Banking, Financial and Economic Awareness
1. Nearly 87 % of total eligible taxpayers applied under Sabka Vishwas scheme
- Under Sabka Vishwas scheme, 1.6 lakh of 1.8 lakh eligible taxpayers have applied to pay Rs 35,094 crore and settle their disputes.
- Earlier, the government has extended the deadline for Sabka Vishwas scheme from December 31 to January 15.
- Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019:
- The government had proposed the Sabka Vishwas scheme in Union Budget, 2019.
- Central Board of Indirect Taxes and Customs (CBIC) had notified this scheme in September 2019.
- The scheme aims for the resolution of past disputes related to central excise and service tax and giving non-compliant taxpayers an opportunity for voluntary disclosure.
2. PHDCCI requests government to postpone introduction of 5G
- PHD Chamber of Commerce and Industry (PHDCCI) has requested the government to postpone the introduction of 5G, regarding the sale of telecom equipment as deemed export and establishing Telecom Finance Corporation.
- In December 2019, Digital Communications Commission (DCC) had decided that upcoming auctions of 8,300 MHz spectrum will be conducted between March and April 2020.
- As per the decision of DCC, airwaves for 5G communication will also be offered in an upcoming auction between March and April 2020.
- In December, DCC has also accepted TRAI's recommendation on spectrum allocation. TRAI has recommended that reserve prices for the sale of 8,300 MHz spectrum should be kept at Rs 5.22 lakh crore.
- Currently, the government notifies transactions from supplies of certain goods that are manufactured within India and does not go out of India as deemed exports under Section 147 of the CGST/SGST Act, 2017.
- Earlier telecom operators had requested the government to lower Universal Service Obligation Fund (USOF) charges from present 5% to 3%.
- PHD Chamber of Commerce and Industry (PHDCCI):
- It was formed in 1905.
- It works for the promotion of trade, industry and entrepreneurship.
- Headquarters: Delhi
- Digital Communications Commission (DCC):
- It was earlier known as the Telecom Commission.
- Telecom Commission was established in 1989 and renamed as Digital Communications Commission (DCC) in 2018.
- Department of Telecommunications secretary is its ex-officio Chairman.
- Along with a chairman, DCC comprises of four full-time members and four part-time members.
3. Persons jointly owning a single house property allowed to use recently notified Income Tax Return (ITR) forms
- Income Tax Department has changed its decision to restrict persons jointly owning a single house property from using recently notified Income Tax Return (ITR) forms, SAHAJ (ITR-1) and SUGAM (ITR-4).
- As per the latest decision, persons jointly owning a single house property can file the income tax return by using ITR-1 or ITR-4.
- The income tax department has also allowed people holding accounts having high-value transactions with regard to payment of electricity bills and spending on foreign travel to use SAHAJ (ITR-1).
- Usually, ITR forms for an Assessment Year (AY) were notified in 1st week of April of that year. But, the Income Tax Department has notified ITR forms for AY 2020-21 in the 1st week of January.
4. The sale of Delhi-Agra Toll Road project approved
- National Highways Authority of India (NHAI) has given approval for the sale of the 180-km 6-lane Delhi-Agra Toll Road project.
- Through its in-principle approval, NHAI has permitted the substitution of existing Concessionaires of Delhi-Agra Toll Road project, Reliance Infrastructure (RInfra), by Singapore-based Cube Highways and Infrastructure III Ltd. (CUBE III).
- The permission for substitution of existing Concessionaires has been given because Concessionaires are facing difficulties in Public-Private-Partnership (PPP) projects.
- RInfra is currently under debt and on July 6, 2019, an inter-creditor agreement (ICA) was signed by lenders of RInfra after RBI issued directions on Prudential Framework for Resolution of Stressed Assets by banks.
- An inter-creditor agreement (ICA) is signed to resolve the debt of a company. It lays down rules to finalize and implement a resolution plan for borrowers.
- Cube Highways will operate Delhi-Agra Toll Road till 2038.
- Singapore-based Global Infrastructure Fund, I Squared Capital and fully-owned subsidiary of Abu Dhabi Investment Authority own Cube Highways.
- National Highways Authority of India (NHAI) is a nodal agency of Road Transport and Highways Ministry. It was established in 1988.
5. FIMI wants export duty on iron ore to be removed in budget 2020-2021
- Federation of Indian Mineral Industries (FIMI) has requested the central government to reduce export duty on iron ore in budget 2020-2021.
- FIMI has also requested the government to remove 15 % export duty on bauxite and lower basic custom duty on critical raw materials required in the aluminium industry.
- Currently, the government imposes 30% export duty on iron ore with more than 58% Fe (iron) content.
- In budget 2016-2017, export duty on iron having up to 58 % iron content was removed.
- In 2018-19, iron ore export decreased by nearly 50% from 30.48 million tonnes in 2016-2017 to 16.19 million tonnes.
Multiple Choice Questions (MCQs)
1. The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 is related to-
- Income Tax
- Corporate Tax
- Goods and Services Tax
- Export Duty
- Countervailing Duty
2. Digital Communications Commission (DCC) was established in
3. What is the name of recently notified Income Tax Return form, ITR-1?
4. Which of the following companies will operate Delhi-Agra Toll Road project after the National Highways Authority of India (NHAI)'s recent approval?
- CUBE III
- GIF I
5. India's iron ore exports in 2018-19 decreased from 30.48 million tonnes in 2016-2017 to
- 16.19 million tonnes
- 18.19 million tonnes
- 20.19 million tonnes
- 25.19 million tonnes
- 27.19 million tonnes