A look at the headlines in this sector right now:
- Lok Sabha passes Finance Bill without including Rajya Sabha’s proposed amendments: Opposition members in the Upper House had sent the legislation back to the Lower House with five proposed changes.
- CAG approaches Finance Ministry after GST Network denies access to taxpayers’ data for audit: The GSTN is a special-purpose private firm set up to provide IT support to roll out the new tax regime and serve as a repository for all GST-related data.
- A simpler form for filing income tax returns will be available from April 1: It will have fewer columns that need to be filled as some of the deductions have been clubbed together.
- Centre announces 45 new air routes under its regional connectivity scheme: The flights linking 31 cities under the Udan – Ude Desh Ka Aam Nagrik – initiative are expected to be operational within four to six months.
- Centre says India has become a net exporter of electricity for the first time: More than 5,700 million units were exported to Bangladesh, Nepal and Myanmar between April 2016 and February 2017.
- Last Nehruvian five-year plan gets a six-month extension for schemes not implemented yet: The Finance Ministry said that all these schemes will have to be implemented by September 30 this year, and not March 31 as was declared earlier.
- Amazon CEO Jeff Bezos becomes the second richest person in the world: The company’s founder added $1.5 billion to his net worth following the news that online retailer will buy Dubai-based e-commerce giant Souq.
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