Economy Current Affairs November 2016
Union Government Constituted Insolvency and Bankruptcy Board
• The Union government constituted a four-member Insolvency and Bankruptcy Board of India (IBBI) under the Chairmanship of MS Sahoo on October 2, 2016.
• Sahoo, who was till recently Competition Commission of India (CCI) lyiember, assumed charge as Chairman of IBBI.
• The members of the IBBI are Ajay Tyagi, Additional Secretary, Finance Ministry; Amardeep Singh Bhatia, Joint Secretary, Ministry of Corporate Affairs; GS Yadav, Joint Secretary, Department of Legal Affairs; and Unnikrishnan, Legal Advisor, Reserve Bank of India.
• The main activity of IBBI would be to regulate the functioning of insolvency professionals, insolvency professional agencies and information utilities under the Insolvency and Bankruptcy Code 2016.
Union Government Released Draft GST Rule
• The government released draft rules for registration, payment and invoices Under the Goods and Services Tax. (GST) regime with the objective of minimising the physical interface between the taxpayer and the tax authorities that will check corruption and harassment on September 27, 2016.
• The draft rules stipulate that registration will be granted to a resident tax payer automatically within three working days in case the tax authorities do not raise any issues within that time.
• Non-resident taxpayers will be required to apply for J registration five days before commencement of business and will have to deposit their entire tax liability in advance.
• All these processes will be online including any clarifications and responses sought by the tax authorities. The registration system will be based oh the Permanent’ Account Number (PAN).
• The tax payments can be done using electronic meahs or I even by cash or cheque for tax payments of up to Rs 10000. In addition, there are provisions that seek to minimise the paperwork for transporters under this tax regime.
Union Government Approved Merger of Union and Railway Budgets
• The Union governments approved three crucial proposals to merge the Railway and General Budgets, scrap the distinction between the Plan and Non-Plan Expenditure and advance the date for the presentation of the General Budget on September 20, 2016.
• The changes will come into effect from 2017-18. There will be a single General Budget.
• Till now, budget was presented on the last day of February and it is not until mid-May that the Parliament approves it in two parts.