Ghewar B. Purohit & Associates

Good information for all....

India announced on February 15 that the 'Most Favoured Nation' (MFN) status given to Pakistan stands withdrawn, in the wake of the heinous terrorist attack in Pulwama district of Jammu and Kashmir the previous day, which left over 39 CRPF personnel dead. Jaish-e-Mohammed claimed responsibility for the attack.

But, what is the significance of this status and what will Pakistan lose after it is taken away?

*What is MFN?*

The Most Favoured Nation clause is the first clause in the General Agreement on Tariffs and Trade (GATT) by the World Trade Organisation (WTO). It is a treatment accorded by one state to another to ensure non-discriminatory trade practices between the two countries vis-à-vis other trade partners.

This clause requires countries to provide any concessions or privilege granted to one nation, to all other World Trade Organisation (WTO) member countries. Even though the term suggests favouritism towards one particular nation, it stands for equal treatment of all countries with regard to trade.

Pakistan stands to lose concessions on tariff, freer markets and a free flow of goods that come with the MFN status. These perks are beneficial for the participating countries as they provide local goods wider access to markets, but it may also lead to price wars and make domestic industries vulnerable.

*When did India grant MFN to Pakistan?*

India gave Pakistan the status in 1996, a year after the WTO was formed. Prime Minister Narendra Modi had put the status under review after the Uri attacks of 2016, but it was only revoked earlier today after the Cabinet Committee on Security met to discuss the security situation in Kashmir.

Pakistan, however, did not grant India the same status. In November 2018, Pakistan government officials had said they did not have any immediate plans to grant India the status but they were working on free trade agreements with many countries, including China.

*Likely impact*

The move is likely to hit Pakistan’s exports to India which were $381 million in the April-November period compared with $489 million in all of FY18. India’s major imports are fruits and nuts, gypsum, sulphur, finished leather, ores, mineral oils and cement.

The new tariff of 200% is higher than India’s average bound rate for agricultural products of 113.5% and that for non-farm goods of 34.6%. The MFN applied rates are 32.8% and 10.7%, respectively for farm and non-farm products.

1.Under IDS specially mentioned that income part of black money or earned through Corruption can't be declared under IDS Scheme. So technically this scheme for honest persons who are forgotten to disclosed in thier past returns.
2. Corrupted Govt. employees, Politicians who have black money are free. No action till date.
2.Govt. by creating pressure on tax payers got success in IDS. but now they have to take action upon such Corrupted Govt. employees n Politician.
2. That black money may use for our India Army and for development/Improvement of our Country Infrastructures. 3. Now govt. has started a scheme for collecting fund for our Indian Army ie. 1 rupees in Army a/c scheme so our Army can purchase new machines etc... It is good we have to support our Army.
3. It is duty of only citizen who have already paying huge taxs . And no duty of Politician/Govt. employees to give one day salary or meeting fees to our Indian Army?

let's raise your voice ....
As a citizen

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Tds return filing due date extended

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Let us Look Behind us with Understanding...Look ahead with Faith...and Look Around Us with Love,Care and Empathy.
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HAPPY NEW YEAR.
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File your income tax return of 2013-14 on or before 31.03.2015 ( last to last date )...and avoid penalty and other consequences.