Arvind Subramanian Committee suggests GST rate of 17-18 per cent
Chief
Economic Advisor Dr Arvind Subramanian led Committee has recommended
standard rate for Goods and Services Tax (GST) at 17 to 18 per cent. The
Committee has submitted its report to Union Finance Minister Arun
Jaitley in New Delhi. The committee recommended standard Goods and
Services Tax (GST) rates at 17-18 % and a revenue neutral rate of
15-15.5 % and dropping of 1% additional tax on inter-state trade. The
panel was set up by the government to suggest a road map of rates for
GST but the final decession on the precise number would be taken by the
proposed GST council.
Delhi Assembly passes Jan Lokpal Bill, 2015
The
Delhi Assembly has unanimously passed the Delhi Jan Lokpal Bill, 2015
for establishment of statutory anti-corruption ombudsman. The Bill
provides powers to Lokpal to act against any government functionary
including those of the Centre and in the national capital territory
(NCT) of Delhi through its own investigation wing. anlokpal will be a
three member body with Chairperson and two members.
China announces $60 billion package to Africa
Chinese
President Xi Jinping has announced a 60 billion dollars package to
African nations during the Forum on China-Africa Cooperation (FOCAC)
held in Johannesburg, South Africa. The package will benefit Africa in
10 major areas (sectors) such as industry, infrastructure, agriculture,
financial services, trade and investment facilitation, green
development, poverty reduction and public welfare, public health, peace
and security and people-to-people exchanges. With this package, China is
seeking to expand its investments in resource-rich Africa.
Australia passes Anti-Terrorism law
Australia’s
Federal Parliament has passed Australian Citizenship Amendment
(Allegiance to Australia) Bill, 2015 to strip citizenship of convicted
persons on terrorism charges. The new legislation allows government to
strip dual nationals of their citizenship if they are convicted of
terrorism offences. Those who are found to have fought for banned
terrorist group overseas, their citizenship will be automatically
terminated. The dual nationals would lose their citizenship if the
person is convicted of a terrorism offence and sentenced to at least 6
years’ of imprisonment