Goods and Services Tax (GST) Current Affairs - 2020

Highlights of Recommendations made by 42nd GST Council Meet

The 42nd GST Council met on October 5, 2020 under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. Recommendations The GST Council made the following recommendations: GST Compensation Cess levy have been extended beyond the transition period of five years i.e. beyond June, 2022. Compensation of ₹ 20,000 crore have been Read More…

What is Tax Amnesty Scheme?

Recently, North Delhi Mayor Jai Prakash announced that the New Delhi Municipal Council (NDMC) has rolled out a property tax amnesty scheme so as to provide relief to the residents of unauthorised regularised colonies. Key Highlights According to the scheme, all the outstanding tax prior to the financial year 2019-20 would  be exempted  if the taxpayer of Read More…

Group of Ministers: E-Way Bill for Intra-State Movement of Gold

A high-level ministerial panel of Goods and Services Tax council recently favoured e-way bill for intra state movement of gold. It will help track movement of gold under tax evasion and smuggling. Key Highlights The E-Way bill is an electronic challan that shows that tax has been completely paid before goods are moved from one Read More…

IMD World Competitiveness Rankings 2019

India has moved up one place to rank 43rd most competitive economy in world in annual competitiveness rankings compiled by International Institute for Management Development (IMD). Key Highlights India: has moved one notch higher to 43th rank (from its 44th position in 2018, 45th in 2017 and 41st in 2016.) in terms of competitiveness worldwide. Read More…

Government issues Notification for roll out of GST

The government has notified the roll out of Goods and Services Tax (GST) from July 1st. Salient Facts To launch GST in the midnight of June 30th, the government has organised a special programme to be held in Central Hall of Parliament. The event will see the participation of President Pranab Mukherjee, Prime Minister Narendra Modi, Finance Minister Arun Read More…