1).Input tax credit :Recommendation for relaxation of time limit
Context:
- The GST Council in its 53rd meeting has recommended relaxation of time limit for traders to avail input tax credit.
- It has also proposed an amendment to section 16(4) of the GST Act 2017 to facilitate manufacturers, traders and service providers.
- However, it is being analyzed that this recommendation will burden the exchequer of State and UTs
Key Highlights of the 53rd GST Council Meeting
- Aadhaar-based Biometric Authentication The council announced the rollout of biometric-based Aadhaarauthentication on a national level to combat fraudulent input tax credit claims made through fake invoices
- Exemption for Hostel Accommodation
- Reduction in GST Rate on Cartons The GST rate on various types of carton boxes was reduced from 18% to 12%.
- This change is intended to benefit both manufacturers and consumers by lowering the overall cost of these essential packaging materials.
Where Karnataka stand:
- In GST collection, Karnataka ranks second in the country, next only to Maharashtra with Rs 27,688 crore. BENGALURU
- Karnataka’s Goods and Services Tax (GST) collection has crossed Rs 13,000 crore, second only to Maharashtra. Its impressive 26% growth is the highest among the five largest states.
- Karnataka has investigated 11,914 cases of GST fraud and detected tax evasion of over ₹1,800 crore
2).PM Swanidhi Yojana
Context:
- Bengaluru ranked second in implementing street vendors’ scheme
- BBMP Chief commissioner Tushar Girinath received the second award Among mega and million plus cities in the financial inclusion and Empowerment of street vendors access program of pm breastfeeding scheme.
- Prime Minister Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) was announced as a part of the Economic Stimulus-IIunder the Atmanirbhar Bharat Abhiyan.
- It has been implemented since 1st June 2020, for providing affordable working capital loans to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdowns,with a sanctioned budget of Rs. 700 crore.
Aims:
- To benefit over 50 lakh street vendors who had been vending on or before 24th March 2020, in urban areas including those from surrounding peri-urban/rural areas.
- To promote digital transactions through cash-back incentives up to an amount of Rs. 1,200 per annum.
3).B.M Shri Charitable Award to Jayachandra
Context :
- From B.M Shri The Kambatalli Jeevanna Padmavatamma Award
the Jayachandra in selected
- The award includes a cash prize of Rs 25 thousand and in their
K.J.praswanath has established this award in the name of his perents
4).English pen award
context
- English PEN’s flagship grant program, PEN Translates, has announced its latest round of awards, recognizing 16 titles from 11 regions and 10 languages.
- For the first time in the award’s history, a work translated from Kannada by Deepa Bhasthi has been honored.
- Bhasthi’s translation of a collection of short stories by Banu Mushtaq has brought Kannada literature to the international stage, highlighting the growing global appreciation for this regional language.
- The awards includes a wide variety of genres, including novels, short stories, non-fiction, poetry, prose drama, and young adult literature.
