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VAT Insider: Stay Up-to-Date with the Latest Tax Developments - Week 27, 2023 - My Vat Calculator

VAT Insider: Stay Up-to-Date with the Latest Tax Developments – Week 27, 2023

"Promoting Positive Parenting: Irish Parents Embrace Compliments and Embracing Failure as Vital Lessons for Children's Growth"

In today’s society, parents are often encouraged to give compliments to their children and teach them that it’s okay to fail. This emphasis on positivity and self-esteem has become a prevalent topic of discussion. However, it’s important to consider the potential drawbacks of this approach.

While it’s undoubtedly beneficial for children to receive encouragement and support, there is a fine line between nurturing their self-esteem and becoming overly pushy. Additionally, the culture of social media has further amplified the importance of validation and popularity. Likes, kudos, hearts, and thumbs-ups have become the currency of online interactions, with individuals striving to accumulate as many as possible. This can create a self-fulfilling prophecy, where popular users continue to gain popularity regardless of the quality of their content. As a result, people are more focused on seeking external validation rather than forming their own opinions and thinking critically.

The impact of this obsession with likes and validation was recently highlighted in a court case in Canada. A judge ruled that a thumbs-up emoji could be considered a valid signature and used to enter into a binding legal contract. The case involved a farmer who received a text message asking if he could provide “flax” to several grain producers. In response, the farmer sent a thumbs-up emoji, intending to confirm the receipt of the message. However, the judge interpreted this as acceptance of the contract, leading to a breach and subsequent damages of CAD 82k plus interest. This ruling serves as a reminder to be cautious when engaging with social media content, even if it’s just a simple like.

It’s essential to consider the intention behind your likes and the message they convey. Do you genuinely appreciate the content or the person behind it? Or are you simply acknowledging the effort put into the post, even if you disagree with the argument? Mindlessly liking posts can perpetuate a culture of superficiality and conformity, where popularity is prioritized over critical thinking. Instead, we should strive to be more thoughtful and discerning in our online interactions.

Moving away from the realm of social media, let’s shift our focus to the world of taxation. In India, there have been several significant developments in the realm of Goods and Services Tax (GST). The government is considering exempting cancer drugs from IGST, which would provide much-needed relief to patients. Additionally, the GST Council is looking to tighten registration rules, making physical verification mandatory in “high-risk” cases. This move aims to curb tax evasion and ensure compliance.

In Gujarat, the number of active GST taxpayers has seen a significant increase of 124% over the past six years. This growth reflects the state’s commitment to GST compliance and the positive impact it has had on businesses. However, there is still room for improvement, and the government is actively working on simplifying the tax regime further.

Meanwhile, the Central Board of Indirect Taxes and Customs (CBIC) has waived the filing of GSTR-9 and GSTR-9C for businesses with a turnover of up to 2 crores and 5 crores, respectively. This move aims to reduce the compliance burden on small and medium-sized enterprises. Additionally, there are ongoing discussions about making more GST-related data public, which would increase transparency and accountability.

In conclusion, while it’s important to provide encouragement and support to children, we must be mindful of the potential pitfalls of excessive praise and validation. Likewise, in the realm of social media, we should strive to be more discerning in our interactions, focusing on meaningful engagement rather than seeking popularity. In the world of taxation, there are ongoing efforts to streamline the GST system and promote compliance. These developments aim to create a fair and transparent environment for businesses and taxpayers alike.

Barry Caldwell

Barry Caldwell

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