Economy and Banking Current Affairs May 2017
Japan Committed ¥ 371 Billion Assistance for Infrastructure Projects in India
- Japan will provide ¥ 371 billion (Rs 21590 crore) as Official Development Assistance (ODA) to India for various infrastructure projects, including the dedicated freight corridor on March 31, 2017.
- Total commitment of Japan International Cooperation Agency ODA during two financial years 2015-16 and 2016-17 is ¥ 761.40 billion, which is 43.50% of the total target for five years.
- The economic partnership between India and Japan has steadily progressed, this further consolidates and strengthens the Strategic and Global Partnership between India and Japan.
Lok Sabha Passed 4 GST Bills
- Four Bills related to the Goods and Services Tax (GST) were debated in the Lok Sabha or lower house of Parliament on March 29, 2017.
- Lok Sabha all four GST Bills—Central GST Bill, the Integrated GST Bill, the Union Territories GST Bill and the Compensation law.
- Article-246 is there will be a GST which will be imposed by Centre and States.
Provisions of GST Bills
- The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods and services by the Union government.
- The IGST Bill makes provisions for levy and collection 6f tax on inter-State supply of goods or services or both by the Union government. IGST is charged when movement of goods and services from one State to another.
- The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature.
- Union Territory GST is similar to States Goods and Services Tax (SGST), which shall be levied and collected by the States and Union Territories on intra-State supply of goods or services or both.
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India became Net Exporter of Electricity for the First Time
- As per Central Electricity Authority, the designated authority of government of India for Cross Border Trade erf -Electricity, first time India has turned around from a net importer of electricity to Net Exporter of electricity on March 29, 2017.
- Durfeig the current year 2016-17 (April to February, 2017), India has exported around 5798 Million Units to Nepal, Bangladesh and Myanmar which is 213 Million units more than the import of around 5585 Million units from Bhutan. Export to Nepal and Bangladesh increased 2.5 and 2.8 times respectively in last three years.
- ‘Ever since the cross border trade of electricity started in mid-Eighties, India has been importing power from Bhutan, and marginally exporting to Nepal in radial mode at 33 kV and 132 kV from Bihar and Uttar Pradesh. On an average Bhutan has been supplying around 5000-5500 Million units to India.
Union Government Imposed 10% Import Duty on Wheat, Tur
- The Centre has imposed an import duty of 10% on wheat and tur in a bid to check falling domestic prices and support farmers and traders on March 29, 2017.
- The government estimating a record production of 96.64 million tonnes in the 2016-17 crop year (July-June) against 92.29 million tonnes last year, availability is no more a concern.
- Tur dal production, too, is estimated to almost double to 4.23 million tonnes from 2.56 million tonnes last year.
- The import duty will result in a slight firming of prices. In the case of wheat, apart from helping farmers realise a higher price, it would also help imports as landed prices would become relatively competitive.
CBDT Constituted Committee to Review Media Policy
- The Central Board of Direct Taxes (CBDT) constituted a new committee to ‘review’ the existing media policy for communicating the activities of the board and the income tax department to the public on March 23, 2017.
- Under the current scheme of things, a commissioner rank officer of the department officiates as the spokesperson of the CBDT who is tasked to interact with mediapersons.
- The CBDT has six members apart from the chairperson and is responsible for framing policy and administrative issues related to direct taxes and the income tax department.