What are G-Sec yields, and how and why do they go up and down? Subject: Economy Section: Money Market The government said that it had decided to keep interest rates on small savings instruments unchanged for the July-September quarter, defying expectations of a hike in rates given the sharp rise in government security […]
Tax classification under GST Subject :Economy Section: Fiscal Policy With the introduction of GST, the goods and services have been classified into Nil Rated, Exempted, Zero Rated and Non-GST supplies. Nil Rated This type of supply attracts a GST of 0%. Input tax credit cannot be claimed on such supplies. Example-grains, salt, jaggery, […]
Centre to set up FSIB to make selection recommendations Subject :Economy Section: Banking Context: The Appointments Committee of the Cabinet (ACC) on June 30 approved a proposal by the department of financial services (DFS) to appoint former BBB chairman Sharma to head the new body for two years or until further orders Financial […]
Ease of Doing Business ranking of states and union territories Subject: Economy Section: Regulation Context: Seven states among top achievers in ‘ease of doing business’ ranking of states and UTs Details: Seven states – Andhra Pradesh, Gujarat, Haryana, Karnataka, Punjab, Telangana and Tamil Nadu – were categorised as ‘top achievers’. Himachal Pradesh, Uttar […]
Rupee plunging a new low Subject :Economy Section :External Sector Context: The rupee plunged to a new low past 79 against the dollar on persistent demand for the U.S. currency, from oil refiners needing to settle their rising crude import bills, and foreign portfolio investors who continue to withdraw capital from Indian equity […]
GST Council meeting Subject : Economy Section: Fiscal Policy Context: FM told the press that the Council took up reports by the four Groups of Ministers. The recommendations on doing away exemptions and the inverted duty structure (a higher rate on inputs and a lower levy on finished products) by the GoMon rate […]
No clarity on GST compensation to States as Council meet ends Subject : Economy Section: Fiscal Policy Context: GST council meet Concept: As per Section 18 of the Constitution (101st) Act, 2016, Parliament shall, by law, on the recommendation of the GST Council, provide for compensation to States for loss of revenue arising […]
Composition Scheme Subject: Economy Section: Fiscal Policy Context: In what will benefit small online sellers, the Goods and Services Tax (GST) Council has cleared the proposal to waive mandatory registration of such online vendors if their turnover is lower than Rs 40 lakh and Rs 20 lakh for goods and services, respectively. Details: […]