News in Numbers: 8 million taxpayers to be covered under GST
In other news, the Bombay Stock Exchange may raise Rs12.43 trillion in its initial public offering next week
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What is it? The daily limit of cash withdrawal at ATMs, raised from Rs4,500 by the Reserve Bank of India.
Why is it important? Higher ATM withdrawal limit could be a signal from the central bank that it can now handle cash better since the withdrawal of old Rs500 and Rs1,000 notes. Though the overall withdrawal limit a week remains unchanged at Rs24,000, the decision will reduce the number of trips one has to make to the ATM.
Tell me more: Cash withdrawal limit at ATMs was raised from the initial Rs2,000 to Rs2,500 two days into demonetisation, to Rs4,500 on 31 December, to the current value. Limits on current accounts have been revised from Rs50,000 to Rs1 lakh.
What is it? Estimated number of taxpayers under the goods and services tax (GST) regime, slated to be unveiled from 1 July.
Why is it important? A crucial milestone was reached on Monday as the Centre and the states agreed on the ratio of control over small taxpayers and when to roll out the GST. Small taxpayers with turnover below Rs1.5 crore will be shared between the Centre and the states in the ratio of 10:90 for audit and scrutiny. This will be randomly generated.
Tell me more: The draft laws for GST and various tax slabs are yet to be constituted. But in the ninth GST council meeting, there was consensus to meet the new deadline.
What is it? The amount of money the Bombay Stock Exchange (BSE) may raise in its initial public offering (IPO) next week.
Why is it important? BSE, Asia’s oldest stock exchange, will be the first IPO in 2017. Last year, 26 firms raised Rs26,000 crore through IPOs, the third highest in the last 25 years. Seventeen out of the 26 firms are trading above their listing price.
Tell me more: Singapore Exchange Ltd, Atticus Mauritius and billionaire George Soros’s Quantum will be selling 15.4 million shares for Rs805-806 apiece. The other Indian stock exchange, National Stock Exchange, too, is looking to dilute 22.5% stake for Rs10,000 crore.
What is it? Saudi Arabia’s investment in its renewables energy programme to produce 10 gigawatts of power.
Why is it important? The producer of 13.6% of the world’s crude oil production is betting on non-fossil fuels to generate energy for itself. The project’s first stage would be generating nuclear energy. With crude oil bringing in 85% of its forex and accounting for 50% of its gross domestic product (GDP), Saudi Arabia is taking steps to ensure its continuity by resorting to other fuels at home and cutting back crude production to prop up global prices.
Tell me more: The first two nuclear reactors would be for 2.8 gigawatts of energy. It will also look to connect to other countries such as Jordan and Egypt for the renewables energy projects.
What is it? US President-elect Donald Trump threatened to levy import tax on German-made cars if they are not locally made.
Why is it important? Trump has legal powers to impose 15% import tariff for 150 days without the approval of the US Congress, and if companies file litigation, it will take 18 months to decide, said Simon Evenett, an international trade expert. Earlier, Trump asked GM and Toyota to shift operations from Mexico to service local demand.
Tell me more: The German automakers’ shares were hit, following the outburst. BMW shares fell by 1.5% in Frankfurt, VW by 1.8% and Daimler (Mercedes Benz-owner) by 1.6%.
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