CURRENT AFFAIRS: NATIONAL
4oth GST Council Meeting Highlights 2020
- The Centre has announced a rate cut for small taxpayers, adding that no late fees would be charged in case of late filing of returns for the period between July 2017 to January 2020 by those without tax liabilities.
- If GST rates are increased on non-essential items, it will further bring down their demand and impede the overall economic recovery.
- The 40th meeting of the GST Council, headed by Finance Minister Nirmala Sitharaman, will be held through video conference. The 39th meeting of GST Council held in March discussed the impact of coronavirus on the economy.
About MoF
- Minister of Finance and Corporate Affairs- Nirmala Sitharaman
- Constituency- Karnataka
India launches maiden gas exchange
- India launched its maiden gas exchange.
- Indian Energy Exchange, the country’s largest electricity trading platform, is the parent of the gas exchange, and had been planning to set up the nation’s first natural gas exchange to tap into the increasing demand for clean fuel.
- Dharmendra Pradhan, minister of petroleum and natural gas, launched the exchange online.
- According to the International Energy Agency global gas demand is expected to fall by 4%, or 150 billion cubic metres (bcm), to 3,850 bcm this year – twice the size of the drop following the 2008 global financial crisis.
- India, along with China, is expected to be a significant driver of demand for natural gas post 2021. Being the biggest emitter of greenhouse gases after the US and China, India aims to achieve emission reduction targets pledged at the 21st session of the Conference of the Parties (CoP) in Paris by promoting the use of natural gas and green fuel.
- This budget, finance minister Nirmala Sitharaman announced plans for expansion of the National Gas Grid to 27,000 km from the present 16,200 km to help deepen gas markets in India.
- According to analysts, a gas trading hub will help people buy and sell gas directly.
- The exchange will help bring down the price of natural gas through competitive trade, boosting usage in the country that relies heavily on cheaper coal for its energy needs.
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