Midnight makeover – The Hindu (Jul 01, 2017)

Midnight makeover – The Hindu (Jul 01, 2017)

In a landmark reform, India today switches to a new indirect tax system, the Goods and Services Tax. For further reading, visit “The Hindu”.

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Courtesy: The Hindu

Word List-1

1. makeover (noun) – improvement, transformation/refinement, betterment.
2. subsume (verb) – include/absorb, encompass, incorporate.
3. levy (verb) – impose, collect, charge (a tax/fee/fine).
4. mop up (phrasal verb) – absorb, receive, collect/gather.
5. exchequer (noun) – funds, resources/finances, treasury.
6. in the making (phrase) –  burgeoning, coming, developing.
7. political will (noun) – political intention/desire (to complete a scheme/project even if it is not admired/welcomed in the beginning).
8. pull off (phrasal verb) – achieve, succeed in, accomplish.
9. regime (noun) – system, arrangement, scheme.
10. lobbying (noun) – the act of attempting to influence (the government / its official group/elected legislators) to create  the actions, policies, or decisions to help a particular organization.
11. rent-seeking (noun) – a behaviour which does not create economic gains for society, instead it helps a company/organisation/individual using their resources to get economic gain.
12. optimal (adjective) – finest, greatest, most favourable.
13. bureaucracy (noun) – a system of government, the systems, authorities, officials.
14. anxious (adjective) – worried, concerned, apprehensive.
15. defer (verb) – postpone, delay, put off.
16. on hold (phrase) – postpone, defer, delay.
17. intermediary (noun) – mediator, negotiator, intervenor/arbitrator.
18. mandate (verb) – authorize, depute, appoint/nominate.
19. think on one’s feet (phrase) – react to events rapidly, effectively, and intelligently to new developments or changing circumstances without prior thought.
20. tax incidence  (noun) – tax burden falls on the public.
21. stringent (adjective) – strict, precise, firm/rigid.
22. anti-profiteering (adjective) – relating to a clause which acts against a person who makes excessive profit illegally.
23. interpret (verb) – explain, elucidate/explicate, clarify.
24. transitory (adjective) – temporary, short-lived, short-term.
25. informal economy (noun) – informal sector, grey economy is the part of an economy that is neither taxed, nor monitored by any form of government.
26. tax buoyancy (noun) –  an indicator to measure efficiency and responsiveness of revenue mobilization in response to growth in the GDP or National income.
27. spurt (noun) – a sudden burst, increase of activity.
28. strive (verb) – make an effort, try hard, aim/attempt.
29. rationalise (verb) – streamline, make more efficient, hone/simplify.
30. hiccup (noun) – temporary difficulty, issue, trouble.
31. inevitable (adjective) – unavoidable, unpreventable, certain.
32. consensus (noun) – an idea or opinion that is shared by all the people in a group. agreement, concurrence.
33. federal (adjective) – relating to a system of government in which a number of (individual) states form a unity but remain independent in internal affairs.

Note:

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2. Definitions (elementary level) & Synonyms provided for the words above are my personal work and not that of Oxford University Press. Tentative definitions/meanings are provided for study purpose only and they may vary in different context. Use it with the corresponding article published on the source (website) via the link provided. 

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