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Daily Current Affairs – 25 August 2020 : GKToday Updates
1. Businesses with annual turnover of up to Rs 40 lakh now GST exempt
- The Union Ministry of Finance announced that now businesses with an annual turnover of up to Rs 40 lakh will be GST exempt. Earlier, only businesses with an annual turnover of Rs 20 lakh were exempted from GST tax.
- The Ministry added that those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 percent tax.
- The Finance Ministry noted that under GST, compliance has been improving steadily and the taxpayer base has almost doubled to 1.24 crore.
- The Ministry of Finance also informed that all process under GST has now become fully automated.
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Till now, over 50 crore returns have been filed online and around 131 crore e-way bills have been generated.
2. Govt extends validity of Motor Vehicle documents till Dec 31
- The Road Transport and Highways Ministry has decided to extend the validity of Motor Vehicle documents till the 31st of December.
- The validity of Fitness, Permit, License, Registration or any other concerned documents will be treated to be valid till December 31st now.
- The decision was taken after considering the situation due to COVID-19 across the country. This step is likely to help out the citizens in availing transport related services.
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The Ministry had earlier issued advisories on 30th March and 9th June this year regarding extension of validity of the documents related to Motor Vehicles Act and Central Motor Vehicle Rules.
3. Centre constitutes National Council for Transgender Persons
- The Centre has constituted a National Council for Transgender Persons through a notification.
- The Social Justice and Empowerment Minister will be the ex-officio Chairperson and Union Minister of State for Social Justice and Empowerment will be ex-officio Vice-Chairperson.
- The National Council will advise the Centre on the formulation of policies, programmes, legislation and projects with respect to transgender persons.
- It will monitor and evaluate the impact of policies and programmes designed for achieving equality and full participation of transgender persons.
4. Assam gov’t inaugurated longest river ropeway over Brahmaputra
- Assam government has inaugurated India’s longest ropeway over Brahmaputra River on August 24, 2020.
- The ropeway will connect Guwahati to North Guwahati. While making the announcement regarding the launch of the longest ropeway, the Assam government also informed that the service of ropeway will become operational from August 24, 2021.
- It was inaugurated by the state’s Senior Minister Himanta Biswa Sarma who termed it as one of the advanced and longest river crossing aerial systems in India.
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The total length of the ropeway will be 2 km for which Rs. 56 crores have been invested by the Assam government.
5. Bharti AXA’s general insurance business to merge with ICICI Lombard
- ICICI Lombard General Insurance Company and Bharti AXA General Insurance Co Ltd will combine their insurance businesses through a share swap deal, paving the way for the creation of the country’s third-largest general insurance entity.
- The boards of both the companies approved entering into definitive agreements for the demerger of Bharti AXA’s non-life insurance business into ICICI Lombard through a Scheme of Arrangement.
- Once the deal is completed the combined entity will become the largest private non-life insurer and the 3rd largest non-life insurer in the general insurance industry after New India Assurance and United India Insurance.
6. Ashwani Bhatia appointed as managing director of State Bank of India
- The central government has appointed Ashwani Bhatia as the managing director (MD) of the State Bank of India (SBI).
- Mr. Bhatia has been appointed as the managing director up to the date of his superannuation that is May 31, 2022.
- He is currently working as the managing director and chief executive officer at SBI Mutual Fund and will be appointed in place of P K Gupta who superannuated on March 31.
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SBI is ranked 236th in the Fortune Global 500 list of the world’s biggest corporations of 2019.
Chairperson: Rajnish Kumar; Headquarters: Mumbai