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Last Updated: September 10, 2019

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  • Mumbai ranks 5th and New Delhi 11th in the 2019 Knight Frank Co-Living Index

    September 10, 2019
    Knight Frank India, the leading international property consultancy launched a report titled Insights on Co-living An Asia-Pacific Perspective. As per the report, China’s co-living sector is one of the most developed having started since the early 2010’s, Beijing is ranked 1st in the Co-living Index followed by Tokyo and Shanghai. Mumbai is ranked 5th in Knight Frank India's co-living Index. Asia-Pacific cities Asia-Pacific cities classified into six key attributes likely to contribute in fostering the growth of Co-living within each Asia-Pacific city like- Tech & Financial Hub, Venture Capital Deals & Growth, Housing Affordability, University Population, The capital deal flow in Mumbai spiked by 288% in the period between 2015-17. The rise in deal flow is a key indicator of the quality of job opportunities which are being created in the financial hub. The changing lifestyles and stratospheric housing prices across major economic centres, co-living provides an alternate flexible accommodation option for the temporary and transient workforce. These six attributes allocated different weights based on their relevance and importance which in summation provides a metric to quantify the magnitude of co-living’s likelihood of success across the various Asia-Pacific cities. Mumbai (5th) emerged as the top potential market for Co-living in India due to higher prices, rapid and continuous gentrification as well as its unchallenged position as India’s top economic centre, offering vast opportunities for growth of the co-living sector. New Delhi New Delhi got 11th position. Bengaluru access to talent but also a conducive and self-sustaining business environment and a vibrant start-up ecosystem supporting the gig economy due to which the city features at 19th position.

    Union Budget Highlights 2019 - 2020

    July 8, 2019
    Finance Minister Nirmala Sitharaman presented a union budget for the financial year 2019 - 2020. The main aim is to boost investment at a time when the economy shows signs of a slowdown. It is the Bharatiya Janata Party, which is led by Prime Minister Narendra Modi. The key highlights of union Budget 2019 are  given below : A 10-point Vision for the decade  Building Team India with Jan Bhagidari Minimum Government Maximum Governance. To Achieve green Mother Earth and Blue Skies through a pollution-free India. Making Digital India reach every sector of the economy.  Launching Gaganyan, Chandrayan, other Space and Satellite programs. Building physical and social infrastructure.  Water, water management, clean rivers.  Blue Economy.  Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.  Achieving a healthy society via Ayushman Bharat, well-nourished women & children, the safety of citizens.  Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India. Aim: Towards a 5 Trillion Dollar Economy  Indian economy to become a 3 trillion dollar economy in the current financial year 2019 - 2020. Union Government aspires to make India a 5 trillion dollar economy. The basic need for investment in are Infrastructure and Digital economy.  Job creation in small and medium firms.  Initiatives to be proposed for kick-starting the virtuous cycle of investments.  The Common man's life changed through MUDRA loans. New Measures related to MSMEs:  Pradhan Mantri Karam Yogi Maindhan Scheme Pension benefits about three crore retail traders & small shopkeepers. There will be an annual turnover of less than Rs. 1.5 crore.  The Enrolment to be kept simple, requiring only Aadhaar, bank account, and a self-declaration.  Around Rs. 350 crore allocated for FY 2019-20 for 2% interest subvention to all GST-registered MSMEs under the Interest Subvention Scheme for MSMEs.  Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.  India developed payment ecosystem for transport, based on National Common Mobility Card (NCMC) standards. It is launched in March 2019.  Inter-operable transport card runs on Rupay card would allow the holders to pay for bus travel, toll taxes, parking charges, retail shopping.  Bharatmala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes State road networks to be developed in the second phase of Bharatmala project. The Navigational capacity of Ganga to be enhanced via multi-modal terminals at Sahibganj and Haldia. It is a navigational lock at Farakka by 2019-20 under Jal Marg Vikas Project Four times increase in the next four years . It leads to cheaper freight and passenger movement and reducing the import bill. Public-private-Partnership proposed for development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services. Around 657 kilometers of Metro Rail network has become operational across the country.  Policy interventions to be made for the development of Maintenance, Repair, and Overhaul (MRO) to achieve self- reliance in the aviation segment.  India for aircraft financing and leasing activities from Indian shores laid by the Government.  An outlay of Rs. 10,000 crore for 3 years approved for Phase-II of FAME Scheme. Only advanced-battery-operated and registered e-vehicles to be incentivized under FAME Scheme. Power at affordable rates to states ensured under 'One Nation, One Grid'. Blueprints to be made available for gas grids, water grids, i-ways, and regional airports.  The High-Level Empowered Committee (HLEC) recommendations to be implemented: Retirement of old & inefficient plants.  The low utilization of gas plant capacity due to paucity of Natural Gas. Cross-subsidy surcharges, undesirable duties on open access sales or captive generation for industrial and other bulk power consumers to be removed under Ujjwal DISCOM Assurance Yojana (UDAY).  Measures to enhance the sources Of capital for infrastructure financing: Credit Guarantee Enhancement Corporation to be set up in 2019-2020.  Action plan to be put in place to deepen the market for long term bonds with focus on infrastructure.  Proposed transfer/sale of investments by Fiis/FPls (in debt securities issued by IDF NBFCs) to any domestic investor within the specified lock-in period. Measures to deepen bond markets.  Stock exchanges enabled to allow AA rated bonds as collateral. user-friendliness of trading platforms for corporate bonds to be reviewed.  Social stock exchange: Electronic fundraising platform under the regulatory ambit of SEBI.  To raise capital as equity, debt or as units like a mutual fund. SEBI to consider raising the threshold for a minimum public shareholding in listed companies  The range is from 25% to 35%.  Know Your Customer (KYC) norms for Foreign Portfolio Investors to be made more investor-friendly.  Government to supplement efforts by RBI to get retail investors to invest in government treasury bills and securities with further institutional development using stock exchanges.  Measures to make India a more attractive FDI destination:  FDI in sectors like aviation, media (animation, AVGC) and insurance sectors can be opened further after the multi-stakeholder examination.  Insurance Intermediaries to get 100% FDI.  Local sourcing norms to be eased for FDI in Single Brand Retail sector.  Government to organize an annual Global Investors Meet in India They use the National Infrastructure Investment Fund (NIIF) as an anchor to get all three sets of global players (pension, insurance and sovereign wealth funds). New Space India Limited (NSIL), a PSE, incorporated as a commercial arm of the Department of Space.  The benefits of the Research & Development carried out by ISRO like the commercialization of products like launch vehicles, transfer to technologies and marketing of space products. Direct Taxes  Tax rate reduced to 25% for companies with annual turnover up to Rs. 400 crore. The Surcharge increased on individuals having taxable income from Rs. 2 crores to Rs. 5 crore and Rs. 5 crores. India's Ease of Doing Business ranking under the category of 'paying taxes' jumped from 172 in 2017 to 121 in 2019.  Direct tax revenue increased by over 78% in the past 5 years to Rs. 11.37 lakh crore  Affordable housing  Additional deduction up to Rs. 1.5 lakhs for interest paid on loans borrowed up to 31st March 2020 for purchase of house valued up to Rs. 45 lakh. The overall benefit of around Rs. 7 lakh over a loan period of 15 years.  Boost to Electric Vehicles  Additional income tax deduction of Rs. 1.5 lakh on interest paid on electric vehicle loans. Customs duty exempted on certain parts of electric vehicles.  Other Direct Tax measures  Simplification of tax laws to reduce genuine hardships of taxpayers: Higher tax threshold for launching prosecution for non-filing of returns. Relief for Start-ups Capital  It gains exemptions from sale of residential house for investment in start-ups extended till FY21.  'Angel tax' issue resolved- start-ups and investors providing information in their returns not to be subjected to any kind of scrutiny in respect of valuations of share premiums.  Funds raised by start-ups to not require scrutiny from Income Tax Department o E-verification mechanism for establishing the identity of the investor and source of funds.  Special administrative arrangements for pending assessments and grievance redressal No inquiry in such cases by the Assessing Officer without obtaining approval of the supervisory officer.  NBFCs  Interest on certain bad or doubtful debts by deposit-taking as well as systemically important non-deposit taking NBFCs to be taxed in the year. International Financial Services Centre (IFSC) Direct tax incentives proposed for an IFSC: 100 % profit-linked deduction in any ten-year block within a fifteen-year period.  Exemption from dividend distribution tax from current and accumulated income to companies and mutual funds.  Exemptions on capital gain to Category-iii Alternative Investment Funds (AIFs). Exemption to interest payment on loan taken from non-residents. Securities Transaction Tax (STT)  STT restricted only to the difference between settlement and strike price in case of exercise of options. Indirect Taxes  Basic Customs Duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera.  Exemptions from Custom Duty on certain electronic items now manufactured in India withdrawn.  End use based exemptions on palm stearin, fatty oils withdrawn. Exemptions to various kinds of papers withdrawn.  5% Basic Custom Duty imposed on imported books.  Customs duty reduced on certain raw materials such as: Inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants etc.  Capital goods required for manufacture of specified electronic goods. Defence  Defence equipment not manufactured in India exempted from basic customs duty Other Indirect Tax provisions Export duty rationalised on raw and semi-finished leather. Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel. Custom duty on gold and other precious metals increased Legacy Dispute Resolution Scheme for quick closure of pending litigations in Central Excise and Service tax from pre-GST regime. Other Indirect Tax provisions  Export duty rationalised on raw and semi-finished leather Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel. Custom duty on gold and other precious metals increased Legacy Dispute Resolution Scheme for quick closure of pending litigations in Central Excise and Service tax from pre-GST regime. Grameen Bharat / Rural India Ujjwala Yojana and Saubhagya Yojana  The lives of every rural family, dramatically improving ease of their living. Electricity and clean cooking facility to all willing rural families by 2022.  Pradhan Mantri Awas Yojana — Gramin (PMAY-G) aims to achieve "Housing for All" by 2022:  Eligible beneficiaries to be provided 1.95 crore houses with amenities like toilets, electricity and LPG connections during its second phase (2019-20 to 2021-22).  Pradhan Mantri Matsya Sampada Yojana (PMSSY) A robust fisheries management framework through PMMSY to be established by the Department of Fisheries.  To address critical gaps in the value chain including infrastructure, modernization, traceability, production, productivity, post-harvest management, and quality control. Pradhan Mantri Gram Sadak Yojana (PMGSY)  Target of connecting the eligible and feasible habitations advanced from 2022 to 2019 with 97% of such habitations already being provided with all weather connectivity.  Around 30,000 kilometers of PMGSY roads have been built using Green Technology, Waste Plastic and Cold Mix Technology, thereby reducing carbon footprint kilometers of road length to be upgraded over the next five years under PMGSY Ill with an estimated cost of RS. 80,250 crore.  Private entrepreneurships to be supported in driving value-addition to farmers' produce from the field and for those from allied activities.  Dairying through cooperatives to be encouraged by creating infrastructure for cattle feed manufacturing, milk procurement, processing & marketing. 10,000 new Farmer Producer Organizations to be formed to ensure economies of scale for farmers. Government to work with State Governments to allow farmers to benefit from e-NAM.  Zero Budget Farming in which few states' farmers are already being trained to be replicated in other states.  Focus on integrated demand and supply side management of water at the local level. Convergence with other Central and State Government Schemes to achieve its objectives.  Around 1592 critical and over exploited Blocks spread across 256 District being identified for the Jal Shakti Abhiyan.  Compensatory Afforestation Fund Management and Planning Authority (CAMPA) fund can be used for this purpose. About Shahree Bharat/ Urban India Pradhan Mantri Awas Yojana Urban (PMAY-Urban) Over 81 lakh houses with an investment of about Rs. 4.83 lakh crore sanctioned of which construction started in about 47 lakh houses.  Over 26 lakh houses completed of which nearly 24 lakh houses delivered to the beneficiaries.  Around 13 lakh houses so far constructed using new technologies. More than 95% of cities also declared Open Defecation Free (ODF).  Almost 1 crore citizens have downloaded Swachhata App.  Gandhiji's resolve of Swachh Bharat to make India ODF by 2nd October 2019. Rashtriya Swachhta Kendra inaugurated at Gandhi Darshan, Rajghat on 2nd October, 2019.  Youth Youth New National Education Policy brought which proposes Major changes in both school and higher education Better Governance systems Greater focus on research and innovation.  The National Research Foundation (NRF) proposed to fund, coordinate and promote research in the country.  To assimilate independent research grants given by various Ministries.  To strengthen overall research ecosystem in the country. Ease Of Living  About 30 lakh workers joined the Pradhan Mantri Shram Yogi Maandhan Scheme that provides Rs. 3,000 per month as pension on attaining the age of 60 Approximately 35 crore LED bulbs distributed under UJALA Yojana leading to cost saving of Rs. 18,341 crore annually. Solar stoves and battery chargers to be promoted using the approach of LED bulbs mission. A massive program of railway station modernization to be launched. Nari Tu Narayani/women  Approach shift from women-centric-policy making to women-led movements.  India's Soft Power  Proposal to consider issuing Aadhaar Card for NRls with Indian Passports on their arrival without waiting for 180 days.  Mission to integrate traditional artisans with global markets proposed, with necessary patents and geographical indicators.  Around 18 new Indian diplomatic Missions in Africa approved in March, 2018, out of which 5 already opened.  Another 4 new Embassies intended in 2019-20.  The Indian Development Assistance Scheme (IDEAS) proposed17 iconic Tourism Sites being developed into model world class tourist destinations.  The Present digital repository aimed at preserving rich tribal cultural heritage, to be strengthened. Banking and Financial Sector NPAs of commercial banks reduced by over Rs. 1 lakh crore over the last year.  Banking and Financial Sector  NPAs of commercial banks reduced by over Rs. 1 lakh crore over the last year. Record recovery of over Rs. 4 lakh crore affected over the last four years. Provision coverage ratio at its highest in seven years.  Domestic credit growth increased to 13.8%.  Measures related to PSBs: Rs. 70,000 crore proposed to be provided to PSBs to boost credit.  PSBs to leverage technology, offering online personal loans and doorstep banking, and enabling customers of one PSBs to access services across all PSBs. The Reforms to be undertaken to strengthen governance in PSBs. Measures related to NBFCs:  Proposals for strengthening the regulatory authority of RBI over NBFCs to be placed in the Finance Bill.  Proposals for strengthening the regulatory authority of RBI over NBFCs to be placed in the Finance Bill.  The requirement of creating a Debenture Redemption Reserve will be done away with to allow NBFCs to raise funds in public issues. Steps to allow all NBFCs to directly participate on the TReDS platform.  The return of regulatory authority from NHB to RBI proposed, over the housing finance sector. Rs. 100 lakh crore investment in infrastructure intended over the next five years.  The committee proposed to recommend the structure and required flow of funds through development finance institutions. The major steps to be taken to separate the NPS Trust from PFRDA.  The Reduction in Net Owned Fund requirement from Rs. 5,000 crore to Rs. 1,000 crore proposed. Measures related to CPSEs:  The target of Rs. 1, 05,000 crore of disinvestment receipts set for the FY 2019-20. Government to reinitiate the process of strategic disinvestment of Air India, and to offer more CPSEs for strategic participation by the private sector.  The Government to undertake strategic sale of PSIJs and continue to consolidate PSUs in the non-financial space.  Government to consider going to an appropriate level below 51% in PSUs where the government control is still to be retained on a case to case basis. Present policy of retaining 51% Government stake to be modified to retaining 51% stake inclusive of the stake of Government controlled institutions. Retail participation in CPSEs to be encouraged.  To provide additional investment space:  Union Government to realign its holding in CPSEs Banks to permit greater availability of its shares and to improve depth of its market. Government to offer an investment option in ETFs on the lines of Equity Linked Savings Scheme (ELSS).  This will also have a beneficial impact on demand situation for the government securities in the domestic market. Achievements during 2014-19  Around 1 trillion dollar added to Indian economy over the last 5 years (compared to over 55 years taken to reach the first trillion dollar).  India is now the 6th largest economy in the world, compared to 11th largest five years ago.  Indian economy is globally the 3rd largest in Purchasing Power Parity (PPP) terms. Strident commitment to fiscal discipline and a rejuvenated Centre-State dynamic provided during 2014-19.  The Structural reforms in indirect taxation, bankruptcy and real estate carried out. The average amount spent on food security per year almost doubled during 2014-19 compared to 2009-14.  The Patents issued more than trebled in 2017-18 as against the number in 2014.   

    Govt plans to raise income tax limit to Rs 3 lakh, hike 80C deduction limit

    June 22, 2019
    Union Finance Minister Nirmala Sitharaman may increase the personal income tax exemption limit to Rs 3 lakh of the annual income from the existing Rs 2.5 lakh for salaried class in the upcoming Budget 2019-20. At present, income up to Rs 2.5 lakh is exempt from personal income tax. However, income between Rs 2.5 to 5 lakh attracts 5 per cent tax plus 4 per cent cess, while that between Rs 5 to 10 lakh is levied with 20 per cent tax plus Rs 12,500 plus four per cent cess. Income above Rs 10 lakh is taxed at 30 per cent. Government is also planning to increase the tax exemption limit for savings and investments made under Section 80C of the Income Tax Act. Currently, the ceiling is Rs 1.5 lakh. Finance Minister Nirmala Sitharaman is due to present the budget in Lok Sabha on July 5.

    Government doubled income tax exemption limit for gratuity to Rs 20 Lakh

    March 9, 2019
    The government has doubled the income tax exemption limit for gratuity to Rs 20 lakh from the existing Rs 10 lakh. Gratuity law applies to all employees who work in an organization where there are 10 or more employees in a year. It will be implemented from March 29, 2018. This will increase the burden of paperwork for those who retired on March 31, 2018.

    GST collection for February slips to Rs 97,247 crore

    March 5, 2019
    The Goods and Services Tax (GST) collection dropped to ₹97,247 crore in February, slipping below the ₹1 lakh crore mark crossed in January. The decline came amidst the reduction in tax rates on 23 goods and services. The total number of GSTR 3B returns filed for the month of January up to February 28, 2019 is 73.48 lakh. GST collection for 2019-’20 fiscal has been budgeted at Rs 13.71 lakh crore.

    MCCs budget includes Mysuru Yogalakshmi scheme

    February 28, 2019
    The Mysuru City Corporation (MCC) presented the budget with an outlay of Rs.775 crore for the year 2019-20. MCC introduced new schemes that included Rs.25,000 for each girl child born in government hospitals in the City, pink toilets for the benefit of women, besides placing dust bins in buses and autorickshaws.  Chairperson of the Standing Committee on Taxation, Finance and Appeals, Shobha presented the MCC Budget 2019-20. She announced the Mysuru Yogalakshmi scheme for the benefit of girl children born to residents of the city in government hospitals. The scheme will come into force from April 1, 2019. Under the scheme, Rs.25,000 will be deposited in the form of a bond in a nationalized bank in the name of each girl child born in a government facility. Rs.2.5 crore has been set aside in the Budget for the scheme. The scheme aimed at helping the girls pursue higher education and become financially independent.

    GST on under construction flats cut from 12 percent to 5 percent

    February 25, 2019
    Under construction properties priced over ₹45 lakh will attract 5% GST (Goods and Services Tax), instead of 12%. A residential property priced at ₹45 lakh or below will now be defined as "affordable" and taxed at 1%, from 8% earlier. The new rates will be effective from April 1, 2019.

    Telangana State Budget to cross Rs.2 lakh crore mark

    February 24, 2019
    The Telangana State Cabinet chaired by Chief Minister K. Chandrasekhar Rao approved the Vote-on-Account budget for 2019-20 ahead of the budget session commencing from 22nd February 2019.  This budget important to the Chief Minister because it will reflect the major electoral promises made by the ruling party such as doubling the Aasara pensions and bringing more beneficiaries under the scheme as the eligibility age has been reduced to 57 years, enhancing the Rythu Bandhu investment assistance from Rs.4,000 to Rs.5,000 an acre for each of kharif and rabi seasons.

    India hiked the custom duty of Pakistan goods to 200 percent

    February 18, 2019
    After the Pulwama terror strike, the Union government has hiked the basic customs duty on all goods imported from the neighbouring country to 200% with immediate effect. This comes after India revoked the 'Most Favoured Nation' (MFN) status to Pakistan on February 15 following the Pulwama terror strike, that killed 40 CRPF personnel. The two main items imported from Pakistan are fruits and cement, on which the current customs duty is 30-50% and 7.5%, respectively.The hike on import duty of 200 percent effectively means almost banning the imports from Pakistan. Pakistan: ♦ Capital: Islamabad ♦ National languages: Urdu ♦ President: Arif Alvi ♦ Prime Minister: Imran Khan

    UP CM Yogi Adityanath presented Rs.4.79 lakh crore budget

    February 8, 2019
    The Uttar Pradesh government allocated Rs.1,200 crore for a scheme for girls and Rs.612 crore for stray cattle and construction of cow shelters in its budget for 2019-20 financial year ahead of the Lok Sabha polls.  The Yogi Adityanath government presented an Rs.4.79 lakh crore budget, which is 12% higher than Rs.4,28,384.52 crore earmarked for the current financial year ending March 2019. After the presentation of his government’s third budget, Mr.Adityanath said it is the biggest one in the history of Uttar Pradesh.

    South Central Railway gets Rs.5,924 crore

    February 3, 2019
    South Central Railway (SCR) got Rs.5,924 crore for 2019-20 from the year 2019 budget as against last year’s outlay of Rs.5,752 crore with the highest allotment made for doubling works of Rs. 1,905 crore.  Additional General Manager John Thomas said that the New lines got Rs.834 crore, passenger amenities Rs.229 crore and traffic facilities got Rs.138 crore.

    Income tax rebate of Rs.12,500 for those who earn up to Rs.5 lakh

    February 3, 2019
    The interim Budget 2019 contains several proposals aimed at reducing the tax burden on the salaried class and homeowners, increasing the tax rebate limit and amount for small taxpayers and exempting certain forms of rental income from tax.  Finance Minister Piyush Goyal proposed amending Section 87A of the Income Tax Act to increase the rebate for taxpayers at the lower end of the spectrum.  Currently, the Section provides for a rebate of Rs.2,500 for all taxpayers with an income of less than Rs.3.5 lakh a year. So, a taxpayer earning Rs.5 lakh a year effectively paid tax (at 5%) on only Rs.2 lakh of that amount.

    Interim Budget session likely from January 31 to February 13

    January 10, 2019
    It is expected to be the last session of the current Lok Sabha as general elections are due in April-May 2019. Finance Minister Arun Jaitley will present the interim budget for 2019-20 fiscal on February 1, as decided in the meeting by the Cabinet Committee on Parliamentary Affairs. This will be the sixth consecutive budget to be presented by Jaitley.

    India cuts tax on palm oil imports from ASEAN countries

    January 2, 2019
    The duty on crude palm oil from Malaysia, Indonesia and other members of the Association of South East Asian Nations (ASEAN) was cut to 40% from 44%, while the tax on refined palm oil was cut to 45% from 54% if imported from Malaysia and to 50%, if purchased from Indonesia or other member-nations of Asean. In March 2018, India had raised import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent.

    India delays imposition of retaliatory tariffs on US goods till December 17

    November 2, 2018
    India has postponed imposing higher duties worth $235 million on 29 American goods to December 17. The retaliatory tariffs were scheduled to come into effect November 2 and have been postponed for the third time. With the new tariffs, the import duty on walnut would be hiked to 120% from 30% while that on chickpeas, Bengal gram (chana) and masur dal would become 70% from 30% now. Similarly, the duty rate on lentils will be hiked to 40% from 30%.

    GST Council cut tax rates on 88 items

    July 23, 2018
    The sanitary napkins (12% tax at present) and fortified milk (which was taxed at 18%) have been exempted from the levy. Certain items from 28% tax slab are shifted to the lower 18% slab including washing machines, refrigerators, up to 25-inch televisions, vacuum cleaners, perfumes, food grinders, mixers, water cooler, Lithium iron batteries, and paints. Common-use foot wares Rs 1,000 to be taxed at 5 per cent. Ethanol oil for oil companies to be taxed at 5 per cent in place of 18 per cent earlier. GST (Goods and Services Tax) on handbags and handmade lamps has been reduced to 12%. The new GST rates would come into effect from July 27. This rate reductions is estimated to cost the government exchequer nearly Rs 7,000 crore.

    States have collected taxes worth 10,000 crore rupees since the rollout of Transport Mission Mode Project

    June 18, 2018
    States have collected taxes worth ₹10,000 crore online since the rollout of Transport Mission Mode Project (MMP) under the Centre's e-Governance initiative. Over 19 crore vehicles and 10 crore driving license records have come under the National Register. Two flagship applications under Transport MMP -- "Vahan" and "Sarathi" are implemented. Vahan -- deal with vehicle registration, taxation, permit, fitness and associated services; while Sarathi is related to driving licence, learner licence, driving schools and related activities. Over 50 lakh national permits have been issued online.

    Finance Minister Arun Jaitley Launched GST Rates Finder mobile App

    July 8, 2017
    Finance Minister Arun Jaitley has launched a "GST Rates Finder" mobile app to verify the accurate tax rates on commodity and services under the Goods and Services Tax. This app is available on Android platform, will soon be launched for iOS and can be used in offline mode once downloaded.

    LPG price hiked by up to Rs. 32 per cylinder as an impact of GST

    July 8, 2017
    Following the implementation of Goods and Services Tax (GST), price of Domestic cooking gas (LPG) has been increased by upto Rs. 32 per cylinder, which is the rapid increase in six years. Fact Behind:- 5% GST resulted in Rs. 26.88 increase in price per cylinder in Delhi and the remaining hike of about Rs. 3 is due to the decision since June last year to raise cylinder prices by about Rs. 2 to cut the subsidy.

    Jammu and Kashmir joined the Goods and Services Tax (GST) regime Finally

    July 8, 2017
    Jammu and Kashmir, the only State missed to adopt the Goods and Services Tax (GST) on July 1, finally joined the new tax regime on July 7 midnight. "The Jammu & Kashmir Goods and Services Tax Bill- 2017" was moved by finance minister Haseeb Drabu. Jammu and Kashmir Chief Minister - Mehbooba Mufti

    Highlights of GST Launch, A look at tax rates

    July 3, 2017
    A dual Central and state Goods and Services Tax (GST), the biggest tax reform since Independence, came into force from July 1. GST is part of a One Nation, One Tax vision of the Modi-led government. A look at Tax Rates under GST: GST has been primarily categorised into four tax slab rates- 5%, 12%, 18% and 28%. Gold, rough diamond has been taxed under a separate slab of 3 per cent. Foodgrains, cereals and vegetables have been zero rated under GST. Most medicines will carry a tax of 12 per cent while essential drugs such as insulin will be taxed at 5 per cent, Under GST. Mobile phone, Banking Services, Credit card bills, Personal care products, Cigarettes, Insurance premium, Home appliances, Sanitary napkins, Hotel stays will now become expensive due to implementation of GST.

    Madhya Pradesh First State to Shift Financial Year to Jan-Dec Format

    May 3, 2017
    Madhya Pradesh has become the first state in the country to shift its financial year from the present April-March cycle to January-December. The shift is the outcome of NITI Aayog governing council meeting chaired by Prime Minister Narendra Modi. Such a shift will help in better economic and political management of India.

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