(DAILY NEWS INDIA)
SHARED BY: WWW.DAILYGK.IN
1. GST COUNCIL APPROVES SGST & UTGST DRAFT BILLS AT ITS 12TH MEETING
i. The Goods and Service Tax council headed by Finance Minister Arun Jaitley cleared the State GST and Union Territory GST laws during its 12 Council meet.
ii. Now the draft bills will need to be approved by the Cabinet and taken up in Parliament’s ongoing budget session for final approval.
iii. The SGST draft law will have to be approved by the legislative assemblies of respective states including Delhi and Puducherry.
iv. The UTGST draft law is for the union territories like Andaman and Nicobar Islands, Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, which do not have legislative assemblies.
v. The GST tax regime has 9 set of rules and regulations out of which the Council has already approved 5 including registration, payment, refunds, invoices and returns.
vii. The 4 other rules namely composition, valuation, input tax and credit transitions is yet to get formal approval of the Council and will be taken up in the next meeting on March 31. After March 31, the Council will take up the exercise of fitment of various commodities in the GST tax slabs of 5%, 12%, 15% and 28%.
2. INDIA, BRAZIL CONCLUDE SOCIAL SECURITY AGREEMENT
i. India and Brazil have finalised text of the Social Security Agreement. It will be effective from 2018.
ii. This is the 1st SSA agreement between the BRICS Countries.
iii. India has signed Social Security Agreements with 18 countries: Australia, Belgium, Austria, Canada, Czech Republic, Finland, Denmark, France, Germany, Hungary, Japan, Portugal, Norway, Luxembourg, Netherlands, Sweden, Switzerland, and South Korea.
iv. SSA will help to promote more investment flows between the 2 countries. A detached workers of the 2 countries are exempted from making social security contributions in either countries so long as they were making such contributions in their respective countries.
3. DEMANDS FOR GRANTS OF MINISTRY OF DEFENCE FOR 2017-18 PASSED IN LOK SABHA
i. The Lok Sabha passed the Demands for Grants of Ministry of Defence for 2017-18 after negotiating with the opposition.
ii. In 2017-18, the Ministry of Defence has been allocated Rs 3,59,854 cr (including pensions) for expenditure across the various services, production establishments and research and development organisations.
iii. This allocation is the highest from all other departments and represents 16.8% of the central government’s budget of 2017-18 and 2.1% of India’s estimated GDP.
4. G20 MEET OF FINANCE MINISTERS & CENTRAL BANK GOVERNORS BEGAN IN GERMANY
i. The 2 day G20 finance ministers and central bank governors meet began in Baden-Baden, Germany.
ii. The meeting will focus on strengthening economic resilience in finance, digitalization and promote investment in Africa.
iii. The meetings between finance ministers and central bank governors will provide a preliminary discussion platform ahead the G20 Summit of heads of state and government, which will be held in Hamburg.
iv. This is the 1st global gather to discuss economic challenges since Donald Trump took over as the US President. The gathering will help to set the tone for international commerce and finance.