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.