RSTV NEWS ANALYSIS
20 SEPTEMBER 2019
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BY SUMIT BHARDWAJ
important news articles to look at.....
Another new provision allows any new domestic company incorporated on or after 1st October 2019 making fresh investment in manufacturing and commencing their production on or before 31st March, 2023, will have to pay income-tax at the rate of only 15%. The Finance Minister has also announced the government decision to expand the scope of 2 percent CSR spending. Meanwhile, 37th GST council meeting, headed by Finance Minister Nirmala Sitaraman is underway in Panaji, Goa. Appreciating the efforts taken by the Finance Minister, Commerce and Industry Minister, Piyush Goyal said that these announcements will give necessary fillip to the economy. He said that government have taken series of measures to boost the economy and today's measures are the largest one.
Corporate tax
A corporate tax, also called corporation tax or company tax, is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. Partnerships are generally not taxed at the entity level. A country's corporate tax may apply to:
Countries may tax corporations on its net profit and may also tax shareholders when the corporation pays a dividend. Where dividends are taxed, a corporation may be required to withhold tax before the dividend is distributed.
Income-tax Act
What is the Income-tax Act, 1961?
GST council
The GST council is the key decision-making body that will take all important decisions regarding the GST. The GST Council dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation.
How is the GST Council structured?
The Goods and Services Tax (GST) is governed by the GST Council. Article 279 (1) of the amended Indian Constitution states that the GST Council has to be constituted by the President within 60 days of the commencement of the Article 279A.
Context:Prime Minister Narendra Modi and the Mongolian President Khaltmaagiin Battulga jointly unveiled a statue of Lord Buddha at Gandan Monastery in Ulanbatar through video-conferencing from New Delhi today. Earlier, Mongolian President Khaltmaagiin Battulga today met Prime Minister Narendra Modi at his official residence at 7 Lok Kalyan Marg. Later in the day, Mr. Battulga will meet Vice President M. Venkaiah Naidu. He will also participate in an India-Mongolia Business Forum in New Delhi.Mongolian President arrived in New Delhi yesterday on a five-day state visit to India. This is the first State Visit by a Mongolian President in last ten years.
Lord Buddha :
Basic facts about Buddha
United Nations General Assembly :
United Nations General Assembly is the main deliberative organ of the UN and is composed of the representatives of all member states. UNGA is the only principal organ of UN system in which all member nations have equal representation. Its composition, functions, powers, voting, and procedures are set out in Chapter IV of the United Nations Charter.
Powers of UNGA Its powers are To oversee the budget of the United Nations Appoint the non-permanent members to the Security Council Receive reports from other parts of the United Nations Make recommendations in the form of General Assembly Resolutions. The General Assembly meets under its president or Secretary-General in regular yearly sessions the main part of which lasts from September to December and resumed part from January until all issues are addressed. It can also reconvene for special and emergency special sessions.
Members of UNGA The members are 193, of which more than two-thirds are developing countries. Because of their numbers, developing countries are often able to determine the agenda of the Assembly (using coordinating groups like the G77), the character of its debates, and the nature of its decisions. For many developing countries, the UN is the source of much of their diplomatic influence and the principal outlet for their foreign relations initiatives.
UNGA Resolutions Except approval of budgetary matters, including adoption of a scale of assessment, Assembly resolutions are not binding on the members. The Assembly may make recommendations on any matters within the scope of the UN, except matters of peace and security under Security Council consideration. The one state, one vote power structure theoretically allows states comprising just eight percent of the world population to pass a resolution by a two-thirds vote. This has been a subject of concern for many countries. The resolutions are put forth by sponsoring states. These are generally statements symbolizing the sense of the international community about an array of world issues. Most General Assembly resolutions are not enforceable as a legal or practical matter, because the General Assembly lacks enforcement powers with respect to most issues.
The General Assembly has authority to make final decisions in some areas such as the United Nations budget. A United Nations General Assembly Resolution is voted on by all member states of the United Nations in the General Assembly. General Assembly resolutions usually require a simple majority (50% of all votes plus one) to pass. However, if the General Assembly determines that the issue is an “important question” by a simple majority vote, then a two-thirds majority is required; “important questions” are those that deal significantly with maintenance of international peace and security, admission of new members to the United Nations, suspension of the rights and privileges of membership, expulsion of members, operation of the trusteeship system, or budgetary questions. General Assembly resolutions are generally non-binding towards member states, internal resolutions may be binding on the operation of the General Assembly itself, for example with regard to budgetary and procedural matters.
Numbering System of UNGA Resolutions From the First to the Thirtieth General Assembly sessions, all General Assembly resolutions were numbered consecutively, with the resolution number followed by the session number in Roman numbers (for example, Resolution 1514 (XV), which was the 1514th numbered resolution adopted by the Assembly, and was adopted at the Fifteenth Regular Session (1960)). Beginning in the Thirty-First Session, resolutions are numbered by individual session (for example Resolution 41/10 represents the 10th resolution adopted at the Forty-First Session).
United Nations Parliamentary Assembly United Nations Parliamentary Assembly, or United Nations People’s Assembly (UNPA), is a proposed addition to the United Nations System that eventually could allow for direct election of UN parliament members by citizens all over the world.
Host Manohar Lal Khattar, chief minister Haryana, served as the vice-chairman of the Council.
The zonal council discussed issues pertaining to boundary disputes, security, infrastructure issues such as roads, transport, industries, water and power, forests and environment, housing, education, food security, tourism and transport.
Punjab Chief Minister Amarinder Singh, who attended the meeting, said the Council would discuss and deliberate on issues involving the Centre and the northern states.
The meeting of the zonal council was last held in Chandigarh on May 12, 2017. Five zonal councils were set up in 1957 under the States Reorganisation Act, 1956.
Zonal Councils:
What are Zonal Councils?
Zonal councils have been established by the Parliament to promote interstate cooperation and coordination.
They are statutory bodies established under the States Reorganisation Act 1956 and not constitutional bodies.
They are only deliberative and advisory bodies
How many Zonal Councils are there?
There are 5 five Zonal councils namely:
The Northern Zonal Council, comprising the States of Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab, Rajasthan, National Capital Territory of Delhi and Union Territory of Chandigarh.
The Central Zonal Council, comprising the States of Chhattisgarh, Uttarakhand, Uttar Pradesh and Madhya Pradesh.
The Eastern Zonal Council, comprising the States of Bihar, Jharkhand, Orissa, and West Bengal.
The Western Zonal Council, comprising the States of Goa, Gujarat, Maharashtra and the Union Territories of Daman & Diu and Dadra & Nagar Haveli.
The Southern Zonal Council, comprising the States of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and the Union Territory of Puducherry.
The North Eastern States i.e. (i) Assam (ii) Arunachal Pradesh (iii) Manipur (iv) Tripura (v) Mizoram (vi) Meghalaya (vii) Sikkim and (viii) Nagaland are not included in the Zonal Councils and their special problems are looked after by the North Eastern Council, set up under the North Eastern Council Act, 1972.
What is the composition of Zonal Councils?
Chairman – The Union Home Minister is the Chairman of each of these Councils.
Vice Chairman – The Chief Ministers of the States included in each zone act as Vice-Chairman of the Zonal Council for that zone by rotation, each holding office for a period of one year at a time.
Members- Chief Minister and two other Ministers as nominated by the Governor from each of the States and two members from Union Territories included in the zone.
Advisers- One person nominated by the Planning Commission (which has been replaced by NITI Ayog now) for each of the Zonal Councils, Chief Secretaries and another officer/Development Commissioner nominated by each of the States included in the Zone.
Union Ministers are also invited to participate in the meetings of Zonal Councils depending upon necessity.
What is the objective of zonal councils?
The main objectives of setting up of Zonal Councils are:
Bringing out national integration.
Arresting the growth of acute State consciousness, regionalism, linguism and particularistic tendencies.
Enabling the Centre and the States to co-operate and exchange ideas and experiences.
Establishing a climate of co-operation amongst the States for successful and speedy execution of development projects.
1.Govt slashes corporate tax rates to boost economy, investments(gs-3)
Context: Finance Minister Nirmala Sithraman today said, a new provision has been added in the Income-tax Act which allows any domestic company an option to pay income-tax at the rate of 22% if they do not avail any exemption/incentive. It will be effective from the current Financial Year. Addressing media ahead of 37th GST council meeting in Goa today, She announced reduction in corporate tax for domestic companies and domestic new manufacturing companies.Another new provision allows any new domestic company incorporated on or after 1st October 2019 making fresh investment in manufacturing and commencing their production on or before 31st March, 2023, will have to pay income-tax at the rate of only 15%. The Finance Minister has also announced the government decision to expand the scope of 2 percent CSR spending. Meanwhile, 37th GST council meeting, headed by Finance Minister Nirmala Sitaraman is underway in Panaji, Goa. Appreciating the efforts taken by the Finance Minister, Commerce and Industry Minister, Piyush Goyal said that these announcements will give necessary fillip to the economy. He said that government have taken series of measures to boost the economy and today's measures are the largest one.
Corporate tax
A corporate tax, also called corporation tax or company tax, is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at state or local levels. The taxes may also be referred to as income tax or capital tax. Partnerships are generally not taxed at the entity level. A country's corporate tax may apply to:
- corporations incorporated in the country,
- corporations doing business in the country on income from that country,
- foreign corporations who have a permanent establishment in the country, or
- corporations deemed to be resident for tax purposes in the country.
- Company income subject to tax is often determined much like taxable income for individual taxpayers. Generally, the tax is imposed on net profits. In some jurisdictions, rules for taxing companies may differ significantly from rules for taxing individuals. Certain corporate acts, like reorganizations, may not be taxed. Some types of entities may be exempt from tax.
Countries may tax corporations on its net profit and may also tax shareholders when the corporation pays a dividend. Where dividends are taxed, a corporation may be required to withhold tax before the dividend is distributed.
Income-tax Act
What is the Income-tax Act, 1961?
- The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax.
- The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957.
- The Income Tax Act was enacted in the year 1961 and is the statute under which everything related to taxation is listed. This includes levy, collection, administration and recovery of income tax.
- The act basically aims to consolidate and amend the rules related to taxation in the country.
- The Income tax Act contains a long list of sections, each of which deal with different aspects of taxation in the country.
GST council
The GST council is the key decision-making body that will take all important decisions regarding the GST. The GST Council dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation.
How is the GST Council structured?
The Goods and Services Tax (GST) is governed by the GST Council. Article 279 (1) of the amended Indian Constitution states that the GST Council has to be constituted by the President within 60 days of the commencement of the Article 279A.
2.PM Modi, Mongolian President unveil Lord Buddha statue in Ulanbatar(gs-1,2)
Context:Prime Minister Narendra Modi and the Mongolian President Khaltmaagiin Battulga jointly unveiled a statue of Lord Buddha at Gandan Monastery in Ulanbatar through video-conferencing from New Delhi today. Earlier, Mongolian President Khaltmaagiin Battulga today met Prime Minister Narendra Modi at his official residence at 7 Lok Kalyan Marg. Later in the day, Mr. Battulga will meet Vice President M. Venkaiah Naidu. He will also participate in an India-Mongolia Business Forum in New Delhi.Mongolian President arrived in New Delhi yesterday on a five-day state visit to India. This is the first State Visit by a Mongolian President in last ten years.Lord Buddha :
Basic facts about Buddha
- Siddhartha Gautama is the original name of Buddha.
- Siddhartha Gautama was born in 624 BC, in a Sakya clan in Lumbini near Kapilvastu (Nepal).
- He was born to Shudhodana and Mahamaya.
- He was married to Yashodhara and he had a son Rahula.
- Siddhartha Gautama to Buddha
- When Prince Siddhartha Gautama was 29 years old he decided to abandon lay life.
- He left his palace at 29, with Channa- the charioteer and his favourite horse, Kanthaka in search of ‘Mahabhinishkramana’ (truth).
- He wandered for 6 years.
- He initially meditated with Alara Kama.
- But he was not convinced that Alara Kama could help him obtain liberation from sorrow by mental discipline and knowledge.
- Udraka Ramputra was his second teacher.
- He attained ‘Nirvana’ or ‘Enlightenment’ at 35 at Gaya in Magadha (Bihar) under a pipal tree.
- He delivered the first sermon at Sarnath.
- His first sermon is called ‘Dharmachakrapravartan’.
- The ‘Dharmachakrapravartan’ means ‘Turning of the Wheel of Law’.
- He attained Mahaparinirvana at Kushinagar in 483 BC at the age of 80 in the Malla republic.
- Three Ratnas of Buddhism
- Buddha
- Dhamma – The teachings of Budhha
- Sangha – Community of Buddhist monks and nuns
- Dhamma
- Teachings of Buddha are known as Dhamma.
- The Four Great Truths:
- The world is full of sorrow and misery.
- The cause of all pain and misery is desire.
- Pain and misery can be ended by killing or controlling desire.
- Desire can be controlled by following the Eight Fold Path.
- Astanga Margha
- Eight-fold Path of Buddha is known as Astanga margha. The Eight fold path is:
- Right livelihood
- Right observation
- Right determination
- Right action
- Right meditation
- Right exercise
- Right speech
- Right memory
- Belief in Nirvana
- When desire and rebirth ends, nirvana is attained. Freedom from the cycle of birth, death and rebirth is attained by following the 8-fold path. Buddhism does not recognise the existence of God and soul.
- Belief in Ahimsa
- The concept of Ahimsa means one should not cause harm to any living being, animal or man.
- Law of Karma
- According to Law of Karma, Man reaps the fruits of his past deeds.
- Sangha
- The word Sangha is a combination of Pali and Sanskrit languages.
- The Sangha is most commonly referred to the monastic community of bhikkhus (monks) and bhikkhunis (nuns).
- Apart from Sangha, the worshippers were called Upasakas.
- Spread of Buddhism:
- Pali language has a prominent role in the spread of Buddhism.
- Emperor Ashoka and Kaniska had a keen interest in spreading Buddhism.
- Buddha also organised the Sangha as a religious order, whose doors were open to everybody, irrespective of caste and sex.
- They promoted education through residential universities like Valabhi, Nalanda and Vikramshila.
- After the death of Buddha, the monks assembled four times and the effect of these events had a great impact of spreading of Buddhism.
3.Prime Minister to embark on a seven-day visit to United States tonight; will address mega diaspora event "Howdy Modi" in Houston on Sunday.(gs-2)
Prime Minister Narendra Modi will embark on a seven-day visit to United States tonight. During his visit, Mr. Modi will be in Houston and New York and address the United Nations General Assembly on 27th of this month. Briefing reporters in New Delhi, Foreign Secretary Vijay Gokhale said, the Prime Minister will address Indian community on 22nd of this month and President Donald Trump will also be there. On 24th September, India will organize an event to commemorate the 150th Birth Anniversary of Mahatma Gandhi at the UN. Mr. Modi will be joined by heads of some countries including President of South Korea, Prime Ministers of Singapore, New Zealand, Bangladesh and Jamaica as well as the UN Secretary General.United Nations General Assembly :
United Nations General Assembly is the main deliberative organ of the UN and is composed of the representatives of all member states. UNGA is the only principal organ of UN system in which all member nations have equal representation. Its composition, functions, powers, voting, and procedures are set out in Chapter IV of the United Nations Charter.
Powers of UNGA Its powers are To oversee the budget of the United Nations Appoint the non-permanent members to the Security Council Receive reports from other parts of the United Nations Make recommendations in the form of General Assembly Resolutions. The General Assembly meets under its president or Secretary-General in regular yearly sessions the main part of which lasts from September to December and resumed part from January until all issues are addressed. It can also reconvene for special and emergency special sessions.
Members of UNGA The members are 193, of which more than two-thirds are developing countries. Because of their numbers, developing countries are often able to determine the agenda of the Assembly (using coordinating groups like the G77), the character of its debates, and the nature of its decisions. For many developing countries, the UN is the source of much of their diplomatic influence and the principal outlet for their foreign relations initiatives.
UNGA Resolutions Except approval of budgetary matters, including adoption of a scale of assessment, Assembly resolutions are not binding on the members. The Assembly may make recommendations on any matters within the scope of the UN, except matters of peace and security under Security Council consideration. The one state, one vote power structure theoretically allows states comprising just eight percent of the world population to pass a resolution by a two-thirds vote. This has been a subject of concern for many countries. The resolutions are put forth by sponsoring states. These are generally statements symbolizing the sense of the international community about an array of world issues. Most General Assembly resolutions are not enforceable as a legal or practical matter, because the General Assembly lacks enforcement powers with respect to most issues.
The General Assembly has authority to make final decisions in some areas such as the United Nations budget. A United Nations General Assembly Resolution is voted on by all member states of the United Nations in the General Assembly. General Assembly resolutions usually require a simple majority (50% of all votes plus one) to pass. However, if the General Assembly determines that the issue is an “important question” by a simple majority vote, then a two-thirds majority is required; “important questions” are those that deal significantly with maintenance of international peace and security, admission of new members to the United Nations, suspension of the rights and privileges of membership, expulsion of members, operation of the trusteeship system, or budgetary questions. General Assembly resolutions are generally non-binding towards member states, internal resolutions may be binding on the operation of the General Assembly itself, for example with regard to budgetary and procedural matters.
Numbering System of UNGA Resolutions From the First to the Thirtieth General Assembly sessions, all General Assembly resolutions were numbered consecutively, with the resolution number followed by the session number in Roman numbers (for example, Resolution 1514 (XV), which was the 1514th numbered resolution adopted by the Assembly, and was adopted at the Fifteenth Regular Session (1960)). Beginning in the Thirty-First Session, resolutions are numbered by individual session (for example Resolution 41/10 represents the 10th resolution adopted at the Forty-First Session).
United Nations Parliamentary Assembly United Nations Parliamentary Assembly, or United Nations People’s Assembly (UNPA), is a proposed addition to the United Nations System that eventually could allow for direct election of UN parliament members by citizens all over the world.
4.Amit Shah chairs Northern Zonal Council meet(gs-2)
Context:Union home minister Amit Shah on Friday chaired the Northern Zonal Council meeting in Chandigarh. The Northern Zonal Council comprises Jammu and Kashmir, Ladakh, Haryana, Himachal Pradesh, Punjab, Rajasthan, and New Delhi.Host Manohar Lal Khattar, chief minister Haryana, served as the vice-chairman of the Council.
The zonal council discussed issues pertaining to boundary disputes, security, infrastructure issues such as roads, transport, industries, water and power, forests and environment, housing, education, food security, tourism and transport.
Punjab Chief Minister Amarinder Singh, who attended the meeting, said the Council would discuss and deliberate on issues involving the Centre and the northern states.
The meeting of the zonal council was last held in Chandigarh on May 12, 2017. Five zonal councils were set up in 1957 under the States Reorganisation Act, 1956.
Zonal Councils:
What are Zonal Councils?
Zonal councils have been established by the Parliament to promote interstate cooperation and coordination.
They are statutory bodies established under the States Reorganisation Act 1956 and not constitutional bodies.
They are only deliberative and advisory bodies
How many Zonal Councils are there?
There are 5 five Zonal councils namely:
The Northern Zonal Council, comprising the States of Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab, Rajasthan, National Capital Territory of Delhi and Union Territory of Chandigarh.
The Central Zonal Council, comprising the States of Chhattisgarh, Uttarakhand, Uttar Pradesh and Madhya Pradesh.
The Eastern Zonal Council, comprising the States of Bihar, Jharkhand, Orissa, and West Bengal.
The Western Zonal Council, comprising the States of Goa, Gujarat, Maharashtra and the Union Territories of Daman & Diu and Dadra & Nagar Haveli.
The Southern Zonal Council, comprising the States of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and the Union Territory of Puducherry.
The North Eastern States i.e. (i) Assam (ii) Arunachal Pradesh (iii) Manipur (iv) Tripura (v) Mizoram (vi) Meghalaya (vii) Sikkim and (viii) Nagaland are not included in the Zonal Councils and their special problems are looked after by the North Eastern Council, set up under the North Eastern Council Act, 1972.
What is the composition of Zonal Councils?
Chairman – The Union Home Minister is the Chairman of each of these Councils.
Vice Chairman – The Chief Ministers of the States included in each zone act as Vice-Chairman of the Zonal Council for that zone by rotation, each holding office for a period of one year at a time.
Members- Chief Minister and two other Ministers as nominated by the Governor from each of the States and two members from Union Territories included in the zone.
Advisers- One person nominated by the Planning Commission (which has been replaced by NITI Ayog now) for each of the Zonal Councils, Chief Secretaries and another officer/Development Commissioner nominated by each of the States included in the Zone.
Union Ministers are also invited to participate in the meetings of Zonal Councils depending upon necessity.
What is the objective of zonal councils?
The main objectives of setting up of Zonal Councils are:
Bringing out national integration.
Arresting the growth of acute State consciousness, regionalism, linguism and particularistic tendencies.
Enabling the Centre and the States to co-operate and exchange ideas and experiences.
Establishing a climate of co-operation amongst the States for successful and speedy execution of development projects.
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