Economy and Banking Current Affairs December 2016

Economy and Banking Current Affairs December 2016


GST Council Fixed 4-level GST Rate Structure

  • The GST Council fixed the 4-level tax rate structure on November 3, 2016. The Goods and Services Tax (GST) will be levied at multiple rates ranging from 0% to 28%.
  • Ultra luxuries, demerit and sin goods, will attract a cess for a period of five years on top of the 28% GST.
  • On nearly half of the consumer inflation basket, including food grains, the GST will be at 0%. The lowest slab of 5% will be for items of common consumption.
  • There would be two standard rates of 12% and 18%, which would fall on the bulk of the goods and services. This includes fast-moving consumer goods.
  • Most services are expected to become costlier as the ones being taxed currently at the rate of 15% are likely to be put in the 18% slab.
  • The highest slab of 28% will include white goods and all those items on which the current rate of incidence varies from 30-31%.

Anti-dumping Duty Imposed on Certain Chinese Steel Products

  • The Union government imposed anti-dumping duty on imports of steel wire rods from China to protect domestic manufacturers from cheap in-bound shipments on November 3, 2016.
  • An anti-dumping duty equivalent to the difference between the landed value of steel products and $ 499 per tonne will be imposed on products exported by Minmetals Yingkou Medium Plate Company Limited. In case of other producers, the antidumping duty would be the difference between the landed value and $ 538 per tonne.
  • The anti-dumping duty imposed under this notification shall be effective for a period not exceeding six months (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette and shall be paid in Indian currency.

BSE got SEBI’s In-principle Approval for Global Exchange

  • Leading bourse BSE has received in-principle approval from market regulator SEBI to set-up international exchange and clearing corporations on November 2, 2016.
  • BSE plans to operationalise the international exchange by early next year and Mock trading for the same commenced from October 3,2016.
  • In January, 2015, it had signed an MoU with GIFT SEZ Limited to set-up the two entities at the GIFT city, India’s first International Financial Services Centre (IFSC).

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NITI Aayog Index 2016 Released

  • Maharashtra has been adjudged the most farmer friendly State in the country followed by Gujarat and Rajasthan, according to NITI Aayog’s index on reforms in the farm sector on October 31, 2016. In a first of its kind of exercise, NITI Aayog has prepared ‘Agriculture Marketing and Farmer Friendly Reforms Index’ based on initiatives taken by the States in implementing farm sector reforms.
  • Termed the Agricultural Marketing and Farmer Friendly Reforms Index, it ranks states oh three major parameters, reforms in agricultural marketing, land lease and forestry on private land.
  • The minimum score of zero implies no reforms at all; a score of 100 would mean the opposite and the friendliest to farmers.
  • Maharashtra got 81.7 and Gujarat was second at 71.5, Puducherry, Delhi and Jammu & Kashmir got the lowest three grades, of 4.8,3 and 7.4, respectively. The Index is aimed at helping the States to identify and address problems in the farm sector, which suffer from low growth, low farm income and agrarian distress.
Mansi Agarwal
Mansi Agarwal

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