New Economic Policy & Govt. Sector 'Mera Bill Mera Adhikar' GST reward scheme The government will launch the 'Mera Bill Mera Adhikar' invoice incentive scheme. It offers cash prize from ₹10,000 to ₹1 crore, from September 1, starting with six States and Union Territories. Aim - at motivating customers to ask for a bill every time they make purchases Objective The scheme is conceptualised in a way so as to incentivise citizens and consumers to ask for genuine invoices from the seller when making business-to-consumer (B2C) purchase of goods or services. launched in - the States of Assam, Gujarat and Haryana; and the UTs of Puducherry, Daman & Diu and Dadra & Nagar Haveli. App Launched by - Central Board of Indirect Taxes and Customs (CBIC) Eligibility conditions All invoices issued by Goods and Services Tax (GST) registered suppliers to consumers. The minimum purchase value for the invoice to be considered for lucky draw is ₹200. Individuals can upload a maximum of 25 invoices in a month beginning September. The invoice uploaded on the app should have the GSTIN of the seller, invoice number, amount paid and tax amount.
ECONOMICS
New Economic Policy & Govt. Sector RBI Introduces UDGAM Portal The Reserve Bank of India (RBI) has unveiled a groundbreaking solution for individuals seeking their unclaimed deposits. UDGAM (Unclaimed Deposits – Gateway to Access Information) portal. This centralized web platform is designed to simplify the process of locating unclaimed deposits across various banks. Note RBI collaborated with Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and select banks to develop this platform. Currently, the UDGAM portal provides access to unclaimed deposit information from seven banks. Including prominent names like State Bank of India, Punjab National Bank, South Indian Bank, Central Bank of India, Dhanlaxmi Bank, DBS Bank India and Citi Bank. For other banks, the search feature will be introduced in phases by October 15, 2023. About RBI Governor – Shaktikanta Das HQ – Mumbai Established - April 1, 1935
ECONOMICS
New Economic Policy & Govt. Sector GST Council Decision to impose a 28% levy on the full face value of bets placed on online gaming, casinos and horse racing, with implementing it from October 1. About GST The Central Goods and Services Tax Act, 2017 was passed as the 101st amendment act. GST laws were implemented - On July 1, 2017. Dispute settlement scheme The Centre launched settlement scheme the Vivad se Vishwas II scheme aims to settle disputes between government and its vendors. Finance Minister Nirmala Sitharaman had announced the scheme, termed “Vivad se Viswas II – (Contractual Disputes)’ in this year’s Union Budget. The scheme will apply to all domestic contractual disputes where one of the parties is either the Government of India or an organisation working under its control.
ECONOMICS
New Economic Policy & Govt. Sector GST Council 50th Meeting The Goods and Services Tax (GST) Council, as its 50th meeting reduced or clarified the tax rate on some items ranging from uncooked or unfried snack pellets to special utility vehicles (SUVs), exempted imported drugs to treat cancer and rare diseases. Whether they involve skill or chance, or both or neither, bets and wagers made on all three activities, will attract a 28% levy. The GST laws will be amended to include online gaming. The council also examined States proposals to set up 50 Benches of the GST Appellate Tribunals in the country. The statutory bodies to resolve mounting GST disputes shall become operational within four to six months. TN in GST Council Tamil Nadu on told the GST Council that any decision on online games should conform to the Tamil Nadu Prohibition of Online Gambling Act, 2022. Tamil Nadu supported the proposal to grant exemption from payment of Integrated Goods and Services Tax (IGST) on import of expensive medicines used to treat cancer patients. It supported the proposal to grant exemption on IGST payable on import of medicines and Food for Special Medical Purposes (FSMP) used in the treatment of certain rare diseases. About GST The Central Goods and Services Tax Act, 2017 was passed as the 101st amendment act. GST laws were implemented - On July 1, 2017.
