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DELHI EDITION TILE IIIND THE HINDU Daily News Letter-20/02/2019 GS-1 Paper Page 18 New Universe map unveils 3,00,000 more galaxies GS-2 Paper Page 1 Cabinet approves new National Electronics Policy Page 10 Triple talaq ordinance to be reissued Page 11 Fiji to maintain China-India balance GS-3 Paper Page 7 7 islands in Andamans, Lakshadweep identified for seaplane operations Page 13 New angel tax rules provide relief to eligible startups GST Council to discuss realty rates Cabinet approves Phase ll of rooftop solar programme Editorials and Oped (Page 8 and 9) Interim bailout (GS-3) Clean power (GS-3) The Saudi-India-Pakistan triangle (GS-2)
Newsletter- 2o/o2/2019 with ASHISH MALIK
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GS PAPER 3
7 islands in Andamans, Lakshaduweep identified for seaplane operations Bids invited for private sector participation in tourism based projects o four istands in the Andamans respectively Susarajduseep, Saheedduweep, Hutbay, Long island and three in Lakshaduseep respectively Kavaratti, Agatti and Minicoy have been identified for seaplane operation
Other key Infrastructure Projects:- Operationalisation of the iglipur airport in the Andamans for ruhtnclteraf of e ft civilian aircra o Construction of a news airport in the Minicoy, Lakshadlweep Middle Strait Bridge on Andaman Trunk Road Projects identified for private sector participation- Eco-tourism on Smith island and Long island in the Andamans Tent city on Aves islan Tourism project at Kadmat, Minicoy and Suheli Cheriyakara in Lakshaduwseep.
Quiz Time o Q. Arrange these islands from south to north: o 1. Shaheed o 2. Swaraj s 3. Netaji Subhash Chandra Bose Code: A. 3-2-1 C. 1-3-2 D. 2-3-1
Coco Channel Narcondam Intervlew Sound I Middle Andaman Bengal Barren L NH4 Outram L Soirth Havelock Island (Swaraj Dweep) Ross Island (Netaji Subhash Chandra Bose Island) PORT BLAIR Rutiand l North Neil Island (Shaheed Dweep) sland Duncan Passage Little Andaman Andaa Ton Dogree Ch Car Nicobar I Chowra L Camortal. NancowryL Katchal INDIA r Chasn Little Nicobar Great Nicobor I and hland Indira Point Great Channe
New angel tax rules provide relief to eligible start- ups Centre's notification exempts investments up to 25 crore in eligible firms and funding by nonresident Indians o Angel tax is applicable to unlisted companies that have raised capital through sale of shares at a value above their fair market value. s This excess capital is treated as income and taxed accordingly o This tax predominantly affects startups and the angel investments they attract. o According to Tuesday's notification, investments of up to 25 crore in an eligible company sill be exempt from the angel tax 1n addition, investments made by a Listed company of a net worth of at least 1oo crore or a turnover of at least also be exempt 50 crore would also be exe mpt. Investments made by non residents will s An eligible startup would be one that is registered with the government, has been in corporated for less than 10 years, and has a turnover that has not exceeded that period. 100 crore over
This clarification would help in avoiding potentially significant tax challenges faced by startups o In order to register with the government as a startup, the company will also have to make an ontine application to the bepartment for Promotion of Industry and Internaltrade(DPIIT) This application will have to be accompanied by a copy of the Certificate of Incorporation or Registration, a writeup about the nature of the business highlighting hous it is working towards "innovation,development or improvement of products or processes or services, or its scalability in terms of employment generation or wealth creation. The startup will also have to attest to the fact that it has not invested in any Land that is not being used in its ordinary course of business, any vehicle over the value of k10 Lakh, any jewellery, among other things.
Quiz Time Q. Choose the correct statement: 1, Angel tax is applicable to listed companies that have raised capital through sale of shares at a value above their fair market value. 2. T his tax predominantly affects startups and the angel investments they attract. o Code: A. 1 only B. 2 only C. Both D. None
GST Council to discuss realty rates o Meeting will be held to discuss key issues such as the possible reduction of rates on the real estate sector, and ways to increase tax collections This will be the last meeting of the Council before the general elections, since the model code of conduct will come into force soon o GST Council, in December, had created a Group of Ministers to look into the applicability of GST rates on under construction properties One of the options reportedly recommended by the GoM was to reduce the tax rate on the sale of such properties to 5% without input tax credits (ITC from the current 12% with ITC. o Tax experts feel that removing ITC for the real estate sector would be a big blow to the structure of GST since it would open the doorway for other sec- tors to ask for similar treatment, whereas the backbone of GST is built on the provision of ITC
INPUT TAX CREDIT o Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs o say, you are a manufacturen tax payable on output (FINAL PRODUCT) is Rs 450 tax paid on input (PURCHASES) is Rs 300 You can claim INPUT CREDIT of Rs 300 and you onty need to deposit Rs 150o in taxes .) Input Credit in GST o Input Credit Mechanism is available to you when you are covered under the GST Act.Which means if you are a manufacturer, supplier, agent, e-commerce operator, aggregator or any of the persons mentioned here, registered under GST, You are eligible to claim INPUT CREDIT for tax paid by you on your PURCHASES.