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Daily NEWS Summary | 14-09-2021

GST Council May Consider Including Gasoline and Diesel in GST

Daily NEWS Summary | 14-09-2021; The GST Council could consider on Friday taxing petrol, diesel and other petroleum products under the single national GST regime, a move that could require significant commitments from central and state governments to impose taxes on these products.

The council, which includes central and state finance ministers, at its scheduled meeting in Lucknow on Friday, is also likely to consider extending the duty-free period on essential elements of COVID-19, according to reports.

The GST is seen as a solution to the almost record-breaking problem of the country’s gasoline and diesel rates, as would end the cascading effect of the duty tax (state VAT not only applies production cost but also taxes) the special tax collected by the Center on said production.

In June, the Kerala High Court, on the basis of a lawsuit, asked the GST Council to decide whether to include petrol and diesel within the scope of the product tax and services.

The sources said the introduction of gasoline and diesel into the GST would be brought to Council for discussion in light of the tribunal’s request to the Council to do so.

When a national GST included central taxes such as excise duties and state levies such as VAT on July 1, 2017, five petroleum products – gasoline, diesel, ATF, natural gas and crude oil – were excluded from its jurisdiction for the moment. .

Indeed, the finances of the central government and the states depended heavily on taxes on these products. Since the GST is a consumption tax, the incorporation of petroleum products into the regime would have meant that the states where those products are sold get the revenue and not those who currently derive the greatest profit from as a center of production.

Simply put, Uttar Pradesh and Bihar, with their huge population and the resulting high consumption, would earn more income at the expense of states like Gujarat. Since the central consumption tax and state VAT now account for almost half of the retail price of gasoline and diesel, imposing the GST on them would be tantamount to imposing a maximum rate of 28% plus a fixed supplement according to the principle of equality of the new tax. to old taxes.

Tax experts have said that subjecting petroleum products to the GST will be a difficult decision for both the center and the states, as both will lose out. BJP-led states like Gujarat will lose out even if a product like natural gas is subject to the GST, as derives a lot of revenue from the taxation of local production and importation of fuel (LNG).

The Center will also lose, as the bulk of the excise duty of 32.80 per liter on gasoline and 31.80 per liter on diesel is made up of royalties, which it does not share with the states. Under the GST, all revenues will be split 50:50 between the Central and the States.

The GST Council, chaired by Minister of Finance Nirmala Sitharaman, at its meeting on September 17 could also discuss the modalities for continuing to stop offsets beyond June 2022. This is the first time in 20 months that the GST Council will hold a physical meeting. The last such meeting took place on December 18, 2019, before the closures induced by COVID-19.

TN withdraws 5,570 cases against protesters who peacefully opposed controversial projects, CAA

Daily NEWS Summary | 14-09-2021; The government of Tamil Nadu has officially withdrawn 5,570 recorded cases of people demonstrating peacefully against the three agricultural amendment laws and the Citizenship Amendment Act (CAA), as well as controversial projects such as the eight-lane highway Salem-Chennai, the extraction of methane, neutrino and nuclear power from Kudankulam Plant. The files registered by the former AIADMK regime against the media have also been withdrawn.

This follows Chief Minister M.K. Stalin’s announcement to the Assembly on June 24 that the charges against the media and protesters would be dropped. Home Secretary S.K. Prabakar, in his order of September 4, said the Director General of Police had provided details of the cases registered for consideration of the withdrawal.

There are 26 cases against the media, 2,831 cases against those who protested against farm laws, 2,282 against CAA protesters, 405 cases against the Eight Lane, Methane and Neutrino protests, and 26 cases against protesters in Kudankulam.

The prosecutor considered that in cases in which the investigation is still pending or in which the accusation has not been registered, the interested police could desist from any other action.

In cases where the cases are pending trial, the deputy prosecutors in charge of the respective cases may be invited to submit a request pursuant to article 321 of the CrPc for the withdrawal of the processes and follow the procedure prescribed therein.

India and the United Kingdom will start FTA negotiations from November 1

Daily NEWS Summary | 14-09-2021; Formal negotiations for a draft free trade agreement (FTA) between India and the United Kingdom would begin on November 1, with an interim “early harvest” agreement to be completed in March 2022, the government announced today.

The interim trade deal would involve advance tariff or market access concessions on certain “high-priority products and services,” the Trade and Industry Ministry said in a statement after Minister Piyush Goyal’s meeting with her British counterpart, the secretary of International Trade Elizabeth Truss on Monday.

The UK government, in a separate statement, noted that the two ministers agreed on steps to prepare for the launch of negotiations “later this year”, including a series of working groups on trade starting in September to assist both. parties “to better understand each other’s position on potential chapter areas in any trade agreement, including tariffs, standards, intellectual property, and data regulations.”

“The Secretary for International Trade has reaffirmed its ambition to negotiate a trade agreement that generates results for British citizens and businesses, including those of digital and data, technology and food and beverages,” underlined the statement from the United Kingdom, indicating its areas priority.

The proposed FTA would unlock “extraordinary” business opportunities and create jobs, Goyal said. She emphasized the need to strike a balance between commitments and concessions for goods and services. Discussions to finalize the terms of reference for the FTA negotiations will begin on October 1.

Trinamool Congress appoints Sushmita Dev for Rajya Sabha

Daily NEWS Summary | 14-09-2021;The Trinamool Congress appointed Sushmita Dev to the Rajya Sabha on Tuesday. Dev is a former President of Congress, Mahila, who joined the TMC just a month ago.

“We are very happy to appoint @SushmitaDevAITC to the Upper House of Parliament. @ MamataOfficial’s vision of empowering women and ensuring their maximum participation in politics will help our company achieve so much more! The TMC tweeted from their official ID.

Dev, who represented the Silchar Lok Sabha headquarters in Assam and joined the TMC on August 17, thanked party chair Mamata Banerjee for the opportunity. “I’m overwhelmed. I thank my leader @MamataOfficial from the bottom of my heart. His belief in seeing more women in Parliament is exemplary. Hitting someone from the Northeast is so easy. I’ll do my best,” Dev tweeted.

Rajya Sabha’s post was vacated due to the resignation of Manas Ranjan Bhunia, who won the Assembly vote. Elections for six seats in five states are scheduled for October 4. Dev’s appointment is increasingly important as it is crucial to TMC’s plans to expand its presence in the Northeast.

According to TMC sources, Dev is crucial to the campaign in Tripura, where elections are scheduled for 2022. She regularly visits Tripura with senior West Bengal leaders. Her father, Congressional veteran Santosh Mohan Dev, represented the Tripura West Lok Sabha headquarters in the 1990s and Dev is the best party face in the state.

Political observers say Dev is among the few outside of West Bengal appointed to Rajya Sabha by Trinamool. Previously, the industrial named TMC K.D. Singh and a few months ago retired bureaucrat Jawhar Sircar in the Upper House

Covid updates

Daily NEWS Summary | 14-09-2021; The number of reported cases in India stood at 3,332,947,957 at the time of this bulletin, with a death toll of 4.42,508.

Sri Lankan rhythm veteran Lasith Malinga announced his retirement from all forms of cricket on Tuesday after pestering the world’s best batsmen for more than a decade and a half with his crushing yorkers delivered from low slingshot action and distinct . A full-fledged legend of the white ball and one of the best bowlers in T20, the 38-year-old was captain of the World Cup-winning Sri Lankan squad.

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Daily NEWS Summary | 14-09-2021
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Daily NEWS Summary | 14-09-2021
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Daily NEWS Summary for the purpose of current affair section preparation, helpful indeed for competitive examination aspirants.
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