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PIB ANALYSIS 14th March 2020

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1)GST Council Meet: GST of Mobile Phones increased from 12% to 18%:- On March 14, 2020, the GST Council met for the 39th time in New Delhi. The Council was headed by the Finance Minister Nirmala Sitaraman.

The Finance Minister announced that the private sector MNC Infosys is to ensure a better GSTN system by July 2020.

2)“BHOOMI RASHI PORTAL” provides transparent and error free Land Acquisition:- On March 13, 2020, the Ministry of Road Transport and Highways claimed that “Bhoomi Rashi Portal” provides transparent and error free land acquisition.

In 2018, the Ministry of Road Transport and Highways had designed a single point platform for land acquisition to accelerate infrastructure development projects. There are several authorities like National Highway Authority of India (NHAI), State PWDs and NHIDCL (National Highway and Infrastructure Development Company Limited). The portal aims to provide linkages between the above implementing authorities.

3)MEIS scheme to be replaced with RoDTEP Scheme:- On March 13, 2020, the Union Cabinet approved to withdraw the MEIS (Merchandise Export from India) Scheme in phases. It is later to be replaced with RoDTEP (Remission of Duties or Taxes on Export Product) scheme.

The MEIS is being replaced as the exports are to fall further due to Corona Virus outbreak. The exports of India have already fallen by 2% for the year April-January 2019-20. The RoDTEP is compliant with WTO (World Trade Organization) norms.

The RoDTEP is a scheme for exporters to reimburse their taxes and duties. The scheme was announced by the Finance Minister to incentivize exporters at a cost of Rs 50,000 crores.

MEIS SCHEME:- The MEIS scheme offers export incentives between 2% and 5%. It was introduced under the Foreign Trade Policy of India (FTP 2015-20).

 

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