20 june 2019 - wifistudy.comrecent examples of cess are: infrastructure cess on motor vehicles,...

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

27 MARCH 2019

20 JUNE 2019Editorial by Vishal Sir

THE HINDU EDITORIAL ANALYSIS

The greatest

Is to think Yourself Weak

SIN

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSISMayday (noun) = An international radio distress signal used by

ships and aircraftTakeaway (noun) = A key fact, point, or idea to be remembered,

typically one emerging from a discussion ormeeting

Halt (verb) = Bring or come to an abrupt stop (विराम)Beleaguer (verb) = Put in a very difficult situation, hard-pressed

(परेशान)Consortium (noun) = An organization of several businesses or

banks joining together as a group for a sharedpurpose (संघ)

Resolution (noun) = A firm decision to do or not to do something(संकल्प)

Editorial by Vishal Sir

THE HINDU EDITORIAL ANALYSISRevive (verb) = Restore to life or consciousness, revitalizeProtracted (adj) = Lasting for a long time or longer than

expected or usual (दीघघ)Aviation (noun) = The flying or operating of aircraft

(विमान िहन)Contemporary (noun) = Belonging to or occurring in the present

(समकालीन)Starve (verb) = Suffer or die or cause to suffer or die from

hungerImplosion (noun) = An instance of something collapsing violently

inwardsViability (noun) = Ability to work successfully (व्यिहार्घता)

Editorial by Vishal Sir

THE HINDU EDITORIAL ANALYSISReappraise (verb) = Appraise or assess again or in a different way

(विर से कीमत लगाना)

Inception (noun) = The establishment or starting point of aninstitution or activity (आरंभ)

Baffling (adj) = Impossible to understand; perplexing(रहस्यमर्)

Dormant (adj) = Alive but not actively growing (वनष्क्रिर्)Cumulative (adj) = Increasing or increased in quantity,

degree, or force by successive additionsImperative (adj) = Of vital importance; crucial (अवनिार्घ)

Editorial by Vishal Sir

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

Title: Beyond Mayday(The Jet Airways case has takeaways for the bankruptcy code as well as for other airlines)

Context: Jet Airways may have finally run out of runway. Twomonths after Jet halted all flight operations, lenders to thebeleaguered full service airline have decided to refer it to theNational Company Law Tribunal and initiate insolvencyproceedings in a bid to recover the money owed to them.

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

theoretically, the Insolvency and Bankruptcy Code was conceived tohelp achieve a resolution that could potentially protect a runningbusiness and help revive it through capital restructuring under anew promoter, in Jet’s case the chances of a resolution seem ratherremote now.

Ironically, while the banks may have viewed Jet’s request foremergency lines of credit in the run-up to the suspension ofoperations as ‘good money chasing bad money’, nothing couldpotentially kill an airline more effectively than protracted grounding.

A look at some of Jet’s industry-specific operational metrics, at leastuntil the recent cash-starved implosion, show an airline that hadconsistently posted growth in terms of revenue passengerkilometres and cargo tonnage till the 2017-18 financial year. So itwasn’t a lack of business that led to Jet’s stall and crash.

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

For the health of India’s airline industry, it will be crucial forpolicymakers to review several issues that affect viability: from theway aviation turbine fuel is taxed, to the charges airports levy.

Final Words The carriers too need to reappraise their pricing strategies and

ensure that in the quest for market share they don’t end up in a raceto the bottom. The government must take a closer, harder look atthe IBC and examine the viability of a framework akin to Chapter 11that may ultimately be more suited to industries like aviation.

THE HINDU EDITORIAL ANALYSIS

Q.1

Which of the following Asian countries will be guest nation at the 2020 Copa America?1. Saudi Arabia2. China3. India4. Qatar

Quiz Game

Editorial by Vishal Sir

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

Title: The forgotten funds(The government must utilise cess proceeds and publish anannual account of how they have been spent)

Context: The season of filing tax returns brings with it anincreased emphasis on the accountability of the privatesector towards the government. A key area is the socialaccounting of the education cess, which is a compulsorycontribution made by all taxpayers, both individuals andfirms.

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

The difference A cess is levied on the tax payable and not on the taxable income.

In a sense, for the taxpayer, it is equivalent to a surcharge on tax.The revenue obtained from income tax, corporation tax, andindirect taxes can be allocated for various purposes.

Unlike a tax, a cess is levied to meet a specific purpose; itsproceeds cannot be spent on any kind of government expenditure.Recent examples of cess are: infrastructure cess on motor vehicles,clean environment cess, Krishi Kalyan cess (for the improvementof agriculture and welfare of farmers), and education cess. Tomake the point clear, the proceeds from the education cess cannotbe used for cleaning the environment and vice versa.

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

the proceeds of all taxes and cesses are credited in theConsolidated Fund of India (CFI), an account of the Government ofIndia. It constitutes all receipts, expenditures, borrowing andlending of the government. The CFI details are published annuallyas a part of the Union Budget documents. And the approval ofParliament is necessary to withdraw funds from the CFI.

In order to utilise the cess proceeds lying in the CFI, thegovernment has to create a dedicated fund. As long as a dedicatedfund is not created, the cess proceeds remain unutilised. Thededicated fund for primary education is the ‘Prarambhik ShikshaKosh’, or PSK, (created in October 2005, a year after the cess wasintroduced) while that for higher and secondary education is the‘Madhyamik and Uchchtar Shiksha Kosh.

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

Just as taxpayers have a responsibility to pay taxes, thegovernment ought to ensure that tax proceeds areappropriately utilised. Since a cess is introduced with a specificpurpose, it is completely unjustified when the proceeds remainunutilised for so many years.

Final Words Finally, it is imperative that the government immediately begins

utilising cess proceeds and also publishes an annual account ofthe manner in which they have been utilised.

THE HINDU EDITORIAL ANALYSIS

Editorial by Vishal Sir

Descriptive Question

Q. In your opinion, how can Consolidated Funds of India be better used unlike present one, explain?

(Word limit: 200)

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS

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THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS

THE HINDU EDITORIAL ANALYSIS