Feature
ICFAI Business School director explain benefits of GST in Lucknow
Lucknow: The director of ICFAI Business School Gurgaon, Professor S.C Sharma today attended a seminar at Integral University in the state capital during which he described several benefits of recently implemented India’s historic reform Goods and Services Tax (GST).
During the program, Professor Sharma delivered a small lecture on GST which has been implemented from 1st July and explained students that how a positive impact will be seen in future on Indian economy after a gap of five to ten years of this largest tax system reform.
Professor, Sharma on Monday attended function as the chief guest that was organized under the supervision of ICFAI Business School along with the Faculty of Commerce and Management of Integral University.
The Chief Guest explained many benefits of GST this function which was organised with the name of ‘Implementing GST: What It Begins with It for India Seminar’.
ICFAI Business School director explain benefits of GST at Integral University:
He emphasized the need to remove confusion in common people and businessmen towards implementing GST. Professor, Sharma insisted that due to implementation of ‘one country-one tax’ system, huge amount of money will come in country’s empty treasures and in states as well.
Sharma also added that this will strengthen country’s infrastructure and will development schemes of the country in future, including development schemes, will accelerate growth of our nation at global level.
While addressing teachers and children present in the seminar, IBS director claimed that inflation will increase first by GST and then it will be stable and will gradually decrease.
Here are some key points delivered by Professor Sharma during his lecture about for reaching results of GST:
* GST will gradually strengthen the country’s economy.
* No unregistered businessmen or person will be able to do business if there is no GST number.
* The number of tax payers will increase, more than this money will come in the government treasury. This money will work in development of country.
* The money will remain in the treasury; the government will not have to borrow from RBI or overseas for big projects.
* The costs of the logistics sector will be greatly reduced. Since the country’s economy has a large role in development. That’s why the economy will improve
* Country’s GDP will increase gradually.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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