9 PM Daily Current Affairs Brief- July 1st, 2017

Entering the age of GST Context: GST is expected to meet country’s economic growth for a long run but along with it there’s a challenge to untangle the initial shortcomings. Pros and Cons The objective of including real estate within a reasonable time period is appreciated because besides expanding the tax base, this will help… Continue reading Entering the age of GST

At stroke of midnight, India gets a ‘good and simple tax’ Context: India’s biggest tax reform since Independence, rolled out on 1st July, 2017. The new good and simple GST (Good and Service Tax) ushers in a ray of hope for the economic pillars of the country. Significance: To serve the purpose of national integration,… Continue reading At stroke of midnight, India gets a ‘good and simple tax’

RBI says bank funding can’t be substituted Context Banks are increasingly retrenching credits whereas mutual funds, non-banking finance companies (NBFCs) are continuously offsetting the retrenchment effect. Does this implies that role and relevance of Bank funding in on decrease? What is the Issue? Retrenchment of credit by public sector banks is partly offset by NBFC’s,… Continue reading RBI says bank funding can’t be substituted

TRAI pitches for lower GST Context The Telecom Regulatory Authority of India has pitched for a reduction in the GST rate for telecom services. Details TRAI has asked the Department of Telecom (DoT) to approach the Finance Ministry with two issues: Reduction in GST rate to 5%cent from the current 18% Treating telecom as core… Continue reading TRAI pitches for lower GST

How will the Centre ensure States’ finances are not hurt? Context Right from its initiation, it was perceived that implementation of the Goods and Services Tax will not go in favor of States in terms of finance Reaching at a consensus with regard to the compensation the Centre would have to pay States for any… Continue reading How will the Centre ensure States’ finances are not hurt?