Business, Economy & Banking Current Affairs - 2019

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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GSTN to make Aadhaar authentication mandatory for new dealers from January 2020

The Goods and Services Tax (GST) Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020 so as to check malpractices in GST. Aadhaar authentication was earlier optional.

The announcement in this regard was made by Deputy Chief Minister of Bihar Sushil Kumar Modi, who heads the Group of Ministers of GST Network.

Key Highlights

This decision was taken after noticing in last two years that there are a good number of fly-by-night operators, who make fake invoices.

For those who do not want Aadhaar authentication, physical verification will be carried out, which will be completed in 3 days.

As refunding is a big issue, the GST Network has also decided on complete online refunding from 24 September 2019 from a single source, either by Central GST or State GST.

Moreover, no State government is in favour of slashing the GST slab for Automobile sector from 28% to 18%, fearing loss of revenue.

About Goods and Services Tax (GST) Network

GSTN has been jointly registered by Central and State Governments as a not-for-profit Company under Section 8 of Companies act, 2013.

It was primarily set up to provide IT infrastructure and services to Central government, State governments, tax payers and other stakeholders for GST implementation.

The restructured GSTN, with 100% government ownership has equity 50:50 structure between Centre and the States.

PM inaugurates Multi-Modal Cargo Terminal at Sahibganj

Prime Minister Narendra Modi inaugurated India’s second Multi-Modal Cargo Terminal (built at Sahibganj) online from Ranchi, Jharkhand. He also laid the foundation of a secretariat building in the state capital (Ranchi) which will come up at an estimated cost of Rs.1238.92 crore.

About Multi-Modal Cargo Terminal at Sahibganj

This is the 2nd of three Multi Modal Terminals (MMTs) being constructed on river Ganga under Jal Marg Vikas Project (JMVP). In November 2018, PM Modi inaugurated first MMT at Varanasi, Uttar Pradesh.

The Rs.290 crore multi-modal cargo terminal has been built by Inland Waterways Authority of India (IWAI) on River Ganga at Sahibganj.

It will have a cargo storing capacity of 3 million tonne (MT) per year, a stockyard and parking and berthing space for two vessels.

Government has also planned an investment of Rs.376 crores for capacity enhancement in Phase-II to 54.8 lakh tonnes per annum. The development in Phase II will be entirely made by private concessionaire, under public-private partnership (PPP) mode.

Importance:

It will open up industries of Jharkhand and Bihar to global market and provide Indo-Nepal cargo connectivity through waterways route.

It will play an important role in transportation of domestic coal from local mines located in Rajmahal area (in Sahibganj district) to other thermal power plants located along National Waterway-1 (NW-1).

Cargo to be transported from terminal includes coal, stone chips, fertilisers, cement and sugar.

The convergence of Road-Rail-River Transport at Sahibganj through the new Multi Modal Terminals will connect this part of hinterland to Haldia (in Kolkata), to North-East states via Bangladesh by river-sea route and further to Bay of Bengal.