Economy & Banking Current Affairs
On July 21, 2020, the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) signed Memorandum of Understanding to exchange data with each other.
The agreement will help to facilitate exchange of information between the boards on regular basis. The agreement signed replaces the former agreement signed between Central Board of Excise and Customs (CBEC) and CBDT
The CBIC was established after GST (Goods and Services Tax) was introduced.
CBDT to share with MSMEs
Under Section 138 Income Tax act, CBDT will share data regarding sales of plant and machinery. The CBDT will soon start sharing data regarding sales, depreciation, gross turnover of MSMEs with the Ministry of MSMEs.
This is highly important as GoI has MSMEs in its high priority list. The MSMEs were badly affected due to COVID-19. Hence, GoI is now all set to boost the sector under Atma Nirbhar Bharat Abhiyan.
Tags: Atma Nirbhar Bharat Abhiyan • CBDT • CBIC • Central Board of Direct Taxes (CBDT) • GST
On July 22, 2020, the India Business Council is to host India Ideas Summit 2020. PM Modi is to address the summit.
The Summit will convene government leaders and business men for discussion about US-India partnership and trends in shaping trade and investment, globalization and future works.
This year summit is to focus on the following
Focus: Building a Better Future
US-India Business Council
The council was formed in 1975. It encourages private sectors of both United States and India to enhance their investment flows. It serves as direct link between government leaders and business men. There are 12 executive committees operating under the council. They cover the major business sectors such as aerospace, digital economy, food and agriculture, financial services, real estate, tax, retail trade, life sciences, infrastructure, energy, environment and enterprise, real estate, media and entertainment.
There is similar business council that operates between UK and India. It is UK-India Business Council. The functions of UKIBC is similar to that of USIBC.