Jan Dhan deposits touch Rs 64,564 cr

 Jan Dhan deposits touch Rs 64,564 cr; Rs 300 cr added during demonetization – According to Government data, Deposits in Jan Dhan accounts have touched a new high of Rs 64,564 crore, of which over Rs 300 crore came in the first seven months of demonetization. Of these, 23.27 crore accounts were with public sector banks, 4.7 crore with regional rural banks and 92.7 lakh with private ones.

 Ministry of Skill Development and Entrepreneurship to train 5 lakh graduates

Ministry of Skill Development and Entrepreneurship to train 5 lakh graduates to be trained for Goods and Services Tax – Minister of state for skill development and entrepreneurship, Shri Rajiv Pratap Rudy stated that with the demand for tax professionals increasing in the country in view of Goods and Services Tax (GST) coming into effect from July 1, the ministry of skill development and entrepreneurship will train 5 lakh graduates for GST. The commerce graduates will be trained in 100 GST training centres across the country.

NDMC Smart City projects timelines

NDMC Smart City projects has given timelines; Rs.1,240 cr worth works to begin in October –   New Delhi Municipal Council (NDMC) has been asked by the Ministry of Housing & Urban Affairs to ensure completion of smart city projects ahead of time so as to lead by example in smart city making across the country. Of the Rs.1,800 cr Smart City Plan of NDMC, work on a range of major impactful projects will begin in phases by October this year, for which tendering is in progress.

No (GST) tax on second hand goods if sold cheaper

GST implementation: No tax on second hand goods if sold cheaper – The buying and selling of second hand goods will not attract Goods and Services Tax (GST) if sold at a price cheaper than the purchase price. Rule 32(5) of the Central Goods and Services Tax (CGST) Rules, 2017, provides that where a taxable supply is provided by a person dealing in buying and selling of second hand goods or used goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored.

No breach of farm subsidy limits, India tells WTO

 India has informed the World Trade Organization (WTO) that it did not breach the permissible farm subsidy limit between 2011-12 and 2013-14. India recently submitted its farm subsidy details for these three years to the multilateral body. Putting to rest doubts of developed countries that India’s farm subsidies have been on the rise, it has been told to WTO that input subsidies that include those for fertilisers, irrigation and electricity fell to USD22.8 billion in FY2014 compared with USD29.1billion in FY 2011.

Proposal for states to make their own Aadhaar Acts

Centre makes proposal for states to make their own Aadhaar Acts – The state government may soon enact their own “State Aadhaar Act”, as the central government has made a proposal for the same. Though a five-judge Constitution bench of the Supreme Court is set to hear challenges to the Aadhaar Act, the Centre put up the idea at the national conference of state chief secretaries, organised by NITI Aayog.

The post Economy: News Nuggets July 17, 2017 appeared first on Civil Services Strategist.

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