Adv. M Profile picture
Sep 28, 2017 6 tweets 1 min read Twitter logo Read on Twitter
#GSTGaming tales I continue to hear :
Visited a CA (doesn't want to be named) in Kalbadevi y'day:
1. CAs r advising clients to deal in cash
2/
2. They say it's impossible for many businesses to continue with GST.
3. High value cash deals have started featuring Gold biscuits as
3/
as part of the deal. Payments are being made partly through Gold. A few biscuits & a few lacs in 2000 denominations.
4/
4. Many restaurants are charging GST but aren't paying the entire thing. Only part of the turnover is declared. That means, 18% fleeced
5/
out of customers and pocketed. They trust the greed of the tax man. Whenever he visits, he can be bribed with a fraction of the loot.
6/
So effectively, a fantastic way to make money on the sly.
5. The GSTN network continues to be a nightmare.
6. GOI is in for a shock.

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More from @RURALINDIA

Jun 9, 2018
1/n

Let's talk about NPAs :

On 8th April 2004, Soli J.Sorabjee, the then Ld Attorney General, arguing for Union of India, convinced a Constitution Bench of SC to uphold the Sarfaesi Act, 2002 by citing a pressing need to curb NPAs, which had risen to Rs. 1 lac crore
2/n
It was submitted before the SC that the enactment of RDDB Act, 1993 & establishment of DRTs has been unable to stop the rise in NPAs. Mr. Salve chipped in with a talk on International practices.

The SC agreed. A harsh, draconian law was upheld.
indiankanoon.org/doc/1059476/
3/n
It was upheld with a stated objective of "reducing" the NPAs. A lot of existing protections under laws & principles of natural justice were allowed to be trampled by banks and financial institutions to address the pressing need of 'reducing the 1 lac crores of NPAs'.
Read 20 tweets
Oct 20, 2017
1/ Just finished meeting with a Dhule based SME entrepreneur who's "finished" due to #DeMo aka notebandi. Also insensitive bankers.
2/ The gentleman is a third generation onion trader. Uses to be a Really big trader. He allowed his son to set up SME for onion dehydration
3/ Being in onion business, he knew his onions. So a state of the art , modern manufacturing plant was set up, part funded by bank.
Read 12 tweets

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