Connect with us

Business

India transforming tax regime for stability, inevitability, says Jaitley

Published

on

Singapore: Union Finance Minister Arun Jaitley today stated that India is transforming taxation laws to push greater stability and inevitability in the tax regime and trying to settle previously pending disputes.

“It has been our effort in India to gradually transform and change most of our taxation laws, put to rest various disputes and issues which have been pending, and make sure that the scope of discretions is eliminated and there is a greater degree of stability and predictability as far as taxation laws are concerned,” Jaitley told an international meet here on “Doing Business Across Asia: Legal Convergence In An Asian Century”.

“One major step needed to increase the ease of doing business is to reduce inter-state variation and the barriers to inter-state trade,” he said referring to India’s states in a video message to this first such global conference on legal issues.

“The proposed Goods and Services Tax (GST) is a major step in this direction,” the Indian finance minister said.

“There will be uniformity in taxation rates, there will be much greater compliance and obviously certainty. It’s going to help India’s GDP,” he added.

In relation to the GST Bill that is pending in the Rajya Sabha because the ruling NDA lacks the requisite majority to push it through, Jaitley extolled the virtues of Indian federalism.

“If India despite its massive population and unparalleled diversity has remained strong and united political and economic unit, it is partly because of the freedom given to states to be diverse in their laws and regulations.”

“Some degree of divergence in practice also allows for experimenting with multiple models,” Jaitley said.

“The fact is that businesses need a level of tolerance for diversity of laws if they are to exploit the opportunities that come from geographical diversification,” he added.

Business

Tesla bags 200,000 orders for its futuristic ”Cybertruck”

Published

on

By

New Delhi: Elon Musk is back with a bang with his all-new “Cybertruck”. Irrespective of the controversies the all-new Tesla Cybertruck has gathered, it is one of the most radical wheels that has gone on sale in recent times and is becoming quite popular by the day.

Elon Musk took to Twitter to share that Tesla has already received 200k orders since the launch of the “Cybertruck” which was actually 3 days ago(22 November).

Tesla Cybertruck’s production is expected to begin in late 2020. The electric pickup truck is available in three trims — single motor RWD with a range of over 250 miles, dual-motor AWD with a range of more than 300 miles and tri-motor AWD with a range in the north of 500 miles.

The single motor RWD variant of the Cybertruck can go from 0 to 60 mph in below 6.5 seconds and has a towing capacity of over 7,500 pounds, while the dual-motor AWD trim can make 0-60 mph in under 4.5 seconds and boasts of a towing capacity of more than 10,000 pounds. Tesla claims that the tri-motor AWD variant of the vehicle is good for 0-60 mph in less than 2.9 seconds and gets a towing capacity of 14,000 pounds.

Given its relative performance and price, the Cybertruck could be a massive success for Tesla as it enters into the largest segment in the US market. Almost three million pickups were sold to consumers in 2018. If Tesla can carve off a tiny sliver of that, it’ll go a long way toward taking Tesla’s annual sales to the next level.

Continue Reading

Trending