Understanding Shipping Safety with SOLAS

Why SOLAS? Seafaring was in vogue during the 19th and early 20th century when air carriers were yet to set a firm footing in international transport. Passenger transport through ships was much more frequent than it is today, and so were the accidents and disasters that took place along with it. The annual loss of life from British ships alone averaged between 700 and 800 during this period. When the invincible, White Star Liner Titanic, the safest ship of her times, drowned in the Atlantic in 1912 killing more than 1500 passengers and crew, the international fraternity felt the need to have a set of guidelines that would make seafaring safer. And that’s when SOLAS was born. How Did It Come Into Action? The International Convention for the Safety of Life at Sea was adopted first at a conference held in London in 1914. This convention touched upon various chapters of safety at sea like navigation, construction, radiotelegraphy, life-saving appliances, and fire protection. But the central aspect of 1914 SOLAS convention was laws and rules to prevent loss of human life at Sea. Under the ruling body of IMO, four more conventions were adopted. The 2nd one was in 1929 and entered into force in 1933. The 3rd in 1948 and came into effect in 1952; the 4th (under the … Continue reading Understanding Shipping Safety with SOLAS

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GST: One Nation-One Tax, breaking the boundaries within states

GST Bill has now paved its way for the concept of one nation, one tax. The Goods and Service Tax will enable both the Center and States to simultaneously levy GST, which will subsume all indirect taxes currently levied, including excise duties and service tax. GST would mitigate double taxation by amalgamating central and state tax into one. Currently goods and services sold in India are taxed at 25% ~ 30% from the source to consumer by state, central and local administration. Post GST, the tax on goods and services will be in the range of 5% ~ 28%. There are more than 150 countries that have introduced GST. So, India will also join the league whereby the government of the country wishes to simplify the tax regime. 23 states in India have ratified the GST Bill. The bill after ratification by majority of states have received assent from President of India. India has decided to opt for dual GST system. Features of GST: Applicable on supply of supply of goods and services. List of exempted goods and services would be kept to a minimum. It will be Destination based tax as against present concept of origin based tax. It would be a dual GST with the Centre and the States simultaneously levying it on common base. GST levied by … Continue reading GST: One Nation-One Tax, breaking the boundaries within states

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