The law ministry has pitched for the incorporation of a “sunset” clause or automatic repeal provision in certain type of bills to de-clutter statute books and has put it in its 100-day agenda. The sunset clause applies primarily to laws of temporary nature or those dealing with dynamic situations.Once their utility ends, they stand removed from the statute books. The legislative department in the ministry has made “sunset clause” in new legislative proposal a part of its 100-day agenda, saying steps will be taken in this regard in consultation with…
Tag: Bills
GST E-Way Bills Not Required: Allahabad HC Throws Out Penalties (Feb 1, 2018
The Allahabad High Court in a ruling addressed the levied penalties under the U.P. GST Act for transporting goods without an e-way bill. The matter is towards levying the penalties via the Assistant Commissioner under the U.P. GST Act, 2017. While quoting the duration between February 2018 and March 2018, it was claimed by the applicant that the need for the e-way bills was not able to be enforced directing a precedent from the court in M/s Godrej and Boyce Manufacturing Co. Ltd vs State of U.P. Important: Is GST…
Why Student Loan Forgiveness Won’t Cover Higher Tax Bills
[ad_1] President Biden announces plan to pardon $10,000 in student loans For all borrowers with less than $125,000 in annual income (250,000 for couples), Pell Grant recipients will be eligible for a $20,000 waiver. For many, the change will be even more lenient because last year’s American Rescue Plan Act (ARPA) makes loan forgiveness tax-free. But the facility could add more than $30 billion to the government’s cost. Typically, loan forgiveness is treated as taxable income. Imagine a hypothetical taxpayer with $50,000 per year in taxable income who had a…