GOA
Goa’s industry breathes a sigh of relief as taxation remains stable
Goa’s industry captains let out a huge sigh of relief after the Union Budget for 2021-22 kept direct and indirect taxes more or less stable. The industry, which was worried that the pandemic and the revenue shortfall would prompt the government to increase taxes and cess, said that the Budget proposals will actually generate employment and boost the MSME sector.
The move to reduce the time limit for reopening of income tax assessment from the present six years also gave the industry a sign that the Centre is willing to trust the private sector and reduce tax terrosim.
The best portion is that there has been hardly any tax increase on the direct front. People were worried that the cess would be increased from 4% to 5% or even 6% but it is a great relief that there has been no increase.
INTERNATIONAL
Military seizes power in Myanmar, announces 1year emergency
The Myanmar Military Tatmadaw has announced a one year state of emergency in the country.
The Vice President Myint Swe has been made the acting President and all powers have been transferred to the Commander in Chief Min Aung Hlaing.
The leaders have been detained for committing fraud in the national elections held on Nov 8.
The development follows early morning detention of the State Counsellor Aung San Suu Kyi, President Win Myint and other senior leaders from the ruling party National League for Democracy (NLD) by the military.
The detention comes hours before the first meeting of the newly elected parliament was to begin.
Aung San Suu Kyi took over as the head of the civilian government in 2015 after a long period of military rule in Myanmar.
World Bank Supports STARS Project
Department of Economic Affairs (DEA) and the World Bank signed a financial support agreement for the STARS project.
The Department of Economic Affairs (DEA), the World Bank and the Ministry of Education signed a financial support agreement for the implementation of the Ministry of Education’s “Strengthening Teaching-Learning and Results for States (STARS)” project.
The STARS project will be implemented as a new Centrally Sponsored Scheme under the Department of School Education and Literacy (DoSEL), MOE.
The project involves six states, namely Himachal Pradesh, Rajasthan, Maharashtra, Madhya Pradesh, Kerala and Orissa. Various interventions will be provided to the identified states to improve the quality of education.
World Wetlands Day is on 2nd February
The World Wetland Day is celebrated on February 2 every year. This day is the date when the “Wetlands Convention” was adopted in the Iranian city of Ramsar on February 2, 1971. The theme for World Wetland 2021 is ” Wetlands and Water”. It was first celebrated in 1997.
Wetlands are ecosystems that are seasonally or permanently filled with water. These include mangroves, swamps, rivers, lakes, deltas, floodplains and flooded forests, rice fields, coral reefs, marine areas with a depth of no more than 6 meters at low tide, and constructed wetlands such as wastewater treatment ponds and reservoirs.
Although they cover only about 6% of the earth’s land surface, 40% of all animal and plant species live or reproduce in wetlands.
NATIONAL
Aatma Nirbhar Swasth Bharat Yojana and Mission Poshan 2.0 2021 Budget
Indian Finance Minister Nirmala Sitharaman announced two new central sponsorship plans, namely Prime Minister Aatma Nirbhar Swasth Bharat Yojana and Mission Poshan 2.0 while announcing the alliance budget for 2021. According to the announcement, a new central sponsorship program will be launched called PM Aatma Nirbhar Swasth Bharat Yojana
PM Aatma Nirbhar Swasth Bharat Yojana:
In addition, the expenditure of Rs. Prime Minister Aatma Nirbhar Swasth Bharat Yojana announced Rs 661.8 billion, which is more than 6 years old. This was announced in addition to the National Health Mission (NHM).
Mission Pushan 2.0:
Mission Pushan 2.0 will be launched, with the goal of improving nutrient content, provision, extension and results. The plan will merge the slope mountain Abidjan and the supplementary nutrition plan. The mission is to improve nutritional outcomes in 112 Aspirational Districts.
Aspirational Districts are those areas that are affected by poor socioeconomic indicators in India. These areas are ambitious, because if any improvement is made in these areas, it may lead to an overall improvement in human development in India.
No Change in Income Tax Slabs in 2021 Budget
Union Finance Minister Nirmala Sitharaman did not propose any changes to the income tax plan in the “2021 Union Budget”. However, some relief for the elderly has been announced. Announced that seniors over 75 years old are exempt from paying income tax returns.
New rules have been formulated to avoid double taxation on NRI. In addition, NRI has been allowed to establish and operate one-person companies in India.
The tax audit limit has been increased from 50 million to 10 million. The minister announced that affordable housing projects will now be able to take advantage of the tax holiday until March 31, 2022.
Final Report of 15th Finance Commission
The Fifteenth Finance Committee of India has submitted a five-year final report. The submission of the report aims to change the financial management of Indian municipalities.
The interim report for the 2020-21 fiscal year is submitted to Parliament together with the 2020-21 budget.
The final report for the 2021-22 fiscal year to the 2025-26 fiscal year is submitted with the 2021-22 budget.
The 15th FC has significantly improved its standards for municipal financial governance in India in its interim report.
Green Tax Impacts the Sale of CNG Car
Two executives in the automotive industry recently emphasized that Maruti Suzuki India Co., Ltd. would benefit most from the government’s proposed green tax on gasoline and diesel vehicles.
According to the green tax guidelines, hybrid vehicles, electric vehicles and vehicles running on clean alternative fuels (such as CNG, ethanol and liquefied petroleum gas (LPG)) will be exempt from green tax. Gasoline or diesel vehicles will be subject to higher taxes.
Higher taxes on gasoline and diesel cars will force people to switch to CNG. In turn, this will benefit companies such as Maruti and Hyundai. In addition, companies and dealers can use green transactions and increased purchase costs as marketing strategies to induce customers to buy CNG vehicles.