In News The Union government needs to reassign Goods and Services Tax (GST) to States to address fiscal imbalance between the Union and State governments. About Major Economic Changes in Recent Past: The divisible taxes of the Union government expanded from two to all the Union taxes, thus enlarging the revenue base to be shared […]
In News Recently, the Union Finance Ministry told the Supreme Court (SC) that demonetisation in 2016 led to a phenomenal growth in digital transactions, shrunk fake currency and saw more income tax payers. Government’s Response to SC Impact of Demonetisation: Bridging formal informal divide: The withdrawal of ?500 and ?1000 banknotes, which had at the […]
In News Recently, India surpassed the UK to become the world’s fifth biggest economy. Key Highlights Leaving behind UK: India leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. The calculation is based in US dollars, and India extended its lead in the first quarter, according to GDP […]
In News (LIBOR) rose for the fourth straight session, rising roughly 2.5 basis points to 2.83229%, the highest since November 2008. What Is London Interbank Offered Rate (LIBOR)? It is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans. It serves as a […]
In News Recently, the government announced its decision to sell all its stake in Air India (AI) as well as AI’s stake in two other businesses — Air India Express Ltd (AIXL) and Air India SATS Airport Services Pvt Ltd (AISATS). History of Air India (AI) Established: AI was started by the Tata Group in […]
In News Recently, the GST Council’s 45th meeting was held in Lucknow under the chairmanship of the Union Finance Minister. Key Decisions Drugs: Life-saving drugs Zolgensma and Viltepso used in treatment of Spinal-Muscular Atrophy are exempted from GST when imported for personal use. Extension of existing concessional GST rates on certain COVID-19 treatment drugs upto […]
In News Recently, the Cabinet has cleared amendments to the Limited Liability Partnership (LLP) Act of 2008, to whittle down several provisions. Proposed Amendments Decriminalising Offences: Of the 24 penal provisions in the Act, one would be omitted and a total of 12 cognisable offences were being decriminalised under the Limited Liability Act, 2008 which […]
In News Recently, the Insolvency and Bankruptcy Code (IBC) (Amendment) Bill, 2021 has been passed by the Lok Sabha. Insolvency and Bankruptcy Code (Amendment) Bill, 2021 It proposed the Pre-packaged Insolvency Resolution Process (PIRP), also called ‘pre-packs’ as an insolvency resolution mechanism for Micro, Small and Medium Enterprises (MSMEs). It will replace the Insolvency and […]
In News Recently, the Reserve Bank of India released its latest Financial Stability Report (or FSR). About FSR FSR is Published twice each year and is one of the most crucial documents on the Indian economy. It reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to […]
In News For India, a completely new journey commenced on July 1, 2017, with goods and services tax, being touted as one of the biggest economic reforms of independent India. Goods and Service Tax (GST) Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is […]
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