Mega African Capital Limited ( HY2014 Interim Report

first_imgMega African Capital Limited ( listed on the Ghana Stock Exchange under the Financial sector has released it’s 2014 interim results for the half year.For more information about Mega African Capital Limited ( reports, abridged reports, interim earnings results and earnings presentations, visit the Mega African Capital Limited ( company page on AfricanFinancials.Document: Mega African Capital Limited (  2014 interim results for the half year.Company ProfileMega African Capital Limited (MAC) is an investment holding company with interests in the development, purchase, sale and rental of real estate and investment in equities and fixed income investments. The company targets high net-worth investments looking for opportunities to invest in Africa which will yield high returns. MAC is geared to provide medium- to long-term capital growth through investments in listed and unlisted companies in Africa. The company has investments in Ghana, Malawi and Tanzania. MAC is owned by OAK Partners, a private investment institution based in Accra, Ghana. Mega African Capital Limited is listed on the Ghana Stock Exchangelast_img read more

Diocese of Atlanta responds to Georgia governor’s plan to start…

first_img Assistant/Associate Rector Washington, DC Rector/Priest in Charge (PT) Lisbon, ME Submit a Press Release Curate (Associate & Priest-in-Charge) Traverse City, MI Tags Rector Albany, NY COVID-19 Submit an Event Listing Featured Jobs & Calls TryTank Experimental Lab and York St. John University of England Launch Survey to Study the Impact of Covid-19 on the Episcopal Church TryTank Experimental Lab Rector Martinsville, VA Associate Rector for Family Ministries Anchorage, AK The Church Investment Group Commends the Taskforce on the Theology of Money on its report, The Theology of Money and Investing as Doing Theology Church Investment Group Rector Hopkinsville, KY Posted Apr 21, 2020 Join the Episcopal Diocese of Texas in Celebrating the Pauli Murray Feast Online Worship Service June 27 Assistant/Associate Priest Scottsdale, AZ This Summer’s Anti-Racism Training Online Course (Diocese of New Jersey) June 18-July 16 Virtual Celebration of the Jerusalem Princess Basma Center Zoom Conversation June 19 @ 12 p.m. ET Seminary of the Southwest announces appointment of two new full time faculty members Seminary of the Southwest Episcopal Charities of the Diocese of New York Hires Reverend Kevin W. VanHook, II as Executive Director Episcopal Charities of the Diocese of New York Rector Smithfield, NC An Evening with Presiding Bishop Curry and Iconographer Kelly Latimore Episcopal Migration Ministries via Zoom June 23 @ 6 p.m. ET Curate Diocese of Nebraska The Church Pension Fund Invests $20 Million in Impact Investment Fund Designed to Preserve Workforce Housing Communities Nationwide Church Pension Group Cathedral Dean Boise, ID Inaugural Diocesan Feast Day Celebrating Juneteenth San Francisco, CA (and livestream) June 19 @ 2 p.m. PT Rector (FT or PT) Indian River, MI Press Release Service Diocese of Atlanta responds to Georgia governor’s plan to start reopening state In-person Retreat: Thanksgiving Trinity Retreat Center (West Cornwall, CT) Nov. 24-28 Youth Minister Lorton, VA Rector Belleville, IL Family Ministry Coordinator Baton Rouge, LA Rector Collierville, TN Rector Washington, DC Rector Pittsburgh, PA Featured Events Associate Priest for Pastoral Care New York, NY Rector Bath, NC Associate Rector Columbus, GA Rector Knoxville, TN Missioner for Disaster Resilience Sacramento, CA Assistant/Associate Rector Morristown, NJ Director of Music Morristown, NJ [Diocese of Atlanta] Atlanta Bishop Robert C. Wright on April 21 announced that he will meet with clergy prior to deciding when and in what ways to reopen the diocese’s 117 worshipping locations.Wright’s statement came in response to an announcement late April 20 by Georgia Gov. Brian Kemp that worship services are among gatherings that may resume in the state beginning April 27.“We are in a perilous time in regard to our battle to defeat the coronavirus pandemic and any action that we take will be predicated on protecting the safety and health of our diocesan family,” Wright said. “Our love for each other is our prime directive.”Wright closed worship services, events and meetings of the diocese on March 13. In a letter to clergy and parishioners, Wright said the decision was made “after much consultation and prayer, and in light of the most recent update from the CDC, I have decided to direct every congregation to move all worship and meetings online effective immediately and until further notice.” Submit a Job Listing Rector Shreveport, LA Priest-in-Charge Lebanon, OH Director of Administration & Finance Atlanta, GA Priest Associate or Director of Adult Ministries Greenville, SC Bishop Diocesan Springfield, IL AddThis Sharing ButtonsShare to PrintFriendlyPrintFriendlyShare to FacebookFacebookShare to TwitterTwitterShare to EmailEmailShare to MoreAddThis Rector Tampa, FL Episcopal Migration Ministries’ Virtual Prayer Vigil for World Refugee Day Facebook Live Prayer Vigil June 20 @ 7 p.m. ET Rector and Chaplain Eugene, OR New Berrigan Book With Episcopal Roots Cascade Books Remember Holy Land Christians on Jerusalem Sunday, June 20 American Friends of the Episcopal Diocese of Jerusalem Ya no son extranjeros: Un diálogo acerca de inmigración Una conversación de Zoom June 22 @ 7 p.m. ET Canon for Family Ministry Jackson, MS Course Director Jerusalem, Israellast_img read more

Ca Peter & Lisa / David Estal

first_imgCopyHouses, Refurbishment•Valencia, Spain Houses Projects 2015 ShareFacebookTwitterPinterestWhatsappMailOr Clipboard 2015 “COPY” photographs:  Mariela ApollonioPhotographs:  Mariela ApollonioPartner:Juan Pablo PeralesConstructor:EnsenconCity:ValenciaCountry:SpainMore SpecsLess SpecsSave this picture!© Mariela ApollonioRecommended ProductsEnclosures / Double Skin FacadesAlucoilStructural Honeycomb Panels – LarcoreEnclosures / Double Skin FacadesFranken-SchotterFacade System –  LINEAEnclosures / Double Skin FacadesIsland Exterior FabricatorsCurtain Wall Facade SystemsEnclosures / Double Skin FacadesRodecaRound Facade at Omnisport Arena ApeldoornText description provided by the architects. The house is located a plot between walls of the historic neighborhood of El Cabanyal, in one of the north-south streets parallels to the Mediterranean Sea. The project is an integral rehabilitation of a Courtyard house from 1925. The crossing plot (east-west) allows the cross ventilation and provides direct access from the street; both of them inner characteristics of the maritime urban fabric.  Its elongated rectangular plant (27,7 x 5,4 m) allows a sunny courtyard faced by the shadow of two lemon trees. The courtyard structures the main space at the front and an opposite one, smaller, located at the back. Also there is the access, through a stair adjoined to the mid wall, to a terrace placed above the small volume. The intervention is based on respecting the existing volume, with 150m2 of total surface and 106m2 of build surface.Save this picture!Floor PlanAfter the demolition, there was a research on the progressive development of the house towards the courtyard. The raised practiced in the 50s replaced the double fall down roof for both current floors, supported by a new structure of reinforced concrete. Later, it was developed three structure units with massive brick pillars, and after all, the typical lateral body of the kitchen that would end up by being closed up, completing the four structure units that remain nowadays, and getting darker the interior. Due to it, the main challenge of the project was to introduce natural light in the build space and to increase inhabitable conditions for the new owners.Save this picture!© Mariela ApollonioConsequently, the basic idea of this rehabilitation, showing the built traces and without the effort of restoration is orthopedic, has consisted of recovering those elements linked living of El Cabanyal, promoting the relation with the street, the crossed ventilation, the centrality of the court and the original height (from 3 to 4m) by means of a Mediterranean materiality that confirms the warmth of the finished ones, constructive simplicity and traditional textures with a contemporary offer of space more diapohanous than the condition previous to the build. And all this, it has been satisfactory thanks to the complicity between client, builder, architect and neighbors in a neighborhood that undoubtedly deserves this rehabilitation hopefully renewed: for what was, for what it is and for what so many citizens have fought for.Save this picture!© Mariela ApollonioProject gallerySee allShow lessHello Wood 2015: It Takes a Village to Raise Outstanding ArchitectureArchitecture NewsSwiss Students Design a Floating Pavilion on Lake Zurich for Manifesta 11Architecture News Share Spain Photographs Architects: David Estal Year Completion year of this architecture project center_img Year:  “COPY” Year:  ArchDaily Ca Peter & Lisa / David EstalSave this projectSaveCa Peter & Lisa / David Estal Save this picture!© Mariela Apollonio+ 22 Share ShareFacebookTwitterPinterestWhatsappMailOr Clipboard Ca Peter & Lisa / David Estal CopyAbout this officeDavid EstalOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesRefurbishmentValenciaSpainPublished on November 12, 2015Cite: “Ca Peter & Lisa / David Estal” 12 Nov 2015. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogLouvers / ShuttersTechnowoodSunshade SystemsCompositesMitrexPhotovoltaic Solar Cladding – BIPV CladdingMetal PanelsAurubisCopper Alloy: Nordic BronzeBathroomsGeberitBathroom Series – ONESkylightsLAMILUXGlass Skylight F100 CircularMetal PanelsTrimoQbiss One in Equinix Data CentreSignage / Display SystemsGoppionDisplay Case – Q-ClassAluminium CompositesAmerican MetalcraftAluminum Panels – Decorative Fencing for BridgesPanels / Prefabricated AssembliesULMA Architectural SolutionsWater Facade PanelDoorsLinvisibileLinvisibile Concealed Sliding Door | MareaWall / Ceiling LightsiGuzziniExterior Light – WalkyWoodPlycoWood Boards – Birch LaserplyMore products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

Syracuse, N.Y., workers expose wage theft

first_imgAndrea, fighting wage theft with the Workers’ Center-CNY.Every year U.S. bosses steal outright more than $50 billion in wages from workers. This is part of the wage theft committed by the capitalists in their rip-off of the value every worker creates — appropriating it as profit for the top 1%.The Workers’ Center of Central New York held a demonstration against this capitalist thievery on Nov. 18 in Syracuse, N.Y., on the National Day of Action Against Wage Theft. About 30 people gathered in downtown Columbus Circle. There, one speaker pointed to the statue of colonizer Christopher Columbus and condemned his role in “one of the biggest thefts of all time” — the stealing of Indigenous lands.WCCNY organizers described how outright wage theft ranges from refusing to pay workers, not paying them overtime, forcing workers to work off the clock, misclassifying them as “independent contractors,” stealing tips, paying below the minimum wage and holding back final paychecks.Speakers included Andrea, a Latina who testified how she and her wife, Lourdes, worked for hours doing hard physical labor for a subcontractor at the national restaurant chain, Cheesecake Factory. Then he disappeared without paying them. But a militant confrontation by the WCCNY workers and their allies made the company cough up their checks overnight.Rebecca Fuentes and Nikita Slade, WCCNY organizers, stressed that the organization is preparing for Trump’s assault on immigrant workers and called for solidarity. Howie Hawkins, a Teamster and former Green Party candidate for New York governor, exposed systematic wage theft at his United Postal Service workplace. He motivated the need for collective action, especially unionization. A local Walmart worker announced a “Black Friday” action linked to the Fight-for-$15 campaign. An occupational therapist spoke about the terrible consequences of wage theft on the health of workers and their families.Protesters chanted, sang and staged political theater while passing cars honked in support and lunchtime workers reached for fliers. When a UPS truck pulled up at a stoplight, one person grabbed a flier and jumped to hand it to the driver — to stress the unity of the rally’s precarious workers with union struggles.Fuentes ended with “Si se puede!” (“Yes! We can!”) and a call for stepped-up organizing of workers. She stressed the need for a New York statewide campaign to make driver licenses available to all people, regardless of their documentation.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Oil Ends at 1-Month Low as Doubts Grow Over OPEC Output…

first_img Oil Ends at 1-Month Low as Doubts Grow Over OPEC Output Deal Home Energy Oil Ends at 1-Month Low as Doubts Grow Over OPEC Output Deal Oil futures tumbled Monday after a weekend meeting of major oil producers left doubts over their ability to complete proposed output cuts. West Texas Intermediate crude for December deliver fell $1.84, or 3.8%, to end at $46.86 a barrel.With the official meeting of the Organization of the Petroleum Exporting Countries only a month away, many market watchers openly doubt whether the cartel can organize consensus on cutting production in time.In a meeting in Vienna over the weekend, non-OPEC members Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia all refused to commit to cut or even freeze production until there was agreement among OPEC member states. Within OPEC, Iraq and Iran continue to insist on exemptions from output cuts. “Don’t worry though. OPEC will meet again in a month from now. We can expect them to build up our expectations until then, but please don’t buy into the hype,” wrote Mati Greenspan, senior market analyst at eToro, in a note.Morgan Stanley said in a note that the recent discussions with non-OPEC members aimed at increasing market confidence only succeeded in achieving the opposite. “After meeting in Vienna, OPEC remains at an impasse. Non-OPEC members are also refusing to join until OPEC formalizes an agreement, with several refusing to cut at all,” analysts from the bank said.Meanwhile, the U.K.’s Barclays has predicted higher oil prices in 2017, regardless of the outcome of the OPEC meeting on Nov. 30. In a note, the bank said that the winter months should see large reductions in global stock levels leading to a much tighter market in 2017 than has been witnessed in 2015 and 2016.The bank added that prices should average in the low $50-a-barrel range for the remainder of the fourth quarter and then rise to average $57 a barrel in 2017. Facebook Twitter SHARE By Hoosier Ag Today – Nov 1, 2016 SHARE Facebook Twitter Previous articleDuPont Pioneer Harvest Update 10/31/16Next articleUSDA Announces Enrollment Period for Safety Net Coverage in 2017 Hoosier Ag Todaylast_img read more

Bike the Vote LA Endorses Tricia Keane for Council District 2

first_img Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. More Cool Stuff Government Bike the Vote LA Endorses Tricia Keane for Council District 2 Published on Wednesday, February 26, 2020 | 3:04 pm Top of the News Subscribe 8 recommendedShareShareTweetSharePin it Community News Name (required)  Mail (required) (not be published)  Website  Community News HerbeautyStop Eating Read Meat (Before It’s Too Late)HerbeautyHerbeautyHerbeauty10 Special Beauty Tips That Make Indian Women So BeautifulHerbeautyHerbeautyHerbeautyNerdy Movie Kids Who Look Unrecognizable TodayHerbeautyHerbeautyHerbeauty10 Ways To Power Yourself As A WomanHerbeautyHerbeautyHerbeautyWeird Types Of Massage Not Everyone Dares To TryHerbeautyHerbeautyHerbeauty9 Of The Best Metabolism-Boosting Foods For Weight LossHerbeautyHerbeauty Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday center_img faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Business News Make a comment [Update: A previous version of this story contained a paragraph that could have been mistaken as an endorsement by Pasadena Now, Pasadena Now has not endorsed any candidates.]Pasadena City Council candidate Tricia Keane has earned the endorsement of Bike the Vote LA in her race for Pasadena City Council District 2.Bike the Vote LA released their Pasadena Voter Guide stating: “As Pasadena stands at a crossroads between looking forward towards a more people-oriented and equitable city and one paralyzed by fear of change; Keane has decidedly focused her campaign with an optimistic vision of moving the city forward on housing, economic and social justice, and sustainability. We appreciate Keane’s bold vision for a Pasadena that leads the way to solve the difficult challenges that the city shares with its neighbors across Los Angeles County. Bike the Vote L.A. is honored to endorse Tricia Keane for Pasadena City Council District 2.”Tricia Keane graduated with honors from UCLA Law School, clerked for the Hon. James S. Gwin, US District Court for Northern District of Ohio, and for the past 13 years worked in local government overseeing planning, housing, and improving connectivity with mass transit.“Pasadena is facing a crisis of housing and homelessness. People who live and work in Pasadena are being priced out of our community. We need someone dedicated to solutions, not the status quo to tackle our affordability crisis,” stated Tricia Keane.Tricia Keane laid out a bold vision of tackling Pasadena’s crisis of mobility, including accelerating the implementation of Pasadena’s Safe Streets & Safe Routes to School, improving local bus service, and developing a robust network of protected bike lanes. Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy First Heatwave Expected Next Week EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Your email address will not be published. Required fields are marked *last_img read more

New locations for Limerick bike rental scheme

first_imgNewsTransportNew locations for Limerick bike rental schemeBy Editor – November 5, 2017 3954 Call for rent controls and a ban on economic evictions TAGSCian PrendivilleCoke ZeroCorballyCounty HallDooradoyleHyde RoadJames CollinsJohn GilliganlimerickLimerick Institute of TechnologyUHL Print Twitter Linkedin Caesarian rate up at Limerick maternity hospital Advertisement WhatsApp Previous articleLimerick’s economic opportunities highlighted at Dublin eventNext articleCouncil asked to speed up Limerick City housing project Editor center_img Planning a vibrant inclusive and intercultural Limerick Email Watch: Sheil confident Pike can compete on all fronts in 2018/2019 Young Social Innovators award for St Munchin’s RELATED ARTICLESMORE FROM AUTHOR HYDE  Road and the Limerick Institute of Technology are the most recent locations for the Coke Zero Limerick city bike scheme, members of the Metropolitan District of Limerick City and County Council have been told.And Cllr James Collins (FF) has asked that the local authority approach those in charge of the scheme to “extend it to Corbally, County Hall, the University Hospital and Doodradoyle. We need to transport people in and out from the suburbs”.He was speaking on a motion from Solidarity councillor Cian Prendiville who wanted the scheme bosses to iron out problems with existing stands for the bikes.Sign up for the weekly Limerick Post newsletter Sign Up “This is a very positive scheme but there is a problem with some of the stands. There are times when you go to the stands and they’re not on-line at all. It seems that the spending on maintenance is not what it should be. Once people are let down in trying to use them  three of four times, they stop relying on them”.Councillors were told that a bike stand at King John’s  Castle, which had been out of order for some time, is to be brought back into use.The news was welcomed by Cllr John Gilligan (Ind) who said the stand “was vandalised on the first night it was there”. Limerick’s bicycle doctors head for the hospitals Facebooklast_img read more

6 killed in 130-vehicle pileup on icy Texas interstate

first_img Facebook TAGS  6 killed in 130-vehicle pileup on icy Texas interstate Emergency responders work at a multi-car pileup on Sate Highway 45 near Briarwick Drive on Thursday, Feb. 11, 2021, in Austin, Texas. Facebook Twitter Local NewsStateUS News WhatsAppcenter_img Twitter Pinterest By Digital AIM Web Support – February 11, 2021 Pinterest WhatsApp Previous articleVikes add DB coach Scott, Zimmer pal Guenther, kicker JosephNext article‘Overwhelm the problem’: Inside Biden’s war on COVID-19 Digital AIM Web Supportlast_img read more

FHFA, Treasury Announce Changes to GSE Regulations

first_img Related Articles The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago January 15, 2021 13,327 Views The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury (Treasury) announced amendments to the Preferred Stock Purchase Agreements (PSPAs) which will allow GSEs Fannie Mae and Freddie Mac​ to continue to retain earnings until they satisfy the requirements of the 2020 enterprise capital rule, the FHFA announced in a press release.”Today’s agreement that allows Fannie Mae and Freddie Mac to continue retaining earnings is a step in the right direction, but more hard work remains,” FHFA Director Mark Calabria said. “Capital at Fannie Mae and Freddie Mac protects the housing finance system and taxpayers. Retained earnings alone are insufficient to adequately capitalize the enterprises. Until the enterprises can raise private capital, they are at risk of failing in the next housing crisis.”Additionally, Treasury has agreed that the GSEs can raise private capital and exit conservatorship once certain conditions are met. To facilitate GSE equity offerings, Treasury has committed to work to restructure its investment in both Fannie and Freddie.​National Association of Realtors (NAR) President Charlie Oppler issued a statement in response to the FHFA announcement.”While NAR appreciates administration efforts to ensure market stability and liquidity during the ongoing pandemic, the nation’s largest trade association is concerned these changes would limit the enterprises’ ability to appropriately serve the overall U.S. housing market as intended, most notably as it relates to first-time buyers, those in underserved communities, investor properties, and second home purchases,” the NAR press release read.The GSEs buy loans from lenders and bundle them into securities, explains the NAR notice, which they sell to investors with a guarantee. However, in order to back these guarantees, they need loss-taking capital.NAR says it has long supported GSE reforms and continues to advocate for beneficial changes made since the 2008 financial crisis.According to NAR, yesterday afternoon, the trade association brought together policy, academic and financial market experts to discuss the benefits of NAR’s market utility option for consumers, taxpayers, and markets.”Any considerations to limit financing on second homes, investor properties or entry-level borrowers will have a negative impact on borrowing costs and a broader impact on the rental market,” Oppler continued. “This would only undermine the GSEs’ ability to fund many of their charter duties and appropriately serve U.S. taxpayers and consumers.” Sign up for DS News Daily Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Senior Housing Wealth Reaches Record $7.82 Trillion Next: The Week Ahead: Servicing Challenges in Uncertain Times Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post 2021-01-15 Christina Hughes Babb Home / Daily Dose / FHFA, Treasury Announce Changes to GSE Regulations Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly,, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Servicers Navigate the Post-Pandemic World 2 days ago FHFA, Treasury Announce Changes to GSE Regulationslast_img read more

Transitional Provision: A Light On Hit-And-Run Mechanism Under The GST Law

first_imgColumnsTransitional Provision: A Light On Hit-And-Run Mechanism Under The GST Law Daksh Pareek15 Dec 2020 1:42 AMShare This – xIndirect Tax regime witnessed a paradigm shift with the Goods and Services Tax Act, 2017 (hereinafter referred to as the ‘GST Act’ in short) coming into force w.e.f 01st July, 2017. What is officially known as the Constitution (One Hundred and First Amendment) Act, 2016, the GST Act, conferred concurrent taxing power on the Union as well as the State Government including Union…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginIndirect Tax regime witnessed a paradigm shift with the Goods and Services Tax Act, 2017 (hereinafter referred to as the ‘GST Act’ in short) coming into force w.e.f 01st July, 2017. What is officially known as the Constitution (One Hundred and First Amendment) Act, 2016, the GST Act, conferred concurrent taxing power on the Union as well as the State Government including Union Territory with legislature to make laws for levying tax on every transaction of supply of goods or services or both. The GST Act sought to subsume various Central as well as State indirect tax legislations, which seems nothing but a farrago of levies imposed at different echelons. Removal of ‘cascading tax effect’ has always been a complex assignment when it comes to indirect tax legislation and so has been for the GST Act also. Cascading effect in literal term is called tax on tax, which occurs when the goods or services or both are taxed on every stage of production and continues till it reaches the final consumer. It means each succeeding transfer being taxed is inclusive of tax charged or levied on preceding stage. Cascading Tax Effect in pre-GST regime era The Indirect Taxation Enquiry Committee constituted in 1976 under L.K. Jha, recommended, inter-alia, implementation of input tax credit mechanism of value added tax at manufacturing level (MANVAT). In 1986, the recommendation of Jha committee was partially implemented which was called modified value added tax (MODVAT). Input tax credit, in principal means reducing the tax liability, at the time of sale by claiming credit of the tax to the extent it was paid at the time of purchase. However, at the inception it was limited to the selected inputs and manufactured goods having one-to-one correlation between manufactured good and input. The Tax Reform Committee, in the year 1991 was appointed which recommended the expansion of tax regime by bringing services under the ambit of taxation. As explained above the credit for manufacture was provided under the MODVAT and with introduction of Service Tax, credit was also allowed for those services which can be classified as input service required for final rendition of services. In the year 2000, the MODVAT was then replaced by a single and unified provision thereby allowing cross utilization of credit called as Central Value Added Tax (CENVAT). CENVAT, has been a pivotal concept under the erstwhile indirect tax regime and has been fruitful, in removing the cascading effect to a great extent. It has served as a beneficial piece of legislation by amplifying its scope thereby allowing the credit of service, input goods and capital goods to be used for payment of central excise and service tax. So far as indirect tax legislation at the level of State is concerned, introduction of VAT has removed the cascading effect by giving set-off for tax paid on inputs as well as tax paid on previous purchases and has again been an improvement over the previous sales tax regime. Both CENVAT as well as VAT however, still struggle on coadunation dearth. There still are certain taxes at state level such as Entertainment Tax, Luxury Tax which are not subsumed under the VAT and therefore, VAT could not be utilized for payment of these taxes. As India moved towards the value added tax both at centre as well as state level, a formidable task of integration of Centre VAT and State Vat was still buoyant mirage. As an inevitable consequence of reform process, the Government fathomed the conundrum of integrating the Centre VAT and State Vat and finally came out with what can be said to be a biggest fiscal reform in the Country i.e., the GST Act.Cascading Tax Effect in post-GST regime era GST Act, came to be implement with an object inter-alia, to annihilate the cascading effect and lower down the burden of tax on ultimate consumer. The GST had to be more au fait, when it comes to removing of cascading effect as it only would deal with the credit accruing under the GST i.e., input tax credit but would also provide for the credit already accrued under the erstwhile indirect tax however, not utilized i.e., transitional credit. Implementation or replacement of new fiscal law from an older version has never been easy, as there exists impediments for transition from old law to new law and therefore, to cull out those impediments, law provides for transitional provisions. GST Act is no different so far as transition provision is concerned. Transitional arrangement for input tax credit is provided under section 140 of the GST Act, which initially read as under: “(1) A registered person, other than a person opting to pay tax under section 10, shall be entitled to take, in his electronic credit ledger, the amount of CENVAT credit of eligible duties carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished by him under the existing law within such time and in such manner as may be prescribed.” The provision was enacted in such a manner so as to claim the amount of input credit admissible in existing law as well as GST regime. The purpose of enacting transitional provisions was apparent, to remove the cascading effect which can be faced by the taxpayers, whilst taxpayers walking from the gate of old law and entering into new law. The manner for claiming transitional credit has been provided under Rule 117 of the CGST Rules, 2017, which further provides for time period of 90 days for filing form GSTR TRAN-1 for claiming input tax credit. Interesting to note is that the legislature made blunder in failing to provide legal empowerment under section 140 to prescribe for time limit. So rather than providing under the main provision it was provided under the delegated legislation. Realizing the mistake, the government came with an amendment in the section 140(1) of the Central Goods and Services Tax Act, 2017 and inserted “within such time” w.e.f 01.07.2017, brought in force w.e.f. 18.05.2020. The amendment brought in force w.e.f 18.05.2020, clearly has a retrospective effect and the same came as result to judgment pronounced by various High Courts all throughout the Country accepting that the transitional credit is a vested right and the same cannot be taken away by stipulating time frame in Rules and time the prescribed therein is directory in nature and not mandatory. Therefore, claim of transitional credit is allowable even after the lapse of time notified. Transitional arrangement provided under the GST Act, however has been a matter of debate since inception. Various Courts throughout the country has developed their own jurisprudence whilst providing relief to the taxpayer from the Government’s hit and run method.Judicial Intervention The matter came up before the Punjab and Haryana High Court, as Adfert Technologies Pvt. Ltd. v/s Union of India, wherein the Court deciding the matter in favour of the assessees, held the transitional credit admissible even after lapse of time. The controversy also saw the doors of Bombay High Court and the Court, laying new stone to concrete the controversy in the case of Nelco Ltd. v/s Union of India, held the transitional credit to be vested right of a assessee and the same cannot be taken away by prescribing time limit in the Rules. It was further held that the time period prescribed in rule is directory in nature and not mandatory. Similar view has been taken by the Delhi High Court in the case of Brand Equity Treaties Ltd. v/s Union of India, it has been held therein that the time prescribed under the Rule 117 of the CGST Rules, 2017, for filing claim of transitional credit in directory in nature and would not result in forfeiture of right. Interesting to see is whilst the SLP filed against the order of Punjab and Haryana High Court, has been dismissed by the  Supreme Court. The  Supreme Court has granted stay in an appeal against the order of Delhi High Court. The Government has brought in force the notification No.43/2020 Central Tax on 16.05.2020, which seeks to in force the amendment in Section 140 as introduced vide Finance Act, 2020. The actions of the Central Government shows that an attempt has been made to fill the lacunae in law and nullify the effect of orders passed by various High Courts. The actions on the part of Government, however, would hardly make any difference. Analysis The retrospective amendment given to the section 140 of the Central Goods and Services Tax Act, 2017, would hardly make any difference, as even the amended provisions would not result in lapse of credit. The action of the Government in challenging the decision of the Delhi High Court, appears to be bereft of any logic. As on one hand the Government is introducing schemes like Sabka Vishwas Legacy Dispute Resolution Scheme (“SVLDRS”), to stimulate the liquidity in market, collect funds and resolve ongoing dispute pertaining to pre- GST regime and on the other hand by not allowing credit to the assessees, are giving rise to unwarranted litigation. Views are personal.(Author is a practicing Lawyer at the Rajasthan High Court, Jaipur Bench)Next Storylast_img read more