The Hindu Editorial (The rate reset) – Nov 27, 2021

Since its onset in 2017, the GST regime to subsume multiple State and Central levies was criticised for far too many tax rates that were amenable to creating complications instead of simplifying taxation. For further reading, visit “The Hindu”. Below is today’s word list-2 for The Hindu Editorial (The rate reset) – Nov 27, 2021.

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The Hindu Editorial (The rate reset) – Nov 27, 2021:

reset (noun) – re-setting; re-establishment, reboot.
slash (verb) – reduce, lower, bring down.
slab (noun) – category.
as is (phrase) – in the current situation.
tinker with (verb) – tamper with, interfere with, meddle with, mess around with, play with.
onset (noun) – start, beginning, arrival.
regime (noun) – system.
subsume (verb) – include, incorporate, absorb, encompass.
levy (noun) – tax, tariff, excise, toll, fee.
far too (phrase) – way too, much too.
amenable to (adjective) – susceptible, responsive, reactive.
complication (noun) – difficulty, problem, issue; obstacle, impediment.
stabilise (verb) – reinforce, fortify, strengthen, secure, make stronger.
taxation (noun) – the act of levying or imposing a tax by a government/the taxing authority.
reboot (noun) – reset, re-establishment.
fall short of (phrase) – fail to meet/reach; be deficient/inadequate/insufficient.
set up (phrasal verb) – create, start, begin, initiate, institute, establish.
GST Council (noun) – a federal body (established under article 279A of the Constitution) that aims to bring together states and the Centre on a common platform for the nationwide rollout of the indirect tax reform.
road map (noun) – schedule of a (complex) program.
mandate (noun) – instruction, direction, order, requirement.
mark (verb) – indicate, signify, represent, denote.
expansion (noun) – increase, growth, development.
rationalise (verb) – streamline, make more efficient, hone, simplify, reorganize.
bolster (verb) – strengthen, support, reinforce/buttress.
recap (verb) – summarize, sum up.
GST Compensation (noun) – Under the GST law (In India), state governments are guaranteed full compensation for any revenue loss for the first five years after the introduction of the goods and services tax (GST) in July 2017. The compensation is a gap between actual revenue collected and projected revenue.
compensation (noun) – payment, repayment, settlement (for loss/damage).
cess (noun) – a form of tax charged/levied over and above the base tax liability of a taxpayer. A cess is usually imposed additionally when the state or the central government looks to raise funds for specific purposes.
sin/demerit goods (noun) – goods which are deemed/considered as harmful to society and individuals, for example alcohol and tobacco, etc.
luxury/upmarket goods (noun) – goods which are deemed/considered as expensive ( & non-essential) and are associated with wealthy or affluent people, for example luxury jewelry, watches, designer apparel and footwear and luxury travel goods, etc.
slip (verb) – decrease, drop, decline, slump, tumble, plunge, plummet.
due to (phrase) – because of, owing to, on account of, as a result of.
rate cut (noun) – a decision by a central bank (like RBI in India) to reduce its main interest rate to the banks (like SBI, ICICI & etc in India) when these commercial banks get money from the central bank. Once this rate goes down, the banks are in a position to give loans at lower interest rates to individuals and the industry.
stem from (phrasal verb) – originate from, arise/come from, emanate from.
hasty (adjective) – hurried, rapid/quick; reckless, ill-considered, ill-advised.
hardship (noun) – distress, suffering, affliction, trouble.
tweak (noun) – adjustment, modification, alteration, change, adaptation.
dynamics (noun) – basic/fundamental cause or force that triggers change within a system.
envisage (verb) – expect, intend, propose, envision, contemplate.
account for (phrasal verb) – constitute, make up, comprise, form, represent.
National Institute of Public Finance and Policy (NIPFP) (noun) – The National Institute of Public Finance and Policy (NIPFP) is a centre for research in public economics and policies. Founded in 1976, the institute undertakes research, policy advocacy and capacity building in areas related to public economics.
point out (phrasal verb) – identify, mention, indicate, draw attention to.
entail (verb) – necessitate, make necessary, demand, call for, require.
offset (verb) – even up, counterbalance, equalize, neutralize; make amends for, compensate for.
spectrum (noun) – wide range of something; scale, scope, ambit.
untouched (adjective) – unaffected, unchanged, uninfluenced, unspoiled, undamaged.
contentious (adjective) – controversial, disputable, debatable.
bullion (noun) – gold/silver in bulk quantity.
reportedly (adverb) – supposedly, seemingly, apparently, professedly, ostensibly, purportedly.
spur (verb) – stimulate, encourage, prompt, galvanize.
tax evasion/terrorism (noun) – an illegal action in which a person or company purposely avoids paying a true tax liability.
sequence (verb) – arrange (in a specific method).
implementation (noun) – execution, enforcement, imposition.
rethink (noun) – reconsideration, review, re-examination, reassessment, re-evaluation.
disruption (noun) – disturbance, interruption, obstruction.
engender (verb) – cause, give rise to, bring about, produce, create, (a particular feeling, atmosphere, or situation).
address (verb) – tackle, deal with, attend to, try to sort out.
flag (verb) – indicate, identify, point out.
reflect (verb) – indicate, show, display, demonstrate, reveal, exhibit.
compliance (noun) – conformity, observation, adherence.
trigger (verb) – cause, produce, bring about, prompt.
pander to (verb) – to do or say something to satisfy someone or someone’s (wrong) desire in order to get some advantage/benefit from it; satisfy, fulfil, indulge, gratify, soap.
consideration (noun) – factor, issue, point, concern, aspect, facet, feature.
resolve (noun) – decision, resolution, intention; determination.
carry out (phrasal verb) – conduct, perform, implement, execute, bring about.