Budget / Taxes Current Affairs 2018 - Current Affairs Today

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

    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

    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

    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

    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

    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

    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

    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

    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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