Tax: Current Affairs, GK & News - 2020-2021

Fifteenth Finance Commission meets to discuss Health Sector and Fiscal Consolidation

Published: May 21, 2020

On May 21, 2020, the Fifteenth Finance Commission met to discuss health sector and fiscal consolidation in the country. Highlights A high-level group was constituted by the Finance Commission on health sector. The group had submitted its report August 2019. Some of its recommendations were incorporated in the first report of the Finance Commission for ..

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CBDT releases relief funds to MSME

Published: April 18, 2020

The Central Board of Direct Taxes (CBDT) issued Rs 5,204 cores as relief funds to MSME (Micro Medium and Small Enterprises) sector. Around 8.2 lakh small businesses have received Income Tax Refunds so far. Highlights In the last 10 days, CBDT issued Rs 5,204 crores as Income Tax refunds. The funds were issued to help ..

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MEIS scheme to be replaced with RoDTEP Scheme

Published: March 14, 2020

On March 13, 2020, the Union Cabinet approved to withdraw the MEIS (Merchandise Export from India) Scheme in phases. It is later to be replaced with RoDTEP (Remission of Duties or Taxes on Export Product) scheme. Highlights The MEIS is being replaced as the exports are to fall further due to Corona Virus outbreak. The ..

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India has the third-highest trade-related illicit financial flow globally

Published: March 4, 2020

US-based think tank Global Financial Integrity (GFI) recently released a report titled “Trade-related Illicit Financial Flows in 135 Developing Countries: 2008-2017”. As per the report, five countries with the largest gaps were China ($457.7 billion), followed by Mexico, India, Russia and Poland. India has the third-highest trade-related illicit financial flow escaping the government’s tax net, with $83.5 ..

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Second National GST Conference of Central and State Tax Commissioners held

Published: January 8, 2020

On January 7, 2020, the second National GST Conference and Central and State Commissioners was held to streamline the Goods and Services Tax. The Revenue Secretary of Ministry of Finance Dr Ajay Bhushan Pandey was the Chairman of the conference Key Takeaways A Committee is to be constituted with central and state officers. The Committee ..

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