The GST Council at its 55th meeting on Saturday, December 21, made several key recommendations aimed at changing GST tax rates. Watch the video to know the key takeaways.

55th GST council meeting updates : Key decisions

The initial public offering (IPO) of Carraro India Ltd was subscribed 22 per cent on the second day of share sale on Monday.
The initial share sale received bids for 28,77,105 shares against 1,30,98,803 shares on offer, according to data available with the NSE.
The category for retail individual investors (RIIs) got subscribed 35 per cent while the quota for non-institutional investors received 20 per cent subscription.
Carraro India Ltd on Thursday said it has garnered Rs 375 crore from anchor investors.
The issue, with a price band of Rs 668-704 per share, will conclude on December 24.
Carraro India's IPO is completely an offer for sale (OFS) of shares worth Rs 1,250 crore by Carraro International SE, with no fresh issue component, according to the red herring prospectus.
Since the entire issue is an OFS, all proceeds from the IPO will go directly to the selling shareholder, rather than the company.
Founded in 1997, Carraro India, a subsidiary of Carraro S.p.A, began its ...

The company started its operations using IP rights licensed from other entities within the Carraro Group and specialises in complex engineering products and solutions for original equipment

India's largest telecom operator Reliance Jio lost 37.6 lakh wireless subscribers in October but spruced up its active mobile subscriber base by adding 38.47 lakh users, as per monthly data released by telecom regulator Trai on Monday.
Overall, Bharti Airtel added 19.28 lakh users to its wireless coffers during the month and its active subscriber gains were about 27.23 lakh for October.
Vodafone Idea lost 19.77 lakh wireless subscribers and its active subscriber base fell nearly 7.23 lakh users.
Overall, so far as headline numbers are concerned, Reliance Jio's total wireless tally slipped to 46 crore in October down from about 46.37 crore in September, although its active user base (a key monitorable for telcos) strengthened.
The total wireless user base of Vodafone Idea fell to 21.04 crore in October from 21.24 crore in the previous month.
In all, the total number of active wireless subscribers in the month under review was 1,066.67 million (106.6 crore), as per Trai's sectoral .

Overall, Bharti Airtel added 1.928 million users to its wireless coffers during the month and its active subscriber gains were about 2.723 million for October

Older phones cannot support the app's evolving features, which is why WhatsApp will discontinue support for certain systems at specific points in their lifecycle

A new Centre of Excellence on Classical and Quantum Communications for 6G has been inaugurated this year at the IITM Research Park in Chennai to spearhead research and development in 6G technologies

Several experts have claimed that the latest government data on India's forests is "inflated" as it includes bamboo plantations, coconut groves, and orchards among others as part of the forest cover.
The 'India State of Forests Report 2023' released on Saturday, after a delay of almost a year, said India's total forest and tree cover has increased by 1,445 sq km since 2021, reaching 25.17 per cent of the total geographical area in 2023.
However, the forest cover grew by just 156 sq km and most of the gain (149 sq km) occurred outside the Recorded Forest Area (RFA), which refers to areas designated as forests in government records.
The overall results could have been stronger, especially since the government included bamboo and smaller trees (5-10 cm diameter at breast height) in the tree cover estimates for ISFR 2023. The assessment also expanded to 751 districts, up from 636 in 2021.
Experts including Kerala's former principal chief conservator of forests Prakriti Srivastava, ...

The 'India State of Forests Report 2023' released on Saturday, after a delay of almost a year, said India's total forest and tree cover has increased by 1,445 sq km since 2021, reaching 25.17 per cent

The Andhra Pradesh government on Monday appointed retired IAS officer Rajiv Ranjan Mishra as the one-man commission to look into the sub-categorisation within Scheduled Castes (SC) in the state following the Supreme Court ruling in favour of it.
The Government of Andhra Pradesh has appointed Rajiv Ranjan Mishra, IAS (retired) as One Man Commission to enquire into the sub-classification within Scheduled Castes in the light of judgment of the Supreme Court dated August 1, 2024, said an official press release.
The commission will visit the undivided districts of Eluru, Krishna and Guntur from December 27 to 30 to conduct meetings and receive representations from individuals or institutions familiar with the subject matter.
Memoranda and representations can also be submitted in person or through registered post at the commission's office until January 9, 2025.
In August, the top court had held that states are constitutionally empowered to make sub-classifications within the scheduled .

The commission will visit the undivided districts of Eluru, Krishna and Guntur from December 27 to 30 to conduct meetings and receive representations from individuals or institutions

The CII pointed out that despite being successful, the PSL framework required recalibration to stay relevant

The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, but a decision on big-ticket rate rationalisation, including a higher tax on sin goods, may be deferred.
The GoM on GST rate rationalisation had proposed rate rejigs in 148 items in its recommendations, but sources said that consensus is needed to be built on some of the tax changes that the panel has suggested and some more time may be needed for that.
The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is also likely to deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
The GST rate is also proposed to be cut on food delivery platforms like Swiggy and Zomato, to 5 per cent (without input tax credit), from the current 18 per cent (with ITC).
However, the Fitment Committee (comprising tax

Also, the Group of Ministers (GoM) on GST compensation cess is likely to get a six month extension till June, 2025, to submit its report. The compensation cess regime comes to an end in March, 2026

Russia-Ukraine War

The year 2022 is coming to an end and a lot has happened that shaped the world in the year. Let's have a look at some of these significant events

In February 2022, Russia attacked Ukraine&amp;#39;s capital, Kyiv, from the north in an attempt to overthrow President Volodymyr Zelensky&amp;#39;s government. In the months following, artillery bombardment and street fighting continued, with Russia seizing multiple cities.

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After a slew of scandals in his term spanning three years, UK Prime Minister Boris Johnson resigned from office in July. Johnson was succeeded by Liz Truss, who took over the office in September.
						
						But after 45 days in the office, she resigned, becoming the shortest-serving PM in UK history. Her budgetary plans, at the centre of which were tax cut plans, had crashed the markets, making her lose the confidence of almost all her own MPs.
						
						In the days that followed, Rishi Sunak took over as Britain&amp;#39;s 57th prime minister and vowed to fix the mistakes made by his predecessor, Liz Truss.

Russia Invades Ukraine

In April, protests began in the nation following a sharp rise in food and fuel costs. Thousands demanded the resignation of now-ousted President Gotabaya Rajapaksa. The people faced long power cuts daily and shortages of basics, including fuel and food. Sri Lanka&amp;#39;s doctors said they were nearly out of life-saving medicines.
						
						Rajapaksa&amp;#39;s government was being blamed for the chronic mismanagement of the country&amp;#39;s finances. In July, protestors stormed Rajapaksa&amp;#39;s home, pushing him to flee the nation before resigning from office.

UK&amp;#39;s political crisis

In September, 22-year-old Iranian girl Mahsa Amini died after being detained for allegedly violating Iran&amp;#39;s laws requiring women to wear a headscarf. Authorities said she died of illness, but her family claimed she fell into a coma after being mistreated by the police. Sources said the police beat Amini with a baton and banged her head against a vehicle. At her funeral on September 17 in Saqez, women protested by ripping off their hijabs. Protests sparked by her demise have since roped in ethnic minorities and even school children. Thousands of women since then have been showing solidarity by cutting their hair and burning their hijabs in public.
						
						Now, the unrest has spread beyond a women&amp;#39;s right to a movement that is calling for an end to theocratic rule. The protests are now the most broadly supported movement in Iran in over four decades.

Sri Lanka economic crisis

In October, Chinese President Xi Jinping was handed a historic third term in office. He became the first leader of the ruling Communist Party after party founder Mao Zedong to get a third term in power.
						
						This came as China&amp;#39;s economy was running out of steam after decades of high growth. Many expect Xi&amp;#39;s third term may see China revert to more old-school economic management, focusing on shoring up the heavy industry and continuing a crackdown on big tech.

Uprising mounts again in Iran

In a historic first, rich countries agreed to pay for losses and damages caused by climate change. For 30 years, developing nations have been calling for developed countries to compensate for the costs of climate disasters caused by climate change. And rich nations that caused the pollution resisted the demand. But this changed in 2022.

Chinese President Xi Jinping starts record third term in power

In 2022, inflation was rising worldwide, with food and energy prices hitting record highs. The hike was mainly driven by pent-up consumer demand after the pandemic and Russia&amp;#39;s invasion of Ukraine. As the pandemic waned, people wanted to return to normalcy and spend more. This led to companies demanding higher prices. Companies also hired more to serve the pent-up demand. They had to increase wages to attract workers and raise prices to compensate for that.

A landmark deal UN Climate Change Conference (COP27)

In September, Queen Elizabeth II, Britain&amp;#39;s longest-serving monarch, died at 96 after reigning for 70 years. Many said her death would mark a turning point for commonwealth nations as many may disassociate themselves.

The global economy at crossroads

In October, Brazil&amp;#39;s former president, Luiz In&amp;aacute;cio Lula da Silva beat Jair Bolsonaro in the country&amp;#39;s closest presidential race in history. Silva&amp;#39;s win marked Latin America&amp;#39;s shift to the left and pointed to an extraordinary comeback for a man in jail for corruption three years ago.

Queen Elizabeth II dies

In October, billionaire Elon Musk closed his $44 billion deal to buy Twitter after months of dilly-dallying, drama and a lawsuit. The Tesla owner&amp;#39;s Twitter takeover is also one of the biggest tech acquisitions of all time. May fear that Musk&amp;#39;s takeover may turn the social media giant into a hotbed of hate speech.
					
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Brazil elections

Google Messages

In January, Google rolled out end-to-end encryption in group chats for messages app users enrolled in the beta programme

Blend launches Blend Studio: AI tool for ecommerce photography

New Delhi [India], March 16 (ANI/PNN): Blend, an AI-powered design and photography application for DTC brands and ecommerce sellers, recently launched Blend Studio - the Chat GPT for product photos.

Celebrity and Travel Photographer Rahul Lokare from Flamingo Productions creates waves of change in the world of photography.

Xiaomi 13 Pro

Priced at Rs 79,999 for the 12GB RAM and 256GB on-board storage, the Xiaomi 13 Pro offers a novel imaging experience on top of a premium package

55th GST council meeting updates : Key decisions

The GST Council at its 55th meeting on Saturday, December 21, made several key recommendations aimed at changing GST tax rates. Watch the video to know the key takeaways.

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