GST Council fixes 4-rate structure

he GST Council has finalised 4-level Goods and Services Tax (GST) rate structure with a multiple-slab rates, including the cess for the new indirect tax regime. Thus, GST will be levied at multiple rates ranging from 0% to 28%. Decision in this regard was taken by the GST Council meeting chaired by Union Finance Minister Arun Jaitley in New Delhi. 

What are the outcomes of GST Council meeting? 

The four bands of tax rates have been fixed at 5%, 12%, 18% and 28%. Besides, another category of tax between 40% and 65% will be imposed on luxury goods like pan masala, tobacco products, aerated drinks and high-end cars. Nearly half of the consumer inflation basket goods including food grains, will be zero-rated (i.e. 0% GST) to insulate people from inflationary pressures. The lowest slab of 5% will be for items of common consumption. The bulk of the goods and services including fast-moving consumer goods will be included in two standard rates of 12% and 18%. Ultra luxuries, demerit and sin goods, will attract 28% GST along with a cess for a period of 5 years. The quantum of cess on each of these will depend on current incidence of tax. The revenue raised from the cess will be used to finance the compensations to States for the losses. This cess will have a sunset clause of five years. If the revenue raised from the cess is found to be in excess of the sums then GST Council will decide where to use the surpluses. The GST will subsume the multitude of cesses currently in place, including the Swachh Bharat Cess, Krishi Kalyan Cess and the Education Cess. Only the Clean Environment Cess will be retained and revenues from it will also fund the compensations. The GST Council was not able to take a call on the GST rate on gold. It will be finalised after the fitting to the approved rates structure of all items is completed.

Dhoni most valued athlete among Indians, Federer globally: Forbes Fab 40

Team India’s limited-overs cricket skipper Mahendra Singh Dhoni remains the most valued Indian athlete in 2016, despite a drop in his brand value when compared with last year, shows the Forbes Fab 40 list released recently.The annual Forbes Fab 40 list, which estimates the brand value of top sports labels, athletes, teams and events, reveals that Dhoni’s brand value reduced from $21 million in 2015 to $11 million this year, and his rank slipped from fifth to 10th during the same period. However, he remains the only Indian among the top 10 athletes globally.

Swiss tennis legend Roger Federer toppled golf great Tiger Woods as the most valued athlete globally. With a brand value of $36 million, Federer gained two notches from third last year, while Woods dropped four spots to stand fifth on the latest edition of the list. Among other top athletes on the list is Argentine football star Lionel Messi, ranked eighth. He was not among the top 10 last year.

SEBI tightens norms for credit rating agencies

The Securities and Exchange Board of India (SEBI) on 01st November 2016 tightened rules for credit rating agencies,prescribing more disclosures on suspension and withdrawal of ratings. The capital markets regulator also directed agencies to disclose the nature of their compensation arrangements with rated entities, including exchange of gifts.

CRISIL, ICRA and CARE are the major agencies that assign credit ratings to issuers of debt instruments. The SEBImove follows an increase in the number of defaults due to a deteriorating corporate debt profile.

PM Narendra Modi launches 'Saur Sujala Yojana' in Chhattisgarh

Prime Minister Narendra Modi launched the Saur Sujala Yojana in Chhattisgarh that would provide solar powered irrigation pumps to farmers at a subsidized price.

Chhattisgarh would be the first state to implement the scheme. Under the scheme, solar powered irrigation pumps of 3HP and 5HP capacity worth Rs 3.5 lakh and Rs 4.5 lakh respectively would be distributed to the farmers by March 31, 2019. The beneficiaries would get the pumps at the subsidised price.

Sushil Chandra takes charge as CBDT chief

Sushil Chandra on 01st November 2016 took over as Chairman of the Central Board of Direct Taxes (CBDT).Chandra, an Indian Revenue Service (IRS) officer of the 1980 batch, comes in place of Rani Singh Nair, who retired from service on 31st October 2016. 

Chandra, who has been Member (Investigation) in the CBDT since December 2015, will hold the top post till May 2017. During his long and illustrious career in the Income Tax Department, he has handled many prestigious assignments like the Principal Chief Commissioner and Director General of Income Tax at Ahmedabad, Commissioner of Income Tax (Central) and Director of Income Tax (Investigation) at Mumbai.

Lewis Hamilton wins 2016 Mexican Grand Prix

Lewis Hamilton outpaced Mercedes team-mate Nico Rosberg to win the 2016 Mexican Grand Prix. Red Bull’s Daniel Ricciardo ended on the third spot in the race.

The Mexican Grand Prix is an FIA-sanctioned auto race held at the Autodromo Hermanos Rodriguez in Mexico City.

Miroslav Klose confirms retirement and joins Germany coaching staff

Miroslav Klose, the top scorer in World Cup history, is ending his playing career and will join Joachim Löw’s coaching staff as he studies for his pro licence, the German football association (DFB) have confirmed.

The 38-year-old retired from international football after winning the World Cup with Germany in 2014, scoring twice to bring his total goal tally from four tournaments to 16. He is also Germany’s record scorer with 71 goals.