reading of 9.1% was in line with expectations for May, but rocketing producer prices showed inflationary woes are not likely to reverse any time soon. Nevertheless, London’s index of top stocks finished the day with a slight improvement on early trading after growing positivity on Wall Street. The FTSE 100 ended the day down 62.83 points, or 0.88%, at 7,089.22. Michael Hewson, chief market analyst at CMC Markets UK, said: “The fragile nature of this week’s rebound has been laid bare today, with a sharp slide in oil prices in Asia, spilling over into broader market weakness, with the Dax sliding below last week’s lows, before rebounding, while the FTSE has also slipped back sharply. Recommended Russia says EU sanctions that prompted transit ban ‘unacceptable’ “Today’s inflation numbers from the UK came across … [Read more...] about FTSE slides as trading knocked by rise in UK inflation
With most big cities’s economies continuing to grow, the most pressing issue they face is how to connect their low-income communities to the opportunities that growth creates. New efforts developing in Charlotte, North Carolina, and Chicago show the many creative alternatives cities are exploring to respond to that challenge—and the obstacles they face. From 2010 through 2015, all of the 100 largest metropolitan areas added jobs, and 98 of them increased their total economic output, according to calculations by the Brookings Institution’s Metropolitan Policy Program. But in most cities, that revival has largely bypassed communities of concentrated poverty, like large swathes of Chicago’s predominantly African-American South Side or mostly Hispanic East Charlotte. Across the country, many cities have fueled their growth by importing streams of young college graduates from elsewhere, while struggling to place their own low-income kids on a track to obtain the education necessary … [Read more...] about How Can Growing American Cities Spread Their Wealth Around?
Gas prices aren't changing the minds of SUV owners to switch over to sedans, according to the latest data from automotive research firm AutoPacific . In a survey of more than 300 current SUV owners, the firm found that most of them would not consider downsizing to a smaller SUV or switching to a sedan when making their next vehicle purchase. But 45 percent of those surveyed said that they'd consider making the switch to a hybrid or plug-in hybrid (PHEV) SUV or crossover the next time they're car shopping. "Most new traditional gasoline SUVs get much better fuel economy now than they did when fuel prices spiked in 2008 and caused a shift in the market," AutoPacific president and chief analyst Ed Kim said in a press release. "Couple that with an influx of hybrid, PHEV and EV SUV offerings and consumers have so many choices that they don't have to downsize or change vehicle types." More than a quarter of respondents said that gas prices won't affect their next car purchase … [Read more...] about SUV owners won’t downsize just because of high gas prices.
This is a carousel. Use Next and Previous buttons to navigate 5 As Bay Area residents continue to see inflation at the gas pump and checkout registers, the price of buying a home is also going up , even as demand is starting to cool. And with mortgage rates also rising , what home buyers could have afforded just six months ago may now be out of reach. According to a new report from real estate listings site Zillow, rising rates have had a particularly dramatic impact in the pricey Bay Area, with average monthly mortgage payments more than 50% higher than what they were just one year ago. “Home prices in the Bay Area have shot up since the pandemic, but historically low mortgage rates have kept monthly payments somewhat affordable,” said Matt Kreamer, data spokesperson for Zillow, in an email. “Now that rates are ballooning, more and more people are being priced out.” According to Zillow data, the monthly mortgage payment for a … [Read more...] about With mortgage rates spiking, how much more do Bay Area home buyers pay now for the same home?
After the US Federal Reserve has raised its key interest rate by 75 basis points, there are concerns over its impact on inflation in India as it may weaken the rupee through possible foreign investment outflows going forward. However, four economists news18.com spoke with said it will not have any direct impact on the consumer prices in India for now. They, however, said that in the coming months, if the rupee keeps weakening due to the FPI outflows, it will raise inflation through costlier imports. Else, the US Fed hike might have a positive impact on prices here if global commodity prices are “anchored” as a result of higher interest rates. The US Federal Reserve has raised its key interest rate by 75 basis points (bps), which is the highest since 1994. It had earlier planned a 50-bps hike for the June meeting but the US consumer inflation came higher than expected in May, at a four-decade high of 8.6 per cent. Bank of Baroda Chief Economist Madan Sabnavis said, “There is … [Read more...] about US Fed Rate Hike: Will It Impact Consumer Prices In India? Know What Economists Say
Stanford University researchers have published a new analysis supporting a pillar of the modern gun control movement: a prospective ban on military-style rifles commonly known as "assault" weapons. The research from Stanford Law professor John Donohue and student Theodora Boulouta found that from 1994 to 2004, the Clinton-era federal assault weapons ban was associated with a marked decrease in mass shootings and victims of those shootings. According to a preliminary draft of the study, set to be published in the journal Law and Contemporary Problems , in the decade preceding the assault weapons ban, there were 33 percent additional mass shootings and 65 percent more associated fatalities. (Because the raw number of mass shooting was so low, this only correlates to an additional two incidents.) In the decades following the ban, the results were exceedingly stark. Ten years after the ban expired in 2004, the number of mass shootings more than tripled and the number of fatalities … [Read more...] about A new study is backing a cornerstone initiative of the gun-rights movement: the Clinton-era ban on assault weapons did work
Toyota is leveraging its global partnership with Suzuki to share models and technologies, to establish its presence in the premium hatchback segment with the Baleno-based Glanza, which opens up its doors to a wider set of customers and increases overall sales volumes. Earlier this year, Maruti Baleno underwent a major transformation, and now, its Toyota equivalent follows suit. Like the Maruti, the Glanza gets a new petrol engine, an automated manual transmission (AMT), which replaces its CVT (automatic), gets some structural enhancements, completely new interiors and a laundry list of equipment. For the 2022 iteration, Toyota designers have gone to great lengths to establish family ties with its Toyota stable mates, unlike the 2019 iteration which looked identical to its Maruti twin. Its new, striking headlamps feature L-shaped LED Daytime Running Lamps and are connected by a nicely stretched chrome band, which not only visually enhances the car’s width, but it appears to be … [Read more...] about 2022 Toyota Glanza makes for a smooth drive
HARRISBURG, Pa. (AP) — With a week to go until the state's budget deadline, Gov. Tom Wolf and leaders of the Republican-controlled Legislature are working through their remaining differences as they try to produce an agreement on a roughly $42 billion budget plan that they say will marshal substantial new aid for Pennsylvania’s public schools and environmental cleanups while cutting corporate taxes. Greasing the skids this year is a massive influx of tax receipts leaving the state’s bank accounts flush with — by some estimates — $12 billion in reserves and surpluses, boosted by inflation and an economy juiced with federal pandemic subsidies. There will be no broad tax cut, but there will be substantial new aid for public schools, as well as for services for the disabled, children and elderly that employ low-paid workers in high-turnover professions that suffered during the COVID-19 pandemic. Lawmakers are also expected to approve significant sums of new money for mental health … [Read more...] about With accounts flush, budget talks come down to schools aid