The Hindu Editorial Vocabulary – Set 22

The Hindu Editorial Vocabulary Words with Meanings for various Exams: SBI PO/Clerk, IBPS PO/Clerk, RRB, RBI, LIC, NABARD, SEBI, SSC, UPSC, IPPB, etc.

We are providing vocabulary words from the Editorial articles of The Hindu newspaper which is important for all upcoming competitive exams. Add some more words to your English vocabulary words list.

 

TOPIC – Tax policy in trying times

(The events of the pandemic show how it is the need of the hour to modernise India’s archaic tax laws)

The word ‘lockdown’, which is Collins Dictionary’s word of the year, sums up the pain that the world underwent in 2020. As a result of the pandemic­induced lockdown, India’s GDP contracted consecutively for two quarters from April to September 2020. Some have gained from the pandemic. India’s super-rich only became richer in the first half of the year — in some instances by over three times. Between January and June, 85 new Indians were added to the list of High Networth Individuals (with a net worth of more than $50 million). While this happened, the economy was on the verge of plunging into recession. Those dealing in stock exchanges also gained. It is amazing that when the GDP is contracting, some stocks are surging to phenomenal heights. The third set of gainers comprises corporate houses, Internet service providers, laptop makers, and scientists engaged in medical research. The fourth set comprises manufacturers of masks and Personal Protective Equipment. Indian dealers have taken to this new business like fish to water. But for most of the country, the pandemic led to unemployment and an increase in poverty levels. The migrant crisis revealed how thousands struggled to make ends meet. The government intervened. Pure economics dictates a big fiscal stimulus at the time of falling GDP and unemployment. But the government chose to rely more on monetary policy like credit easing and liquidity flow. Even here, there were no cuts in rates despite the fact that the real interest rate was falling. The fiscal stimulus was provided in stages and stood at merely 2% of the GDP compared to Japan’s fiscal stimulus (21% of the GDP), Brazil’s (10%) and China’s (7%). Corporate profits have risen sharply at the expense of wages and small and medium enterprise profits. Corporate tax rates have been lowered to moderate levels but multilateral corporates have found an easy way to make big money in the time of COVID­19. Digitalisation and e-­commerce have made their job simpler. The tax administration is struggling with the implementation of the equalisation levy. Non­resident e­-commerce operators were brought within the scope of this levy by the Finance Act of 2000. Online sales of goods and services will be taxed at 2%. Clarity is required in implementation. The taxation of multinational corporations  has become a perennial problem. The nexus rule versus residence rule haunts tax administrations in all countries where multinational corporations operate. Digital taxation has to be amended in accordance with the UN Model Convention. There is need for India to act in sync with the OECD. Canada plans to levy new taxes on foreign technology companies to increase government revenues. Tax avoidance by global web companies has become acute because of digitalisation. In the field of indirect taxes, the government has been vigorously following whether  multinational companies are passing on the benefits of tax reduction to consumers.

 

The Hindu Editorial Words with meanings, synonyms and antonyms 

 

Archaic (adjective) – Very old-fashioned

Synonyms – antiquated, obsolete, Antediluvian, extinct, passé

Antonyms – modern, futuristic, contemporary, voguish, neoteric

 

Sum up  (verb) – Give a brief summary of something

Synonyms – precis, recapitulate,  encapsulate, epitomize, synopsize

Antonyms – firstly, supplement, stretch, protract, proceed

 

Verge (noun) – The limit beyond which something happens

Synonyms – edge, brink, periphery, brim, wand

Antonyms – middle, retreat, cunt, vulva, snatch

 

Phenomenal (adjective) – Very great or impressive

Synonyms – extraordinary, incredible, exceptional, marvelous, stunning

Antonyms – ordinary, vile, mainstream, substandard, prosaic

 

Intervened (verb) – To act in a way that prevents something happening

Synonyms – interpose, interrupt, intercede, intrude, arbitrate

Antonyms – ignore, disregard, shun, mingle, fuse

 

Stimulus (noun) – Something that provokes or causes an action

Synonyms – incentive, spur, impetus, incitement, provocation

Antonyms – deterrent, hindrance, damper, awkwardness, impediment

 

Perennial (noun) – Continuing more than two years

Synonyms – everlasting, eternal, enduring, perpetual, imperishable

Antonyms – brief, biennial, temporary, intermittent, shed

 

Nexus (noun) – A complicated series of connections between different people or things

Synonyms – tie, vinculum, junction, ligature, concatenation

Antonyms – division, severance, split, segregation, rupture

 

Haunts  (verb) – To appear in a place regularly

Synonyms – torments, dens, stalk, harasses, frequent

Antonyms – support, soothe, relieve, blessing, rejoice

 

Acute (adjective) – Becoming dangerous very quickly

Synonyms – sharp, astute, penetrating, shrewd, piercing

Antonyms – obtuse, dull, blunt, imperceptive, dense

 

Vigorously (adverb) – Done with force and energy

Synonyms – strongly, strenuously, mightily, robustly, determinedly

Antonyms – slowly, sluggishly, euphorically, dully, wearily

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