Current Affairs - January, 2019

Latest Current Affairs January, 2019 with Current Affairs, news summary on current events of National and International importance of January, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Women of India Organic Festival

The Women of India Organic Festival has been organised by the Ministry of Women and Child Development at Leisure Valley, Sector-10, Chandigarh, to celebrate and promote women farmers and entrepreneurs in the organic sector from the remotest parts of India.

About the Festival

The objectives of the Women of India Organic Festival are:

  • To encourage Indian women entrepreneurs and farmers to connect with more buyers and thus, empower them through financial inclusion, while promoting organic culture in India.
  • To educate people about its various initiatives and schemes relating to women and children.
  • To provide a platform to showcase the varied products of women farmers and entrepreneurs.

The festival would provide an opportunity to showcase over 1,000 varied organic products, including fabric, wellness, grains, seeds, jewellery, bakery items and a lot more. The Festival is being held annually since 2015 and for the first time, it is being held in Chandigarh.

Month: Categories: India Current Affairs 2018

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GoM on GST revenue shortfall faced by states

The GST Council has decided to set up a seven-member committee to look into revenue shortfall being faced by the states after the GST roll-out, and suggest steps for augmenting collections.

The committee would be headed by Deputy Chief Minister and Finance Minister of Bihar Sushil Modi. Other members of the committee include Punjab Finance Minister Manpreet Singh Badal, Kerala Finance Minister Thomas Isaac, Karnataka Rural Development Minister Krishna Byre Gowda, Odisha Finance Minister Shashi Bhushan Behera, Haryana Taxation Minister Capt Abhimanyu and Goa Panchayat Minister Mauvin Godinho.

Terms of Reference of the Committee

The committee headed by Sushil Modi will look into the following aspects:

  • Analyse reasons for the shortfall in revenue collections by the states since July 2017.
  • Undertake data analysis using econometric and statistical tools and suggest suitable measures and policy interventions for course correction for revenue augmentation, particularly for the states suffering high revenue shortfall.
  • Look into account trends of revenue collection before and after implementation of goods and services tax.
  • Structural patterns of major sectors of the economy impacting revenue collection, including the services sector.
  • Identify reasons for deviation in revenue collection trends, compare it with original assumptions worked out at the time of design and implementation of GST.
  • Only Andhra Pradesh and five northeastern states — Mizoram, Andhra Pradesh, Manipur, Sikkim and Nagaland — have recorded revenue increase post the GST roll out.

Revenue Trends under GST Regime

The GST revenue data shows the following trends:

  • A large number of States including Punjab, Himachal Pradesh, Chattisgarh, Uttarakhand, Jammu and Kashmir, Odisha, Goa, Bihar, Gujarat and Delhi are facing revenue shortfall following the implementation of goods and services tax.
  • The revenue shortfall experienced by these states was in the range of 14-37 per cent.
  • Among the Union Territories, Puducherry is facing a maximum shortfall of 43 per cent.

The Goods and Services (State compensation for loss of revenue) act provides for compensation to the states for loss of revenue arising on the account of implementation of the Goods and Services Tax for a period of 5 Years and the projected revenue nominal growth rate for a state during the transition period shall be 14% per annum.

Month: Categories: Business, Economy & Banking Current AffairsUPSC Current Affairs - 2019

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