5 August 2016

Rajya Sabha passes The Constitution (122nd Amendment) (GST) Bill, 2014
The Rajya Sabha has unanimously passed The Constitution (122nd Amendment) (GST) Bill, 2014 to introduce the goods and services tax (GST). With this passage of bill, India took giant step in structural indirect taxation reform and paved way for the concept of one nation, one tax. Earlier the Bill was passed in Lok Sabha in May 2015. However, now the Bill will again go back to the Lok Sabha to incorporate the few amendments approved by the Rajya Sabha. Note: The Constitution (122nd Amendment) (GST) Bill, 2014 will enter into the statute book as The Constitution (101st Amendment) Bill, 2016.

What is GST?
  • GST is single indirect tax for the whole nation, which will make India one unified common market. It is a single tax on the supply of goods and services, right from the manufacturer to the consumer. 
  • GST is essentially a tax only on value addition at each stage i.e. credits of input taxes paid at each stage will be available in the subsequent stage of value addition.
  •  Thus, the final consumer will bear only the GST in the supply chain charged by the last dealer with set-off benefits at all the previous stages. 
Purpose of GST GST
  • aims to bring uniform indirect tax regime throughout the country by subsuming central and state indirect taxes into single indirect tax.
  • It also seeks to enhance fiscal federalism by removing indirect tax barriers across states and integrate the country into a common market, boosting government revenue and reducing business costs.

Which indirect taxes will subsume into GST?

At the Central level: (i) Central Excise Duty, (ii) Additional Excise Duty, (iii) Service Tax, (iv) Additional Customs Duty (also known as Countervailing Duty) (v) Special Additional Duty of Customs.

 At the State level: (i) State Value Added Tax (VAT) or Sales Tax, (ii) Octroi and Entry tax, (iii) Purchase Tax, (iii) Luxury tax, and (iv) Taxes on lottery, betting and gambling (v) Entertainment Tax (other than the tax levied by the local bodies) (vi) Central Sales Tax (levied by the Centre and collected by the States).

Nita Ambani becomes first Indian woman member of IOC

Noted sports promoter and founder chairperson of Reliance Foundation, Nita Ambani was elected as an individual member of International Olympic Committee (IOC). With this, she becomes the first Indian woman to join the prestigious body which governs Olympic sports in the world.

Key Facts

  • Nita Ambani is only current active individual member of the IOC from India and shall serve at the high-profile world body until she attains the age of 70. 
  • She was elected at the 129th IOC Session held in Rio de Janeiro, Brazil after being nominated in June 2016 by the IOC Executive Board. 
  • Sir Dorabji Tata was the first Indian representative in the IOC while Raja Randhir Singh was a member from 2000-2014 and is currently honorary member of the IOC. 
  • Nita Ambani spearheads all sports initiatives of Reliance Industries’, notably cricket, football, kabaddi, basketball, tennis and golf either through company, foundation or its joint ventures.

Vijay Rupani becomes Gujarat chief minister; Nitin Patel to be 
his deputy 

In a surprise decision, Vijay Rupani was on Friday chosen as the new Chief Minister of Gujarat by the BJP legislators to succeed Anandiben Patel, who resigned on Wednesday.

PM will launch mobile app for PMO developed by six students on Aug 6 

·        Taking citizen engagement to another level, Prime Minister NarendraModi on Saturday will launch a mobile app for PMO, which has been developed by six students, selected through a contest to make the app.

·        The government is celebrating two years of Mygov.in, the citizen engagement portal, from where Modi had often crowd sourced ideas for his radio talk Mann Ki Baat and other signature campaigns of the government.

·        The mobile app will allow the Prime Minister to directly interact with the citizens who can share their ideas and thoughts.

·        According to Mygov CEO GauravDwivedi, the app has been made by a team of six students, three of whom are from Delhi Technical University.

Youssef Chahed named Tunisia`s new prime minister

·        Tunisia's President BejiCaidEssebsi named Youssef Chahed as the new prime minister after parliament ousted HabibEssid in a vote of no-confidence because of his handling of economic reforms and security.

·        A junior minister in Essid's government, Chahed, 41, is an agricultural sciences specialist and academic who has taught in France and Tunisia.

·        He is also part of the NidaaTounes secular party and has ties to Essebsi's family, which has led to some criticism from opposition leaders.