The Goods and Services Tax (GST) Council on December 22, 2018 slashed GST Rates for 23 commonly used goods and services. The reduced rates will come into effect from January 1, 2019.
The Reserve Bank of India (RBI), in consultation with the Union Government, on December 26, 2018 constituted an Expert Committee on Economic Capital Framework. The Committee will be headed by BimalJalan, while, former secretary Rakesh Mohan was named as the Vice Chairman.
The Economic Advisory Council to the Prime Minister (EAC-PM) has constituted a Logistics Development Committee under the Chairmanship of Dr. BibekDebroy, Chairman of EAC-PM to assess key challenges and suggest reforms in logistics development and associated commerce.
India and Japan on December 21, 2018 signed Exchange of Notes and Loan Agreements on Japan’s Official Development Assistance Loan to India.
The NITI Aayog on December 21, 2018 released the Baseline Report of the Sustainable Development Goals (SDG) India Index 2018, documenting the progress made by India’s States and Union Territories (UTs) towards implementation of the 2030 SDG targets.
The Union Government has decided to set up an expert committee to look into all the taxation issues being faced by startups and angel investors. The information was shared by the Central Board of Direct Taxes (CBDT) on December 20, 2018.
The Securities and Exchange Board of India (SEBI) on December 7, 2018 passed a slew of relaxations for start-ups in sectors like e-commerce, data analytics and bio-technology to raise funds and list them on stock exchanges.
The Employees’ State Insurance Corporation during its 176th meeting held on December 5, 2018 took few very important decisions towards improvements in its service delivery mechanism.
The Union Cabinet, chaired by Prime Minister NarendraModi, on December 6, 2018 approved the Agriculture Export Policy 2018, which aims to double farmer’s income by 2022.
The Reserve Bank of India (RBI) on October 5, 2018 released its Fifth Bi-monthly Monetary Policy Statement 2018-19.
• Keep the policy Repo Rate under the Liquidity Adjustment Facility (LAF) unchanged at 6.5 percent.
• The Reverse Repo Rate under the LAF remains at 6.25 percent.
• The Marginal Standing Facility (MSF) rate and the Bank Rate stand at 6.75 percent.